Bryan Yu: Retail spending holds on while B.C. housing sputters |
Canadian retail sales fell 0.7 per cent in September to $69.8 billion to partially reverse the one per cent gain the prior month. Levels have been rangebound in 2025 and the advanced estimate for October provided by Statistics Canada suggests sales were relatively unchanged as economic slack and soft labour market dragging on momentum. Quarterly sales were up a mild 0.2 per cent, but down in real terms by 0.3 per cent.
Similarly, B.C. sales weakened by 0.9 per cent during the month, adding to the 0.2 per cent dip in August. The trend has recently slowed which is consistent with weak business confidence and a recent slide in provincial employment. That said, sales have remained relatively robust over the past year with unadjusted sales up 5.6 per cent year-over-year and 6.7 per cent year-to-date. Local demand and domestic tourism have likely supported spending over the past year even as segments........