The economic outlook for the Canadian provinces where the country’s two most in-demand housing markets are located remains positive for this year and the next, according to a recent report.
In a Canadian Press
article published by The Globe and Mail
, a Conference Board of Canada provincial economic report released on Monday (June 13) projected that real gross domestic product in British Columbia and Ontario will grow significantly over the next few quarters, outstripping all other areas in the country.
The report predicted that B.C. will see 3 per cent real GDP growth in 2016 and 2017, while Ontario will enjoy 2.8 per cent growth this year and 2.6 per cent in the next.
Other regions that have positive outlooks include Prince Edward Island and Manitoba, both of which would experience greater than 2 per cent real GDP growth. Quebec is also expected to post good results (1.8 per cent in 2016 and 2 per cent in 2017).
Meanwhile, resource economies like Saskatchewan, Newfoundland and Labrador, and others will see some contraction later this year as well as the next. Alberta, on the other hand, would be a study in contrasts, with a 2 per cent shrinkage projected for 2016 and a surge of recovery via 2.5 per cent growth in 2017.