The Canadian economy continues to be robust, relying on strength in domestic consumption, trade, and the still resilient housing sector. Real GDP was up 0.3% m-o-m in May, and 2.8% y-o-y. Strong GDP growth in the past three months has nudged ER&C�s forecast up, and implies a probable rate hike for the Bank of Canada in the near future. Headline inflation crept up 0.2% in June, but core CPI remained flat. Despite the recent strength of the loonie, Canada�s exports have remained stable.
The housing market remains robust. �Employee discount� incentives boosted car sales in June and July. Labor market conditions are tight. The trade surplus declined due to high oil prices. The BoC warned of less stimulative monetary conditions �in the near term�.
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