Homebuilding continues to play its part in boosting the Canadian economy but there has been a drop in other sections of the real estate sector, data from Statistics Canada reveals.
The overall GDP figure for November 2016 was a rise of 0.4 per cent, the fifth consecutive month of gains for the economy. Manufacturing industries were the largest part of the gains.
For construction, there was a 1.1 per cent rise in output for the sector with residential construction up 2.0 per cent. This was mainly due to alterations and improvements while repair construction was up 2.8 per cent, the highest rise since 2007.
The real estate and rental & leasing sectors declined by 0.2 per cent. This was the first decline since May 2012 and includes a 6.2 per cent drop for real estate agents and broker activities, following changes to mortgage rules introduced in the previous month.
The overall GDP figure for November 2016 was a rise of 0.4 per cent, the fifth consecutive month of gains for the economy. Manufacturing industries were the largest part of the gains.
For construction, there was a 1.1 per cent rise in output for the sector with residential construction up 2.0 per cent. This was mainly due to alterations and improvements while repair construction was up 2.8 per cent, the highest rise since 2007.
The real estate and rental & leasing sectors declined by 0.2 per cent. This was the first decline since May 2012 and includes a 6.2 per cent drop for real estate agents and broker activities, following changes to mortgage rules introduced in the previous month.
