Canada GDP shrank by 0.1% in JanuaryStaff Writer | March 29, 2018
Canada's economy contracted unexpectedly in January, with total output inching down by 0.1 per cent largely because of a slowdown in oil and in real estate.
Canada Home resale activity was down
The mining, quarrying and oil-and-gas extraction industry declined by 2.7 per cent during the month, its largest decline since May 2016.
Output from real estate agents and brokers fell 12.8 per cent in January, the largest monthly decline since November 2008.
New mortgage rules designed to make it harder to get a mortgage came into effect during the month, which caused buyers to rush to buy before the deadline and led to a sharp drop for the month.
As the data agency put it, "Home resale activity was down in most Canadian markets, as new mortgage lending rules, including stress-testing for uninsured mortgages, announced in October 2017 took effect in January 2018." ■