31 July 2018

At the same time, the housing market showed weaker activity with sale for real estate agents and brokers dropping by 2.7%. This sector has declined in four of the first five months of 2018, reacting to the new mortgage rules, introduced in January.

Following unexpectedly cold April, Canadian retailers recovered, reporting a 2% sales hike in May and marking the strongest monthly growth since October.

Bank of Montreal economist Doug Porter says only one out of 19 sectors showed a decline in May – utilities. The reason was weather improvement after a terrible April.

“Canadian consumers woke up of hibernation in May, and the economy took advantage of it.”