Canadian commercial real estate Q2 review and outlook

At the onset of the year, uncertainty surrounding a potential looming third wave of coronavirus infections brought out pessimism and added fuel to the fire surrounding a possible double-dip recession in Canada. However, Canada’s economic outlook has evolved significantly in the past three months, according to Manulife Investment Management.

The second quarter finished with an unemployment rate of 7.8 percent, after national employment fell by 275,000 jobs in April and May, but regained 231,000 jobs in June, speaking to the momentum after many parts of the country were forced into lockdown during the early spring. After a robust first quarter of GDP growth, reaching 5.6 percent, second quarter growth is expected to be near 3.5 percent despite a resurgence of the virus in March and April.

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