This is a deep correction, not a recession: IG Wealth Management's Philip Petursson
Statistics Canada will release its latest reading on economic growth this morning.
The federal agency is scheduled to release gross domestic product figures for September and the third quarter.
Statistics Canada's preliminary estimate for the third quarter suggests the economy grew by 0.4 per cent.
That's in contrast to 0.8 per cent growth in the second quarter of this year.
In a client note, RBC says residential investment likely fell in the third quarter, along with other business investment as the economic outlook weakens.
Higher interest rates from the Bank of Canada are expected to further dampen economic growth in the fourth quarter and into 2023.