Canadian retail sales bounced back from a decline in March to post 0.9 per cent growth in April. Sales were higher in 7 of 11 subsectors with the largest contribution coming from gasoline stations due to higher prices at the pump. With today's release, first quarter real GDP growth in Canada is tracking at under 1 per cent, largely due to the negative impact of wildfires in Alberta.
BC reported the largest gain among all provinces in April with retail sales rising 2.4 per cent from March. On a year-over-year basis, retail sales were almost 8 per cent higher. Strong consumer demand is a major reason the BC economy is performing so well in 2016, with economic growth tracking at 3.5 per cent for the first five months of the year.
Copyright British Columbia Real Estate Association. Reprinted with permission.