Canadian retail sales posted a second consecutive monthly increase, rising 0.2 per cent in May. Sales were higher in 6 of 11 subsectors with the largest contribution coming once again from gasoline stations. Even with today's release, first quarter real GDP growth in Canada is still tracking negative due to the impact of wildfires in Alberta.
In BC, retail sales were up 0.1 per cent on a monthly basis and were 6.5 per cent higher year-over-year. Year-to-date, retail sales are up 7.1 per cent. BC continues to lead the country in job creation and the strong labour market is clearly supporting a high level of consumer demand. Robust retail and home sales have been propelling the provincial economy higher in 2016 with real GDP growth tracking at 3.5 per cent through six months.
Copyright British Columbia Real Estate Association. Reprinted with permission.