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Canadian Monthly Real GDP (July) - September 30, 2020

Posted by Ron Neal on Thursday, October 1st, 2020 at 8:07am.

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Canadian Monthly Real GDP (July)  - September 30, 2020

Canadian real GDP grew 3 percent in July, following a record 6.5 percent increase in June.  However, even after three consecutive months of strong growth, the Canadian economy remains about 6 percent below its pre-pandemic level of output.  All 20 Canadian industrial sectors posted increases in July, with the real estate sector surpassing its pre-pandemic level of GDP.

Statistics Canada's preliminary estimate for August's real GDP growth is 1 percent, which means that third-quarter real GDP growth is currently tracking at close to 10 percent, or about 40 percent on a quarterly annualized basis.  Still, even that unprecedented level of growth would still leave the Canadian economy about 4 percent below its pre-pandemic level. From there, we anticipate a strong, albeit slower rate of growth as the economy heals and enters a “recuperation phase.”

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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