Looking at the details of the report, housing was once again one of the biggest drags on economic performance. Housing investment was down 2.1% quarter-over-quarter with new construction falling 8.2%. StatCan said the decline in new construction activity was experienced in every province and territory with the exception of Nova Scotia. Renovation activity was also down 4.3%. “New construction and a lack of renovation activity weighed on the sector, as high interest rates continue to curb activity,” Orlando noted. “While there was a bounce back in real estate transactions during the spring, this wasn’t enough to provide an offset.” The report also showed that household disposable income rose by 2.6% in the quarter, reversing a 0.6% decline in the previous quarter. This was attributed to a rise in employee compensation of 2.2% and non-farm self-employment income of 3.1%. Source : canadianmortgagetrends/ Statistics Canada https://www.mortgageweb.ca/en-US/16943
