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Canadian Economic Growth (Real GDP Q2'2022)

Posted by Ron Neal on Wednesday, August 31st, 2022 at 8:10pm.

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Canadian Monthly Economic Growth (Q2'2022) - August 31, 2022

The Canadian economy rose 0.1 per cent in June, up for the fifth consecutive month. Goods-producing sectors rose 0.1 per cent while services-producing industries were up 0.2 per cent. Canadian real GDP is now roughly 2.3 per cent above its pre-pandemic, February 2020 level. However, preliminary estimates suggest that output in the Canadian economy declined 0.1 per cent in July.

Growth in the second quarter of 2022 registered 3.3 per cent at an annualized rate from the prior quarter, rising for the fourth consecutive month. Growth was driven by increased business investment in inventories and household spending. As consumers returned to offices amid easing COVID restrictions, consumer purchases of semi-durable goods like garments and footwear increased (+5.6 per cent). However, falling activity in the real estate sector was a drag on growth, with economic activity from home sales and renovations slowing. Investment in housing declined 7.8 per cent in Q2. 

GDP growth in the second quarter, though still strong, is showing signs of slowing. Growth was lower than the Bank of Canada's expectations and likely contracted slightly in July. That slowdown will likely continue as the Bank continues its tightening cycle, particularly in interest rate sensitive sectors like housing. The Bank is expected to raise its overnight rate by another 0.75 per cent in September to 3.25 per cent, but increases in the overnight rate are expected to slow in subsequent announcements. 


For more information, please contact:

Brendon Ogmundson
Chief Economist

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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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 

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