Date: February 22, 2010
Canadian Retail Sales, December 2010 Release
Source: Statistics Canada
Link to Release: http://www.statcan.gc.ca/daily-quotidien/110222/dq110222a-eng.htm
Summary: The dollar value of Canadian retail sales edged down 0.2 per cent after six consecutive monthly gains. The small decline was based on a 2.7 per cent decline in sales at new car dealerships. The value of sales in most other retail categories was up. The value of sales at gasoline stations experienced the largest increase, up 7.6 per cent on higher per liter prices. The value of retail sales in Ontario was unchanged in December.
Analysis: Retail sales have generally been trending upwards over the past two years. In 2010, the value of retail sales was up by 5.1 per cent over 2009 as consumers remained confident in their economic outlook and were willing to spend on small and large ticket items. From the perspective of the housing market, retail sales are most important as an indicator of consumer confidence. Generally improving retail sales numbers coupled with improving labour market conditions bode well for a healthy residential real estate market through 2011.