BCREA ECONOMICS NOW
Canadian Monthly GDP (August 2018) - October 31, 2018
There were more treats than tricks in today's monthly GDP data. The Canadian economy expanded for a seventh consecutive month in August, growing at a 0.1 per cent monthly rate. Growth was driven by the oil and gas and finance and insurance sectors. The output of real estate agents and brokers jumped 2 per cent, the third straight monthly increase. However, output from Canadian real agents and brokers remained close to 17 per cent lower than the December 2017 level prior to the introduction of the B20 mortgage stress test.
With two months of third quarter GDP data now available, we are tracking overall third quarter growth at close to 2 per cent. With the economy on solid footing, the Bank of Canada will continue to raise its policy rate over the next year. While we expect that the next move will be in January, a December rate hike can not be ruled out completely.
With two months of third quarter GDP data now available, we are tracking overall third quarter growth at close to 2 per cent. With the economy on solid footing, the Bank of Canada will continue to raise its policy rate over the next year. While we expect that the next move will be in January, a December rate hike can not be ruled out completely.
For more information, please contact:
Cameron MuirBrendon OgmundsonChief EconomistDeputy Chief EconomistDirect: 604.742.2780Direct: 604.742.2796Mobile: 778.229.1884Mobile: 604.505.6793Email: cmuir@bcrea.bc.caEmail: bogmundson@bcrea.bc.caThe British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the provinces 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
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