Canadian retail sales increased 0.2 per cent in May to $66 billion, led by sales of motor vehicles and parts as well as food and beverage. However, excluding volatile items like car sales, retail sales were essentially unchanged month-over-month. In BC, retail sales jumped 2.7 per cent, rising for a third consecutive month and were up 1.9 per compared to 1-year ago.
Although BC retail spending has ticked higher in recent months, overall Canadian retail sales were up just 0.5 per cent compared to this time last year and preliminary estimates for June show flat sales. This could signal that consumer spending is finally slowing down following a year of aggressive tightening by the Bank of Canada.
Copyright British Columbia Real Estate Association. Reprinted with permission.