Telcos Speak Up: What Bell and Telus See Ahead
Two of Canada’s biggest carriers shared their take on the market at a Desjardins Toronto event. Bell and Telus sent their chief financial officers to lay out where they think the sector is headed. The talk felt similar to an earnings call, but no exact numbers were shown.
Telus’ financial chief, Doug French, said wireless deals have cooled off. But the pace of discounts for home internet stays healthier. He added that mobile prices have fallen a lot, with some reports showing big drops in recent years.
Yet a recent shift in how prices are measured deserves a second look. A prior note suggested big price cuts, but critics say that metric hides what most people actually pay. A StatsCan update from October 2025 shows wireless prices rose, after changes in how the data are tracked to reflect shopping realities.
ARPU Trends as Prices Move
The conversation turned to average revenue per user, or ARPU. Telus has seen its mobile ARPU hover near the high $50s for years, but it has slipped a bit from the levels seen in 2023 and 2024. It isn’t negative in plain terms, but growth has cooled.
Here are Telus’ quarterly numbers for mobile, showing ARPU and the total wireless revenue in the same quarter:
– Q3 2025 — ARPU $57.21; mobile network revenue $1.755 billion
– Q2 2025 — ARPU $56.58; mobile network revenue $1.723 billion
– Q1 2025 — ARPU $57.13; mobile network revenue $1.732 billion
– Q4 2024 — ARPU $58.05; mobile network revenue $1.758 billion
– Q3 2024 — ARPU $58.85; mobile network revenue $1.766 billion
– Q2 2024 — ARPU $58.49; mobile network revenue $1.734 billion
– Q1 2024 — ARPU $59.31; mobile network revenue $1.746 billion
– Q4 2023 — ARPU $58.50; mobile network revenue $1.759 billion
– Q3 2023 — ARPU $59.19; mobile network revenue $1.753 billion
– Q2 2023 — ARPU $58.80; mobile network revenue $1.718 billion
– Q1 2023 — ARPU $58.61; mobile network revenue $1.697 billion
With Black Friday on the calendar, French joked that prices tend to rise again after the rush, a signal that ARPU might edge higher. Bell’s presentation echoed the same path, hinting that prices could climb as customers search for value beyond just headlining deals. The aim for both is to push ARPU over the $60 mark in coming quarters.
Prices, Competition, and a Changing Map
This push comes as the market tightens around price. The Big Three face more pressure from competition in other moves, including Freedom Mobile’s push toward national status. The CFOs at Bell and Telus see a return to what you could call normal pricing, where big promos aren’t the daily norm.
A key factor in the mix is a government rule that Freedom must price at least 20 percent lower than the incumbents in Ontario, British Columbia, and Alberta for a decade. That rule began in early 2023, and it will keep Freedom noticeably affordable for years. Whether Bell and Telus can outpace this is a big open question.
Home Internet and Fibre Push
French says Telus will start next year with fewer wireless promos and fewer device deals. Bell’s plan lines up with more home internet offers. Both say that the home internet market will heat up, with more fibre options landing in more homes.
Telus continues to roll out fibre, with a posture aimed at major cities in the east, like Ontario and Quebec. A recent CRTC decision lets big players share network gear, which makes eastward growth more practical. Telus says the goal is simple: bring fibre to more people, especially where it pays back.
Bell’s stance centers on a strong fibre push as well. Bell’s CFO, Curtis Millen, stressed a hopeful return to growth and a clear fibre plan. It’s a shift after Bell paused fibre work to nudge with regulatory rules in play. Yet Bell has already begun fibre projects in the west by using Telus’ lines, suggesting a warmer stance toward collaborations.
Millen also framed a long-haul plan for more fibre, more users, and a broader footprint. He did not name exact spots or dates, which makes it hard to map out the precise rollout. A past promise of fibre in my Toronto neighborhood lingers without delivery, underscoring a pattern of shifting timelines.
What This Means for Shoppers
For many, these moves point to a mix of tighter promos and steadier prices. You could see more fibre options in your area, especially where big cities meet a growing demand for fast home internet. If the focus shifts to ARPU and fibre, expect bills to inch up a bit as services expand and speeds rise.
The talk among executives underscores a broader shift. The market is moving from easy discounts to smarter value, with more emphasis on the speed and reach of home internet. For people who shop around, this means watching not just promos, but what kind of network is in their neighborhood and how much data costs in the long run.
As the year winds down, watchers will keep an eye on whether price gains actually take hold. The big carriers anticipate a steadier rhythm, but the real test is how the customer sees value when bills rise and more fibre hits the street.
What to watch next is simple: how quickly these plans reach new towns, and whether the promised fibre will arrive on the street you call home. The market will reveal if the shift toward higher ARPU sticks or if more discounts reappear to win new customers.
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