Canadian seasonally-adjusted retail sales rose 1.6% to $57.6 billion in October. The rise was driven by a rebound in sales at motor vehicle and parts dealers (+2.2%) as new car sales (+2.8%) recovered from previous declines. The effects of the semiconductor shortage which had curtailed sales of new cars eased somewhat in October. Preliminary estimates, based on roughly 40.9% of respondents reporting so far to Statistics Canada, indicate that retail sales rose 1.2% in November.
In BC, seasonally-adjusted sales rose 0.3% in October. Compared to the same month last year, retail sales were up 1.6% in the province. Clothing sales rose the largest amount on a year-over-year basis in October, up 13.3%. In the Greater Vancouver region, sales rose 1.5% month-over-month and were up 10.8% year-over-year.
In October, Canadian e-commerce sales rose from $3.2 billion to $3.3 billion. As a result, e-commerce increased from 5.4% of total retail sales in August to 5.5% in October. This percentage is lower than at most points since the onset of the pandemic but is elevated compared to pre-pandemic levels.
Copyright British Columbia Real Estate Association. Reprinted with permission.