BCREA ECONOMICS NOW
Canadian Retail Sales - September 23, 2015
In a further sign that the Canadian economy is recovering, Canadian retail sales rose 0.5 per cent in July, the third consecutive monthly increase. On a year-over-year basis, sales were up 1.8 per cent. Retail sales were higher in 6 of 11 retail sub-sectors with sales of motor vehicles and clothing leading the way. In BC, retail sales dipped 0.4 per cent on a monthly basis but were up 5.7 per cent compared to July 2014.
Consumer spending continues to be the main driver of economic growth in Canada, though weakness in the loonie is helping export growth. Canadian real GDP is currently tracking at between 2 and 2.5 per cent in the third quarter which would mean an end to the "technical" recession experienced over the first half of the year.
Copyright British Columbia Real Estate Association
The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.