While the oil & natural gas extraction and manufacturing sectors were the largest drags on the economy, there was also weakness in construction and real estate.
Construction was down by 0.7 per cent as residential building construction fell 1.2 per cent as fewer single-family homes were built. Repair construction also declined for the third consecutive month.
Real estate saw a 0.1 per cent rise due mainly to higher revenues for landlords but real estate agents and brokers saw a 2.4 per cent drop as market activity weakened especially in British Columbia and Ontario.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Canada’s economic growth took a hit in May with a 0.6 per cent decline according to Statistics Canada.