The Canadian economy expanded 0.6 percent in November on a month-over-month basis, propelled by strong growth across essentially all sectors. Canadian real GDP is now 0.2 percent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy was essentially flat in December.At its most recent meeting, the Bank of Canada noted that the slack in the Canadian economy has been largely absorbed. Growth in the economy accelerated in the fourth quarter with real GDP growth tracking at 6.4 percent annualized. Even with an expected Omicron-driven slowdown in the first quarter of 2022, the Canadian economy is clearly on a very strong growth path. With inflation elevated and the robust growth, the Bank of Canada will begin raising its overnight rate at its March 2nd meeting, continuing quarterly rate hikes until the overnight policy rate reaches 1.75 percent. Canadian 5-year fixed rates have already risen substantially, returning to their pre-pandemic level of about 2.9 percent.

Link:  https://mailchi.mp/bcrea/canadian-monthly-economic-growth-november-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.