The Canadian recovery is expected to be modest and uneven as the global economy enters into “a new phase of unusual uncertainty,” Bank of Canada Governor Mark Carney told the Windsor-Essex Chamber of Commerce on Sept. 30.

“As a result of the combination of the scale and speed of the policy response and our well-functioning financial system, Canada’s economy is now back at its pre-crisis peak in output,” Carney said. But he added that the recovery remains modest compared to previous economic rebounds and has relied heavily on housing and personal consumption.

The economic output of real estate agents and brokers dropped eight per cent in July, while real gross domestic product dropped for the first time in 11 months by 0.1 per cent, according to a report released by Statistics Canada today.