Canada's economy expanded at an annual pace of nearly four per cent in the first quarter, more than three times the growth seen in the U.S. in the same period. According to Statistics Canada, the total value of all goods and services sold in Canada grew in absolute terms by 0.9 per cent from the level seen at the end of 2016. The showing, while strong, was less than the 3.9 per cent annual pace of growth that economists had been expecting. Impact of housing marketBut part of the reason the economy was booming to open up 2017 was the disproportionate impact of Canada's high-priced housing market. Business investment in residential structures grew 3.7 per cent, new construction increased 3.9 per cent and renovation activity increased 2.1 per cent.

Source: CBC News May 31, 2017 13:02 UTC