Canadian retail sales edged up 0.1 per cent on a monthly basis in September and were 6.2 per cent higher year-over-year. However, excluding the impact of higher sales of gasoline, retail trade actually declined 0.2 per cent in September and were down 0.6 per cent in inflation-adjusted terms. Given today's data release, we are tracking Q3 Canadian economic growth at 1.7 per cent, a significant deceleration from over 4 per cent growth in the second quarter.
In BC, retail sales were up once again, rising 0.4 per cent on a monthly basis and 9.8 per cent compared to September last year. Year-to-date, retail sales in the province have grown more than 9 per cent, reflecting strong job and economic growth in the province.
Copyright British Columbia Real Estate Association. Reprinted with permission.