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Canadian Monthly Real GDP Growth (August)

Posted by Ron Neal on Saturday, October 31st, 2020 at 9:18am.

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May30-1
 

Canadian Monthly Real GDP (August)  - October 30, 2020

Canadian real GDP grew 1.2 per cent in August, following a 3.1 per cent increase in July.  That is the fourth consecutive monthly increase in GDP following the steepest contraction of the Canadian economy on record. The overall level of economic output remains about 5 per cent below its per-pandemic level.

Third quarter real GDP growth is currently tracking at close to 10 per cent, or about 46 per cent on a quarterly annualized basis.  From there, we anticipate a strong, albeit slower rate of growth as the economy heals and enters a “recuperation phase.”  Like the Bank of Canada, we do not expect slack in the economy to be fully absorbed until around 2023, which, given the Bank's guidance earlier this week, means that interest rates will remain historically low for quite sometime.  Those low rates will continue to provide a significant boost to an already strong BC housing market.

For more information, please contact:

Brendon Ogmundson
Chief Economist
604.742.2796
bogmundson@bcrea.bc.ca 
Kellie Fong
Economist
778.357.0831
kfong@bcrea.bc.ca 

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 Group 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 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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