Canada’s economy grows thanks to hot real estate market

Dec 24, 2021

Economy grows for fifth consecutive month in October per StatsCan.

By Andrew Joseph, Farms.com, Photo by Tim Mossholder on Unsplash

The continued hot-hot-hot housing market continues to fuel Canada’s economic growth in October and November, according to Statistics Canada.

While the Canadian economy continued its growth for the fifth consecutive month in October—with a GDP increase of 0.8 percent in the month—experts warn that it is too early to tell what, if any, the effects of the COVID-19 Omicron variant will have on things.

The October GDP rise of 0.8 percent comes on the heels of September’s 0.2 percent increase. Although September also saw a decrease within the Canadian manufacturing sector of 1.5 percent, October saw it rebound, with an increase of 1.8 percent.

In the auto industry, September saw a decline, but October showed a 47.8 percent leap forward.

In housing, the construction market finally showed an increase—1.5 percent in October, after four consecutive downward turns. But, residential housing construction jumped 2.0 percent, offsetting a drop in single-family-home construction.

In real estate’s rental and leasing market, it jumped 0.8 percent—it’s largest increase since December 2020. And, thanks to increase home sales, agents and brokers saw an overall increase of 8.8 percent. Adjacent, the legal industry also increased by 1.6 percent, as it works quite handily with the real estate market.

StatsCan says that early indications for November show an overall increase of 0.3 percent.

Video: Learning to Wrench From Dad the Hard Way

Harvest is a week out and the farm picked this week to fall apart. The truck needs a battery, the barn curtain's got a problem, and the corn and beans are telling us we're out of time to get it all fixed.

So it's a full day of wrenching. Tork supervises while I get the truck back running, then we're out at the hog barn where one rusted up part has the whole curtain system hung up. Ladder work, cable work, and a little dad-and-son disagreement about the right way to do it. We close it out walking the fields, shelling beans and checking corn, because whether everything's fixed or not, harvest starts when harvest starts.

Chapters: 00:00 Everything breaks the week before harvest 01:00 Tork supervises while I fix the truck 12:30 Out to the barn to find the curtain problem 14:30 One rusty part hung up the whole curtain 20:00 Running the curtain cable from the ladder 24:00 Walking the beans and corn before harvest 26:30 Wrapping up

We're a 6th generation family farm in southeast Iowa showing the real ups and downs of pig farming and row crop farming. No script, just the work. Subscribe and follow along.

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