GDP data shows real estate is up, construction is down

Canada’s economy slipped back 0.1% in August following a flat July according to new data from Statistics Canada.

Twelve out of the 20 main sector groups declined including manufacturing and mining, quarrying and oil & gas extraction; but real estate was one of the minority of sectors to grow.

Real estate and leasing’s growth was modest, at 0.2% with activity at the offices of real estate agents and brokers leading with 0.3% growth. This was led by the Greater Toronto and Greater Vancouver areas.

Construction joined the majority of sectors with a decline in GDP in August. However, the decline in August and July were small compared to the 1.8% gain recorded in June.

Fewer single-family homes being built led the 0.9% decrease for the residential construction sector while non-residential and repair construction gained 0.5% and 0.7% respectively.

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