Canadian Monthly Economic Growth (February 2022) - April 29, 2022
The Canadian economy jumped 1.1 per cent in February, up for the ninth consecutive month. Goods-producing sectors rose 1.5 per cent while services-producing industries were up 0.9 per cent. Canadian real GDP is roughly 1.5 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy grew 0.5 per cent in March.
With a a very high figure for February and strong preliminary numbers continuing into March, the Canadian economy appears to be on a strong growth path as it emerges from the Omicron-related slowdown. The Bank of Canada has noted that the slack in the Canadian economy is largely absorbed, which is partly why it has hiked rates from 0.25 in March to 1 per cent currently. Amid strong GDP growth and high inflation, the expectation is that the bank will again raise rates at its upcoming June 1st announcement by another 0.5 per cent. BCREA forecasts that the bank will continue raising rates until the overnight policy rate reaches 1.75 per cent, the level which prevailed prior to the COVID-19 crisis.
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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
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