Canadian Retail Sales (May 2021) - July 23, 2021

Canadian Retail Sales (May 2021) - July 23, 2021

Canadian retail sales decreased 2.1% m/m to $53.8 billion on a seasonally adjusted basis in May. Including the declines in April, sales were down 7.5% from the March peak. Declines occurred in 8 of 11 retail sectors measured by Statistics Canada, with the largest drops in building material and garden equipment and supplies dealers (-11.3%) and motor vehicle and parts dealers (-2.4%). The declines in April and May were driven by third-wave restrictions. In May, 5.6% of Canadian retailers reported being closed for at least one business day, up from 5% in April. Due to the rapidly evolving situation, Statistics Canada is reporting an advanced retail sales figure for June based on just 59.9% of respondents reporting. The agency's preliminary estimate is for a 4.4% increase in sales in June, erasing more than half of the cumulative drop in April and May. 

In BC, seasonally-adjusted retail sales declined 1.4% m/m as COVID-19 cases gradually declined from their record in mid-April. Retail sales declined 0.7% m/m in Metro Vancouver. BC retail sales were up by 24.4% compared to the same time last year.

In May, Canadian e-commerce sales were up 22% year-over-year to $4.2 billion. E-commerce accounted for 7% of total retail sales in May, the same proportion as in April. In May of last year, in the midst of the first wave, e-commerce accounted for 8.2% of retail sales.

Link:  https://mailchi.mp/bcrea/canadian-retail-sales-may-2021-july-23-2021

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BCREA is the professional association for more than 23,000 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.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.