The Canadian economy posted 0.4 per cent growth on a monthly basis in November, with 17 of 20 industrial sectors reporting increased output. The manufacturing sector posted its strongest growth in three years and the real estate industry grew for a fourth consecutive month, led by a surge in the output of real estate agents and brokers. Given today's release, growth in the Canadian economy is tracking at 2.5 per cent for the fourth quarter, an uptick from 1.7 per cent growth in the third quarter.
Today's data, along with firming inflation in recent months, further supports the case for gradual tightening by the Bank of Canada in 2018.
Copyright British Columbia Real Estate Association. Reprinted with permission.