Finance, real estate agents, construction see lower growth

by Steve Randall04 Feb 2019

The latest insight into the Canadian economy from Statistics Canada show a 0.1% decline in GDP in November 2018 following a 3% gain in the previous month.

There were declines for multiple sectors with finance down 0.7% (after a 1.1% gain in October), and construction down 0.3% (lowest level since mid-2017).

Real estate agents and brokers offices saw a 2.8% decline as lower sales in Ontario and British Columbia led to the third consecutive monthly fall.

With potential implications for the commercial real estate sector, the wider economic data shows that wholesale trade was down 1.1%, wiping out the previous month’s growth; and manufacturing saw widespread sub-sector declines and a drop of 0.5% overall.

Retail trade also softened (-0.3%) along with transportation and warehousing (-0.5%).

Among the brighter spots, accommodation and food services gained 0.6% in November, professional services were up 0.2%, and utilities gained 0.4%.


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