It was a busy year in the Canadian capital markets and for the country’s top sell-side research providers.

“It was a very active year,” confirmed Walter Spracklin, head of Canadian Research at RBC. “A number of emerging themes took hold, most notably the disruptive power of AI, which drove considerable sector flows. Sectors rotated quickly, moving in and out of favor as the narrative shifted. It was also a busy year for new equity offerings, and our analysts worked hard to get clients up to speed on each one.”

In 2026, the research team at TD Securities reported once again having to navigate a complex mix of macroeconomic forces, including trade and tariff uncertainty, commodity-price volatility, geopolitical tensions, government efforts to encourage investment in Canada, and the rapid expansion of artificial intelligence, according to Andre-Philippe Hardy, head of Canadian Research at the firm.

“Many of these developments originated outside Canada but had important implications for Canadian companies and industries,” Hardy said. “Our analysts drew on their deep sector knowledge, industry relationships, and collaboration with U.S. and macro research colleagues to assess those implications and help clients separate short-term noise from lasting change,” Hardy added.

At the same time, analysts had new tools at their disposal, including increasingly advanced AI technology and alternative research, which are “rapidly evolving and genuinely changing the way we work every day,” Spracklin said.

“Ultimately, these tools are helping us serve clients better, giving our analysts the ability to deliver deeper, more timely insights with greater precision,” he said.

These insights and precision were once again lauded by the respondents to Extel’s Canada Research Team survey, which recognizes the country’s top sell-side equity research firms.

2026 marks the eighth year of running the survey’s commission-weighted results, and RBC has been No. 1 for all eight years.

This year’s survey is based on the opinions of more than 520 directors of research and investment professionals at 320 asset management firms. In this commission-based ranking, participants were asked to rate their top firms in each sector and then separately rated individual analysts at those firms to create two distinct rankings for each sector.

Domestic firms continue to dominate the leaderboard where, after RBC, there was a slight shuffling in the results.TD Cowen/TD Securities moved up one place to capture second this year. BMO Capital Markets slipped one spot to third place. CIBC World Market was also up one place to take fourth. Scotiabank rounded out the top five this year.

RBC’s published team positions held steadily at 19, while TD Cowen/TD Securities added two spots for a total of 17. BMO Capital Markets secured 14. CIBC World Markets also added two positions on 2025 with a total of 10. Scotiabank maintained its previous nine.

“Every one of our analysts strives to be the best at servicing the client, and we are humbled by the recognition from our clients, who acknowledge the importance we place on putting their needs first,” said Spracklin.

“Client service is as critical as the research product itself, a principle that guides everything we do. This client-centric approach recognizes that our insights are best delivered in ways that seamlessly integrate with each client's unique investment process.”

How did RBC differentiate its research team in this highly competitive market during a year of rapid change? “Every RBC analyst shares one overarching goal: to become part of the inner circle of trusted advisors to our clients,” said Spracklin. “Each analyst conducts their business with that goal in mind, and once it's achieved, everything else falls into place.”

The firm has embraced alternative data sources, particularly through RBC Elements, and reported that it has enhanced its analytical capabilities and provided unique market perspectives. The deployment of AI technology through RBC's Aiden platform has transformed its research operations, allowing teams not only to do more with existing resources but to elevate the quality and depth of their analysis,” he said.

“This enables our analysts to focus on higher-value activities while maintaining rigorous analytical standards,” Spracklin said. “We also benefit from leveraging RBC's extensive global research platform, which gives our analysts access to insights, perspectives, and capabilities that extend well beyond the Canadian market.”

It also enables better collaboration across the organization, he added. “That reach is amplified by our partners in Sales and Trading, who connect our research to a global client base and ensure our insights reach the right audiences across markets. Their role in delivering the research product remains paramount,” he said.

While both the sell-side and the buy-side are still in the early stages of adopting AI, client behavior is already changing, according to TD Securities’ Hardy.

“Investors can synthesize information and analyze events much faster, while new tools make it easier to extract value from sell-side research,” he said. “As adoption broadens, speed and information aggregation will become less differentiating.” Sell-side research will therefore need to place even greater emphasis on what AI cannot easily replicate: differentiated and well-reasoned judgment, proprietary data, deep industry expertise, and high-quality corporate access, Hardy added. “Analysts who already excel in these areas are already the highest ranked analysts; they will likely become even more valuable as AI amplifies their capabilities.”