Squamish Real Estate Market - September 22, 2011
Real Estate - ECONOMICS NOW
July Retail Sales - September 22, 2011
Canadian retail sales fell 0.6 per cent in July, breaking a string of 3 consecutive increases. The fall in sales was broad based with 7 out of 11 sectors reporting declines. The worst performing sector in July was the motor-vehicle and parts industry which fell 2.8 per cent, reversing large gains in June. Excluding auto-related sales, retail sales were flat. Retail sales in BC fell 0.5 per cent in July, but were up 2.4 per cent over July 2010.
BC consumers have kept a tight grip on their wallets and purse strings this year, with retail sales growth of just over 1 per cent this year. Weak job growth and high debt burdens should keep consumers sidelined for the next year which will create a drag on economic growth in the province.
Copyright British Columbia Real Estate Association. Reprinted with permission.
