Statistics Canada said the economy grew at a record annualized pace of 40.5% in the third quarter of 2020 as businesses came out of COVID-19 lockdowns.
The previous record for quarterly growth in real gross domestic product was 13.2% in the first quarter of 1965, the agency said.
As historic as the rebound was, it fell short of expectations.
Statistics Canada also said there was a substantial increase in the housing market owing to low interest rates, as well as household spending on goods like cars.
Despite the overall increase, the national statistics office said real gross domestic product still remains shy of where it was before the pandemic.
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Author: Erwin
Erwin has been investing in real estate since 2006 and is a highly decorated investor and realtor. His list of awards and accomplishments includes:
• FOUR time consecutive finalist for the Michael Millenaar Memorial Award and 2013 WINNER for his leadership and contribution to the Real Estate Investment Network community.
• TWO time finalist & 2015 WINNER for Realtor of the Year for Ontario by the Real Estate Investment Network
• TWO time finalist & 2016 WINNER for Real Estate Agent of the Year by Canadian Real Estate Wealth Magazine
• REIN™ Ambassador (Endorsed Realtor by REIN™)
• Silver award recipient by the Real Estate Investment Network
• 2013’s Top Player Award by the Real Estate Investment Network
• Regular contributor to REIN™ Real Estate Report and Canadian Real Estate Wealth Magazine
Erwin has owned and still owns numerous investment properties: single family, renovate and hold, multi-family, multi-family conversion, and student housing. He left his corporate job at “Big Blue†to pursue his passion as an entrepreneur in investment real estate. He’s been featured in the Hamilton Spectator and been a guest speaker at several investment networks and has coached numerous successful real estate investors by focusing on economic fundamentals and financials.
