Despite new knowledge in recent years, our understanding of the phenology of wood formation for various species growing in different environments remains limited. To enhance our knowledge of the tree growth dynamics of boreal tree species, we investigated the average seasonal, monthly, daily, and diel patterns of tree growth and water status from 11 years of observations with the 15 min and 1.5 µm resolved stem radial size variation data of 12 balsam fir (Abies balsamea (L.) Mill.) trees growing in a cold and humid boreal environment. Growth only occurred above an air temperature threshold of 9–10 °C, and the maximal growth rate over the year (23–24 June) was synchronous with the maximal day length (20–21 June) and not with the maximal air temperature, which occurred on average about 2 weeks later (4–5 July). Tree growth was mostly restricted by air temperature and solar radiation under these cold and wet boreal conditions, but our results also highlight a turgor-driven growth mechanism. Diel dynamics reveal that tree growth is minimal during the day when the stem dehydrates, and higher past midnight when the stem is fully rehydrated. This pattern suggests that carbon assimilation through photosynthesis occurs primarily during the day, while energy production and carbon allocation to woody tissues occur primarily at night via cellular respiration. Overall, our results show that the temporal patterns of the growth and water status of balsam fir growing in cold and humid boreal environments are controlled by a set of environmental factors that influence various physiological processes and mechanisms, many of which still need to be documented.