During the post-war boom, Montreal was at the centre of Canadian society. Not only was it the largest Canadian city by population, it was also arguably the largest trade and transportation hub, the country’s financial and industrial powerhouse, and a focal point for arts, culture, education, and research. But Montreal’s status as one of North America’s most thriving, diverse, and dynamic urban centres began to shift once Québec’s sovereignty movement took hold.
A symbol of Canada’s growing economic confidence
In the 1960s, Montreal was home to both the Canadian Pacific Railway and Canadian National Railway, the largest airport in the country, and one of Canada’s largest and most important international ports. Montreal stood at the heart of Canadian logistics.
By the mid-twentieth century, Montreal was home to many of Canada’s largest corporations, including Bell Canada, Bombardier, and Shell Canada (although its headquarters relocated to Toronto in 1958, Montreal was still home to several refineries in the 1960s, including those owned by Shell Canada and Imperial Oil).
Montreal also maintained a strong grip on traditional banking and corporate finance sectors. Sun Life Assurance of Canada and the Bank of Montreal were also founded and headquartered there, as was the National Bank of Canada and Laurentian Bank. Royal Bank of Canada had even moved from Halifax to Montreal in 1907.
The Montreal Stock Exchange was the primary exchange for many of the country’s largest institutions, banks, railways, and industrial corporations as well as resource corporations. While the MSE was the second largest exchange in Canada, it could challenge the London Stock Exchange, the New York Stock Exchange and the Toronto Stock Exchange.
Montreal’s prominence beyond the financial world
Montreal was home to some of the most important cultural icons in the country. We know that Mordecai Richler and Leonard Cohen were propelled by the thriving English-language literary scene deeply rooted in the city’s multicultural neighbourhoods, historic streets, and Anglo-Quebec identity. And they were not alone. Artists, actors, and authors, both English and French-speaking, flocked to Montreal to make their start.
It shouldn’t be a surprise that Montreal was the site for three Canadian firsts. In 1967, Montreal welcomed the International and Universal Exposition (commonly known as Expo ’67). Also in 1967, Montreal was awarded the Montreal Expos franchise (the first Major League Baseball team outside of the United States). And underscoring its prominence on the international stage, Montreal was also the host city for the 1976 Olympic Games.
In essence, Montreal was a stronghold for Canadian giants: economic actors and conglomerates, media companies and banks, railways and universities, artists and industry leaders alike, strengthening its position as the cornerstone of Canadian influence.
A city transformed: rise of the sovereignists
When the sovereignty movement gained traction in Quebec, corporations started driving down the Quebec Autoroute 20, a highway that becomes the 401 at the provincial border to Ontario, continuing on to Toronto. The Royal Bank of Canada was among the major institutions to move its corporate headquarters to Toronto and The Bank of Montreal followed suit not long after.
The trickle of corporate exodus became a flood that deeply transformed the economic landscape of Montreal. People streamed out of Montreal moving to Toronto. Sun Life Assurance moved to Toronto and became Sun Life Financial. And Imperial Oil closed its operations in Montreal in 1985. And Toronto was not the only Canadian city to gain. Canadian Pacific left Montreal and ended up in Calgary.
Montreal has not recovered economically from sovereignty movements that took hold in the late 1960s, resulting in the 1980 and 1995 referendums. For decades, Montreal’s growth has been stagnant, and its reputation has been eclipsed by Toronto, Calgary and Vancouver.
Why does this matter to Albertans?
Montreal is a cautionary tale for all Albertans. It tells us that going down the road of referendums may not bring sudden catastrophe, but sovereignty movements can bring a large amount of gradual displacement; a shift which is entirely self-inflicted. For decades, Montreal possessed the compounding advantages of history, geography, and unmatched institutional inertia. Until politicians tried to game the system, Montreal was thought to be unassailable. However, that strength was a mirage.
When sovereignty became a defining political pillar in Montreal, the market didn’t argue, it migrated; permanently shifting the economic gravity of the nation West through the 401 corridor. It turns out that capital, talent, and corporate headquarters are highly mobile assets when there is a persistent threat that comes from political instability and attacks against a province’s economic, structural, and logistical foundations.
For Alberta, the parallels are both urgent and profound. As contemporary grievances fuel flirtations with sovereignty, independence, or separatism under the guise of provincial rights, Montreal stands as a powerful historical mirror. Alberta’s current economic strength, anchored by a booming energy sector, corporate migration, and a vibrant entrepreneurial ecosystem, is no more guaranteed than Montreal’s was in the 1960s.
Capital seeks certainty, and corporate giants favour stability over grievance politics. If Alberta chooses to follow a path that prioritizes ideological separation over national integration, it risks repeating a costly lesson:
It is far easier to drive giants away than it is to convince them to return.