Canadian economy flirts with recession as GDP fell in Q3

Derek Vaillant || November 30, 2023

Derek Vaillant || November 30, 2023

Derek Vaillant || November 30, 2023

The Canadian economy saw negative growth in the third quarter, according to data released by Statistics Canada this morning.


This would have been the second straight quarter of negative quarterly growth—which some say would meet the technical definition of a recession—however, the StatCan revealed upward revisions to its Q2 data, which now show quarterly growth of 0.3%.


In September, real gross domestic product (GDP) edged up 0.1%, and the agency’s advance estimate for October is for 0.2% growth, "confounding expectations that activity would shrink in Q4,” noted BMO economist Douglas Porter.


"Whatever label you slap on this economy, it's basically not growing, despite the artificial sweetener of rapid population growth,” he added.

For the third quarter, StatCan noted that a decrease in international exports and slower inventory accumulation were partially offset by increases in government spending and housing investment, which rose 2% following five straight quarters of decline.


October GDP data will be released on December 22, while Q4 results will be released on February 29, 2024.

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Why should I use a mortgage broker?

There are several benefits to using a mortgage broker. Firstly, brokers have access to a wide range of lenders and loan products, allowing them to shop around and find the best mortgage options tailored to your needs. Additionally, brokers can provide personalized advice and guidance throughout the mortgage process, helping you navigate complex financial decisions. They also handle much of the paperwork and negotiation on your behalf, saving you time and stress. Overall, working with a mortgage broker can help you secure the most favorable terms and streamline the homebuying process.

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How are mortgage brokers paid?

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How are mortgage brokers paid?

Mortgage brokers are typically paid through commissions from lenders. When a borrower successfully obtains a mortgage through a broker, the lender pays the broker a commission, which is a percentage of the loan amount. This commission is usually a one-time payment and is disclosed to the borrower as part of the loan terms. It's important to note that while brokers are compensated by lenders, their primary goal is to find the best mortgage solution for their clients, as their reputation and future business depend on customer satisfaction.

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Pre-qualification is an informal estimate of how much you might be able to borrow based on basic financial information. Pre-approval involves a more thorough review of your finances, including a credit check, and provides a conditional commitment for a specific loan amount

What's the difference between pre-qualification and pre-approval?

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