Canada's Economy Experiences Steady Growth in May, Surpasses Initial Estimates

Statistics Canada's latest report shows that the Canadian economy experienced steady growth in May, exceeding initial estimates. The country's real gross domestic product (GDP) rose by 0.3% in the month, with both goods and services sectors contributing to the increase.

The mining, quarrying, oil, and gas extraction sector led economic growth for a second consecutive month, with a 1% rise in output. This was largely due to higher oilsands extraction and increased pipeline shipments.

Meanwhile, offices of real estate agents and brokers saw a significant jump in activity, increasing by 5.1% in May - the subsector's largest monthly gain since October 2024.

The spring housing market was showing signs of warming up in May, particularly in Ontario and British Columbia, as StatCan reported.