The residential construction sector has increased to record levels as a share of GDP as the energy sector has slipped back. It means that housing construction accounts for 7.7 per cent of Canada’s GDP.
The report notes that prices have played a big part recently with construction prices rising while oil prices have slumped.
That said, the housing sector is at 2007 levels of GDP in real terms and almost touching the ceiling of the highs of the late 1980s.
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The positive impact of the real estate industry on the wider Canadian economy has been highlighted in a report from BMO Capital Markets.