Canadian Retail Sales
Canadian retail sales declined 0.9 per cent on a monthly basis in November as lower sales at gas stations and a decline in motor vehicle sales dragged overall retail sales lower. Excluding those subsectors, retail sales were up 0.2 per cent. In BC, retail sales were up 0.3 per cent on a monthly basis, however, consumer spending continues to moderate compared to 2017 with retail sales up only 0.1 per cent year-over-year.
Slowing retail sales, ongoing softness in the Canadian housing market and risks to global growth from an escalated US-China trade war should result in the Bank of Canada remaining sidelined in 2019. That should translate to lower mortgage rates as bond markets adjust expectations for Canadian monetary policy.
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