Welcome to the October issue of Blakes Competitive Edge, a monthly publication of the Blakes Competition, Antitrust & Foreign Investment group. Blakes Competitive Edge provides an overview of recent developments in Canadian competition and foreign investment law, including updates on enforcement activity by the Canadian Competition Bureau (Bureau), recent initiatives and key trends.
Key Highlights
- Merger review activity in 2026 continues to increase compared to last year, with the Bureau completing 184 merger reviews through the end of September 2026, as compared to 162 merger reviews through September 2025.
- The Bureau reaches consent agreements with Empire Company Limited and Kalibrate Canada Inc.
- The Bureau investigates the use of minimum advertised pricing policies in the grocery sector.
Competition Act
Merger Monitor
September 1 – September 30, 2026 Highlights
- 23 merger reviews announced, 27 merger reviews completed, with reviews taking 25 calendar days on average
- Primary industries of completed reviews: manufacturing (30%); real estate and rental and leasing (15%); retail trade (15%); mining, quarrying, and oil and gas extraction (11%); construction (7%)
- Ten transactions received an Advanced Ruling Certificate (37%); 17 transactions received a No Action Letter (63%)
January 1 – September 30, 2026 Highlights
- 188 merger reviews announced, 184 merger reviews completed, with reviews taking 47 calendar days on average
- Primary industries of completed reviews: manufacturing (21%); mining, quarrying, and oil and gas extraction (13%); real estate and rental and leasing (12%); finance and insurance (8%)
- 69 transactions received an Advanced Ruling Certificate (37%); 99 transactions received a No Action Letter (54%); 4 transactions were completed via consent agreement; 10 transactions were resolved through other means; 2 transactions were abandoned by the parties
Merger Reviews Completed Year to Date Through September 30, 2026, by Primary Industry
Enforcement Activity
Bureau Reaches Consent Agreement with Empire in Relation to Property Control Practices
- On September 22, 2026, the Bureau announced that it had reached a consent agreement with Empire Company Limited (Empire). Empire is the parent company of multiple grocery chains, including Sobeys, Farm Boy, Safeway, IGA, Foodland, FreshCo, Marché Bonichoix and Les Marchés Tradition. Under the agreement, Empire has agreed not to (1) enter into or enforce restrictive covenants limiting the use of property relating to the sale of grocery food products, (2) enter into exclusivity agreements limiting the use of real estate for the sale of grocery food products in 19 local areas (in 6 provinces) identified in the consent agreement or for specialty food retailers including butchers, bakeries, pharmacies, etc., or (3) enter into “radius clauses” that limit the sale of grocery food products outside of the boundaries of the development subject to the exclusivity clause. The agreement stems from the Bureau’s ongoing investigation into Empire’s use of property controls in the grocery sector. For more information, see our Blakes Bulletin: Competition Bureau Reaches Consent Agreement with Empire Company Limited Regarding Grocery Property Controls.
Bureau Reaches Consent Agreement with Kalibrate in Relation to its Data Analytics Products
- On September 24, 2026, the Bureau announced that it had reached a consent agreement with Kalibrate Canada Inc. (Kalibrate) concerning its Kalibrate Market Intelligence (KMI) product that collects and distributes data from gas stations across Canada, and published a corresponding backgrounder. The agreement follows a Bureau investigation launched in February 2024, which concluded that sharing of the data may weaken competition between gas stations and amounted to an abuse of Kalibrate’s dominant position in the supply of retail gasoline sales data. To resolve the Bureau’s concerns, Kalibrate agreed not to (1) include any confidential or competitively sensitive information about competing retailers in KMI, unless the information has been sufficiently aggregated, (2) include gasoline prices or non-public information identifying any person who controls or influences retail gasoline prices in KMI, or (3) report information in KMI for periods shorter than one month or until at least 10 business days after the end of the period to which the information relates. For more information, see our Blakes Bulletin: Kalibrate Consent Agreement Targets Third-Party Information Sharing as Abuse of Dominance.
