February saw another strong month for freight activity in Canada, with volumes rising significantly both month-over-month and year-over-year. This growth reflects increasing freight demand and continued levels of strong activity within the Canadian transportation sector.
Canadian Freight Index Highlights
Month-over-month: Freight volumes increased by a significant 25 percent compared to January 2025 with volumes reaching daily records that have not been present since the first quarter of 2022.
Year-over-year: Freight volumes surged by 58 percent compared to February 2024 indicating that the spot market is experiencing a significant boost in freight activity so far in 2025.
Load and Equipment Trends:
Cross-Border Freight Activity
Cross-border freight remained the dominant segment, accounting for 72 percent of total postings from Loadlink’s Canadian customer base.
- Inbound cross-border loads (U.S. to Canada) increased by a notable 64 percent year-over-year, while outbound cross-border loads (Canada to U.S.) saw a sharp increase of 79 percent year-over-year.
- Inbound cross-border equipment experienced a significant decline in availability with a 40 percent year-over-year decrease in postings, while outbound cross-border equipment availability fell by a slightly higher 47 percent year-over-year.
Intra-Canada Freight Activity
Domestic freight within Canada made up just 27 percent of total postings.
- Month-over-month, intra-Canada load volumes rose by 27 percent, marking a positive change for those running locally, while year-over-year, volumes increased 37 by percent, further solidifying a carrier-centric market.
- Equipment postings declined 19 percent from January and were down 46 percent compared to last year, which could be an indicator of more contract freight occupying equipment, leading to lower carrier availability on the spot market.
Equipment Breakdown
Dry Vans accounted for 56 percent of postings while reefers took up 28 percent. This was followed by flatbeds at 14 percent and other remaining equipment types at just 2 percent.
Outbound Cross-Border Activity
- Month-over-month, loads moving from Canada to the U.S. grew by 24 percent indicating that spot market volumes are still expanding prior to the looming tarrifs.
- Equipment postings declined 21 percent compared to January, showing a tightening shift in available equipment.
Inbound Cross-Border Activity
· Freight entering Canada from the U.S. increased 25 percent from January, almost identical to the increase in outbound freight across the border. Cross-border freight movement between both Canada and the U.S. have shown continued strength early into the year as shippers accelerate deliveries prior to tariffs.
- Equipment postings dropped 22 percent month-over-month. Similarly to load volumes, outbound and inbound equipment volumes suffered nearly identical reductions. Carriers opting to take contract freight and limiting available capacity on the spot market may be early measures to combat pricing and rate uncertainties in the near future once tariffs are present.
Truck-to-Load Ratio
The truck-to-load ratio, a key indicator of spot market conditions, tightened even further this month:
- In February 2025, there were 1.04 trucks available for every load posted on Loadlink. This marks a hefty 36 percent decline from January’s ratio of 1.64 and a massive 65 percent drop compared to a value of 2.93 during the same period last year.
Conclusion
The February freight market showed strong growth across the board, with significant year-over-year increases in cross-border and intra-Canada load postings. Cross-border freight remained the primary driver of this growth, particularly in outbound loads to the U.S. However, equipment availability continued to tighten, pushing the truck-to-load ratio to one of its lowest points in recent years. This trend suggests strong freight demand and potentially higher spot market rates for carriers in the months ahead.
Looking ahead
Economic uncertainty is a continuing theme this month with the volatile trade partnership currently happening in North America with Canada, the United States, Mexico and China all set to experience the largest potential impact. Carriers can continue to reap the benefits of a strong carrier-centric spot market as less equipment availability may drive rates up in the short term until concrete decisions on tariffs are made.
To foster stronger intra-Canadian trade and reduce reliance on our cross-border partner(s), Canada’s First Ministers recently convened to discuss eliminating internal trade barriers. This initiative seeks to bolster Canada’s domestic economy by reducing interprovincial trade obstacles and enhancing labor mobility, thereby mitigating the impact of U.S. tariffs.
About Loadlink Technologies
Loadlink Technologies is Canada’s leading freight matching platform. By connecting brokers and carriers, Loadlink helps businesses move freight efficiently and cost-effectively. Through innovative solutions, Loadlink supports the logistics sector by simplifying workflows and enhancing the capacity for freight movement across North America through our software.