PropertyWire.ca
Out of the last 8 months, the Canadian Economy increased at the quickest pace in November, according to a new report on Canadian Gross Domestic Product, released by Statistics Canada.
According to the report, this burst of economic activity is being spurred by the finance, insurance and real estate industries. Real gross domestic product went up 0.4% in November, building on growth of 0.2% in October, supporting the notion that the economy is growing at a rate that slightly exceeds forecasts.
According to the report, “There was a widespread increase in the home resale market across the country in November, leading to a growth of 7.6% in the output of real estate agents and brokers. This marked a fourth consecutive monthly increase for this industry. However, its level of output was still 8% below that recorded in April.”
In November, construction fell 0.4%. Residential building construction faltered as a result of less demand for single and semi-detached homes. Non-residential building construction fell by 0.2% , contrasted with engineering and repair work, that rose by 0.1%.
Similarly, the finance industry saw a rise of 0.7 %, fuelled in part by personal lending and mortgages.
The report reflects a shift in industries that are economic drivers, namely the service industries. Services now comprise 72%, significantly more than the 28% for manufacturing and goods production.
It is expected that manufacturing numbers will bounce back in the near future – thanks in part to the auto sector. Many plants that experienced temporary shutdowns will be operational again in the first quarters of this year.
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