2017 Could be Big Year for Economy

With quarterly Gross Domestic Product figures putting it near the head of the G7 pack, it would take a major disruption to make 2017 anything but a big economic win for Canada.

But looking ahead to 2018, things are less certain, according to a recent report from Toronto-Dominion Bank.

"We are looking at the best GDP growth and job growth Canada has seen in almost a decade,” said the report, "even if we get zero growth in the second half of this year."

So far in 2017, Canada’s GDP has grown at an annualized average of 2.5% and 290,000 jobs have been created.

With real estate chilling and consumer spending following, the report says, economic growth should return to around 1.5% to 2% through the second half of 2017. That, however, "will likely diminish going forward."

The report goes on to peg growth for next year down around 1.5%. Its authors say there is also a small chance oncoming sluggishness could force the Bank of Canada to back off on its rate hikes.