Canadian retail sales rose 0.6 per cent to $67.6 billion in October from the previous month. Compared to the same time last year, retail sales are up by 1.5 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, rose by 0.2 per cent month-over-month. In volume terms, adjusted for rising prices, retail sales were unchanged in October.

Retail sales in British Columbia were up 0.9 per cent in October month-over-month and up 1.5 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were up 0.1 per cent from the prior month and 1.1 per cent higher than October 2023.

October's retail sales demonstrate a recovery in Canadian retail activity over the past few months as the Bank continues cutting toward its neutral range. The Bank of Canada will hope that Canadian retail growth serves as a proxy for next week's GDP report as it seeks guidance on whether the economy is rebounding in accordance with its 2025 forecast. 

https://mailchi.mp/bcrea/canadian-retail-sales-october-2024

For more information, please contact: Gino Pezzani.