Real estate, construction helps boost Canadian economy

  2/3/2020 |   SHARE
Posted in Canadian Economy and Housing Market by Vanguard Realty| Back to Main Blog Page

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The real estate and construction industries played their part in helping Canada’s economy grow in November, the latest month of stats published by Statistics Canada.

Overall, GDP was up 0.1%, offsetting most of the decline in October, as 15 of the 20 industry sectors posted gains. This was enough to offset losses in the mining, quarrying and oil and gas extraction and transportation and warehousing sectors.

Construction posted gains in all sectors, for a total 0.6% increase, following four stagnant months.

The residential subsector posted a 0.6% as alterations and improvements rose along with apartment construction. The commercial sector drove the 0.4% in non-residential construction.

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Offices of real estate agents and brokers saw a 1.3% boost thanks to increased resale activity in the housing market, led by Montréal, Toronto and Vancouver.

National home sales grew by 0.6% month-over-month in November, and by 11.3% annually. Compared to the same time last year, housing market activity intensified in nearly all of the largest urban areas.

Canada Real Estate, Statistics Canada