Bureau Reaches Consent Agreement with Quebec Professional Association of Real Estate Brokers in Relation to Real Estate Data
- On October 15, 2026, the Bureau announced that it had reached a consent agreement with the Quebec Professional Association of Real Estate Brokers (QPAREB), and published a corresponding backgrounder. QPAREB runs a shared property and transaction data system similar to the MLS® systems used elsewhere in Canada. The Bureau alleged that QPAREB and Société Centris, a subsidiary of QPAREB, had contravened the abuse of dominance provisions of the Competition Act by (1) refusing or failing to give members a real estate data feed, and (2) restricting how the data could be used. To resolve the Bureau’s concerns, QPAREB agreed to provide its members a data feed with all information relevant to providing real estate brokerage services, including sale prices, listing history and property characteristics. The agreement follows the Bureau’s investigation into QPAREB’s data access practices, during which the Bureau obtained court orders in 2023 and 2025.
Non-Enforcement Activity
Bureau Seeking Input on Minimum Advertised Pricing Policies in the Grocery Sector
- On September 28, 2026, the Bureau announced that it had commenced an investigation into the use of minimum advertised pricing policies in the grocery sector that establish the lowest price that products can be advertised by retailers. The Bureau is investigating whether such policies may restrict competition in the grocery sector and keep lower prices out of reach for consumers. The Bureau is seeking input from consumers, retailers, suppliers and others concerning these policies. For more information, see our Blakes Bulletin: Competition Bureau Launches Investigation Into Minimum Advertised Pricing Policies in Grocery.
Investment Canada Act
Non-Enforcement Activity
Inaugural Canada Investment Summit Sees Commitment to Nearly C$500-Billion in New Investment
The Government of Canada hosted its inaugural Canada Investment Summit from September 13 to 15, 2026, bringing together institutional investors, senior government officials and business leaders from nearly 30 countries, positioning Canada as a premier destination for foreign direct investment. The Summit represents the federal government’s most significant demonstration yet of its commitment to creating an environment that actively welcomes and incentivizes private capital. For more information, see our Blakes Bulletin: Canada Investment Summit Signals New Opportunities for Business.
Foreign Investment Monitor
Cultural Investments
Information on Q3 cultural investments has not been published. The latest updates on cultural investments can be found in our Blakes Competitive Edge™: August 2026 Update.
Non-Cultural Investments
August 2026 Highlights
- 99 notifications filed (80 filed for acquisitions, 19 for the establishment of a new Canadian business)
- Country of ultimate control: United States (62%); United Kingdom (6%); France (5%); Pakistan (4%); Sweden (4%)
January – August 2026 Highlights
- Two reviewable investment approvals and 824 notifications filed (593 filed for acquisitions, 231 for the establishment of a new Canadian business)
- Country of ultimate control: United States (53%); France (5%); Pakistan (5%); United Kingdom (5%)
Investment Canada Act Non-Cultural Investment Filings and Approvals, January – August 2026
Blakes Notes
- The Competition, Antitrust & Foreign Investment group was once again recognized with a nationwide Band 1 practice ranking in Chambers Canada 2027. Eight partners from the group were recognized, including three ranked in Band 1.
- On October 5, 2026, Blakes Partner Fraser Malcolm participated in a panel discussion titled “Deal or Derail: A Choose-Your-Own-Adventure Guide to Cross-Border Investment Risk” at the Association of Corporate Counsel Annual Meeting in Boston.
- On October 14, 2026, the Blakes Ottawa Office hosted a live recording of the Counterfactual Podcast.
- On October 15, 2026, Blakes Partner Julia Potter participated in a panel discussion titled “SSNIP Happens: Market Definition Under the New Statutory Regime” at the CBA Competition Law Fall Conference in Ottawa.
- Browse our thought-leadership insights from the Competition, Antitrust & Foreign Investment group to learn more.
Contact Us
If you have any questions, please do not hesitate to contact your usual Blakes contact or any member of the Blakes Competition, Antitrust & Foreign Investment group.