Toronto night view for the new year

Canada’s economy is roaring ahead, and at a much faster pace than anyone had expected.

The economy expanded by 0.6 per cent in May, Statistics Canada reported Friday. That’s twice the growth of even the most optimistic projections.

Over the past year, Canada’s economy has expanded by 4.6 per cent, the fastest pace seen since the end of the 1990s dot-com boom. The last time the economy showed year-on-year gains this strong was in late 2000, as the global tech bubble began to burst.

Goods-producing industries led the way. The country’s oil and gas sector is rebounding from the energy price collapse, and expanded by a whopping 25.7 per cent over the past year, though that had much to do with a single oil upgrader in Alberta coming back online.

A slowing real estate market was one of the few things holding back Canada’s economy in May. Real estate and rental and leasing shrank by 0.2 per cent, which StatsCan attributed to the slowdown in Toronto’s housing market that began in April.

More to come.

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