British Columbia Real Estate Association Third Quarter Forecast
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BCREA ECONOMICS NOW
Third Quarter GDP Growth - November 30, 2010
Economic growth in Canada continued to slow in the third quarter. Annualized GDP growth slipped to 1.0 per cent after a revised increase of 2.3 in the second quarter and 5.6 per cent during the first quarter. On a monthly basis, real GDP declined 0.1 per cent in September after increasing 0.3 per cent in August. Expectations were for a 1.0 per cent gain.
Lower exports and investment in housing restrained economic growth. However, business investment in plant and equipment posted its strongest increase this year, expanding by 6.5 per cent in the third quarter. Mining, manufacturing and the public sector were the main sources of growth. Output from real estate agents and brokers, wholesale trade and the finance and insurance sector declined.
Fourth quarter GDP is expected to reverse the slowing trend as increased exports and continuing strong domestic demand fuel the economy.
CM.
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BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).