Real estate agents, construction sector GDP lower

Canada’s economic growth took a hit in May with a 0.6 per cent decline according to Statistics Canada.

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.

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