Canadian retail sales were relatively unchanged in July, albeit down 0.1 per cent. Sales were flat through the spring and summer and in July were higher 7 of 11 subsectors. Excluding slower sales at gas stations, sales we actually up 0.2 per cent and excluding inflation, sales volumes were higher by 0.3 per cent.
In BC, retail sales were up for the third time in the last four months, rising 0.9 per cent on a monthly basis and were 6.4 per cent higher year-over-year. Year-to-date, retail sales are up 6.7 per cent. Strong consumer demand and robust employment continues to drive the provincial economy higher in 2016. We are tracking real GDP growth tracking at a Canada leading 3.5 per cent through the first eight months of the year.
Copyright British Columbia Real Estate Association. Reprinted with permission.