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Canadian retail sales increased by 1.0 per cent to $70.4 billion in August compared to the previous month. Compared to the same time last year, retail sales were up by 4.9 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, were up 1.1 per cent month-over-month. In volume terms, adjusted for rising prices, retail sales increased by 1.0 per cent in August.
Retail sales in British Columbia were largely unchanged in August from the previous month and rose by 6.9 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were down 0.8 per cent from the prior month and were 5.9 per cent above the level of August 2024.
Strong activity in August further demonstrates monthly volatility in Canadian retail sales, as six of nine subsectors rose following a weak previous month. Moreover, broader resilience in core retail sales signifies ongoing strength in household consumption despite weaker economic and labour market conditions. In spite of a slight uptick in headline and core inflation, financial markets are still expecting a second consecutive rate cut from the Bank of Canada next week.
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Source: BCREA
Posted by Adam Chahl on
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