Retail sales in Canada climbed 7.3 per cent to $49 billion in June compared to the same month last year. The month-over-month increase was 0.1 per cent, marking the fourth consecutive month of gains. After removing the effects of price changes, retail sales were up 0.5 per cent by volume. This strong performance supports further upward movement in the Bank of Canada target interest rate as broadening strength in Canadian economy signals an expectation of rising inflation.
BC retail sales posted a phenomenal 12.4 per cent increase year-over-year in June to $7.2 billion. Compared to May, BC retail sales rose 1.9 per cent. This surge in consumer spending is being underpinned by above trend economic growth, rising employment and increased migration.
Copyright British Columbia Real Estate Association. Reprinted with permission.