Statistics Canada reported Thursday that Canada’s economy grew by 1.1% in the second quarter with an annualized rate of 4.5%.
But investment in home construction was down 1.2% compared to a 2.9% gain in the previous quarter. The decrease was due to a 6.7% decline in ownership transfer costs.
New housing construction investment was virtually unchanged while renovations increased 1.1%.
The data also revealed that household spending on goods was up 1.9% in the second quarter with new car purchases one of the key influences.
More market update:
Investment in home construction weakened in the second quarter of 2017 the latest GDP data shows.