Canadian retail sales fell 0.8 per cent to $66.1 billion in May. Excluding volatile items, sales were down 1.4 per cent on a month-over-month basis. In volume terms, adjusted for rising prices, retail sales rose 0.7 per cent in May.

Retail sales in BC were down by 1.3 per cent in May and fell by 1.6 per cent from the same time last year. In the CMA of Vancouver, retail sales were down 1.2 per cent from the prior month and were up 0.9 percent from May 2023.

These figures are indicative of an overall weakening trend in Canadian goods consumption, with retail sales falling during 4 of the last 5 months. Overall, this pattern supports the argument for a second rate cut by the Bank of Canada in July to promote more economic activity.

Copyright British Columbia Real Estate Association. Reprinted with permission.