**Traders see an 89% chance that Katy Perry and Justin Trudeau will not be engaged by December 31, 2026, reflecting the relationship’s relatively short timeline and absence of any public momentum toward a proposal.** The pair first sparked dating rumors in July 2025 after a dinner in Montreal and have since progressed to coordinated red-carpet appearances, including their second high-profile outing at the Lucas Museum of Narrative Art opening on September 19, 2026. Perry has publicly described Trudeau as “the love of my life” and credited the relationship with grounding her after a demanding tour and personal transitions, while the couple has been photographed blending families with exes Orlando Bloom and Sophie Grégoire Trudeau involved in co-parenting. Despite these steps, coverage through mid-September 2026 centers on settling into a stable rhythm rather than wedding plans, with no reports of rings, family meetings framed around marriage, or timeline hints. Given that the couple has been together for roughly 14 months and the year-end deadline is only weeks away, the market-implied odds align with the lack of confirmed developments that would typically precede an engagement in the public eye.