Canadian retail sales fell 0.3 per cent to $65.7 billion in June. Excluding volatile items, sales were up 0.4 per cent on a month-over-month basis. In volume terms, adjusted for rising prices, retail sales rose 0.1 per cent in June, while quarterly sales fell by 0.3 per cent. Overall, retail sales were down 0.5 per cent in the second quarter of 2024.

Retail sales in British Columbia were nearly unchanged (+0.0043 per cent) in June and fractionally lower (-0.0015 per cent) compared to the same time last year. In the CMA of Vancouver, retail sales were up 0.4 per cent from the prior month and rose 2.6 percent from June 2023.

These statistics from June contribute to an overall weakening national trend in retail sales over the past several months, as characterized by decreased quarterly volume. Overall, this pattern supports the argument for a third rate cut by the Bank of Canada in September to promote more economic activity.

Copyright British Columbia Real Estate Association. Reprinted with permission.