Statistics Canada reports that GDP rose by 0.6 per cent in the fourth quarter of last year, driven by higher household spending. For the year, household spending was up 2.4 per cent compared to 2023 with the largest contributor being the purchase of new trucks, vans and SUVs, as well as paying rent, and telecommunication services, like cell phone plans and internet.

However, the household saving rate was down from 7.3 per cent in the third quarter of last year to 6.1 per cent in the last quarter, which Statistics Canada says is because the amount of disposable income lagged compared to spending.

The Statistics Canada report states that home construction grew by 3.9 per cent in the last quarter of 2024, the largest quarterly increase since the beginning of 2021. However, year over year, home construction was down by just over one per cent, after an 8.5 per cent decrease in 2023.