Canadian retail sales decreased by 0.7 per cent to $69.8 billion in September compared to the previous month. Compared to the same time last year, retail sales were up by 3.4 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, were relatively unchanged month-over-month. In volume terms, adjusted for rising prices, retail sales decreased by 0.8 per cent in September. Retail sales rose 0.2 per cent in the third quarter of the year.

Retail sales in British Columbia were down 0.9 per cent in September month-over-month and rose by 4.4 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were down 1.0 per cent from the prior month and were 2.6 per cent above the level of September 2024.

September’s report rounds out the weakest quarterly retail growth since Q2 of 2024, demonstrating some hesitancy in consumption amidst shaky economic conditions. However, further resilience in October’s jobs report and slight downticks in core inflation reaffirm the Bank’s guidance toward holding the overnight rate during its December meeting.

Copyright British Columbia Real Estate Association. Reprinted with permission.