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Canada's economic growth this quarter appears to be fading below a 2% annualized pace that's well short of the central bank's July prediction for 7.3%, potentially signaling more patience will be needed before interest rates rise.

Scotiabank's nowcast came in at 1.8% Thursday after reports showed wholesale sales down 2.1% in July and an August dip in housing starts. The Institute of Fiscal Studies and Democracy nowcast showed a 1.3% third-quarter expansion. The BOC on Sept. 8 held its 0.25% policy rate and said conditions for an increase could be in place in the second half of next year, even after GDP contracted in the second quarter.