Wholesale property sales across Canada experienced the biggest decline in December 2013 in six months amidst inclement weather that likely slowed economic growth, according to a Bloomberg News report.
Nationwide sales dropped 1.4 per cent to $49.6 billion, Statistics Canada said in a release, as compared to a 0.4 percent decline that was the median forecast in a survey conducted by Bloomberg. This news came after a revised 0.2 per cent fall was announced in November.
Part of the reason for the decline was an ice storm that hit Eastern Canada in December 2013. The storm left thousands in the dark in Ontario, Quebec and the Maritimes. Doug Porter, chief economist for the Bank of Montreal, estimates that the storm caused the Canadian to decrease.
Wholesale sales in Ontario fell 1.8 per cent in December. Alberta and Quebec found themselves in a similar situation, posting drops of 2.5 and 1.2 per cent, respectively.
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