Pursuits
Lethargic Canadian Economy Can’t Shake Reliance on Housing
- Country in slowest expansion outside recession in six decades
- Real estate is now country’s biggest industry at 12.4% of GDP
Lethargic Canadian Economy Can’t Shake Housing Reliance
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Canada is in the midst of one of its weakest expansions ever, and only the housing boom keeps it from getting worse.
That’s one of the key takeaways from Friday’s GDP report. Two years since oil prices started plunging, Canada’s economy is almost completely reliant for growth on bank lending and the hot Vancouver and Toronto housing markets.