PQ soft-pedals referendum plans as election approaches.

The Parti Québécois holds a lead in francophone Quebec while its leader has started to downplay the timing of a promised referendum; a Pallas poll shows PQ support at about 30 percent and officials warn investor unease is raising Quebec's borrowing costs.

The Parti Québécois celebrated a fourth consecutive by-election win this week and entered the campaign period with a strong lead in francophone Quebec ahead of the Oct. 5 provincial election. At the same time, voters have expressed growing concern about the party's promise to hold a referendum on Quebec sovereignty if it forms government. Leader Paul St-Pierre Plamondon acknowledged those concerns and said the party would use judgment on timing to protect Quebecers, rather than immediately scheduling a referendum. Rival parties and some officials have seized on that moderation of rhetoric as a notable shift in strategy. Key developments: - The PQ won its fourth by-election in a row, retaking the Chicoutimi riding it had held for 45 years before losing it in 2018. - Paul St-Pierre Plamondon acknowledged voter fears about possible economic fallout such as a tariff dispute with the United States and said the party would use judgment on the timing of decisions without formally abandoning a referendum pledge. - A Pallas poll of 1,075 respondents (±3 points) showed PQ support at about 30 percent and a four-point decline since January, with the PQ leading the Liberals by roughly three points provincially. - CAQ Finance Minister Eric Girard warned that investor wariness tied to referendum uncertainty has raised Quebec's borrowing costs, estimating about $20 million more per year in interest as bond spreads changed. - Federal figures cited in reporting show Quebec receiving about $13.6 billion in equalization payments this fiscal year and an estimated $13.9 billion in 2026–27. - Political developments include the Liberals choosing Charles Milliard as leader by acclamation, the CAQ leadership contest concluding with either Bernard Drainville or Christine Fréchette to become leader on April 12, and the Quebec Conservative Party performing strongly in Chicoutimi and showing regional strength around Quebec City. Summary: The PQ enters the campaign with a lead among francophone voters but faces voter anxiety about the economic consequences of a referendum and some evidence of a small decline in support. The party's stated intention to use judgment on timing has drawn criticism from rivals and prompted market concerns; the provincial election is set for Oct. 5 and the CAQ leadership race will conclude on April 12, leaving the full electoral impact undetermined at this time.