The Canadian economy contracted by 0.3% in May, the second consecutive month of decline following a 0.5% contraction in April. Services and goods sectors declined by 0.2% and 0.4% respectively as restrictions from the third COVID wave continued to dampen economic activity. Construction activity declined 2.3% in May, with a 4.2% drop in residential building construction led by declines in single-family home construction. The real estate sector fell 7.2% in May, following a 10.7% drop in April, due to slowing home sales. While the post-pandemic economic recovery remains strong, many sectors are grappling with conditions that have led to shortages of raw materials and labour. As the economy converges to pre-crisis levels, costs of some inputs remain elevated as supply chains readjust. Although Statistics Canada reported contractions in April and May, based on advanced data the agency estimates that June real GDP rose 0.7%. As a result, the agency's preliminary forecast is for a 0.6% increase in real GDP in the second quarter of 2021. 

Link:  https://mailchi.mp/bcrea/canadian-monthly-economic-growth-real-gdp-may-2021

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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.