Canada’s retail sales jumped 0.7% month on month, but most of the gains were concentrated outside of Canada’s largest province: Ontario retail sales grew 0.06% and have fallen since March by 1.16%. Retail sales data adjusted for the fact that there were 5 weekends in July 2011 and only 4 in 2012: actual year on year unadjusted data showed much weaker growth. All data is sourced from Stat’s Can.
Seasonally adjusted data for Ontario, Canada and Alberta show a stunning difference between the resource heavy Alberta, Canada and Ontario:
But Toronto is faring worse: the following chart shows seasonally unadjusted data for Toronto, Alberta, Ontario and Canada (the data feed I have used did not provide seasonally adjusted data for Toronto).
Toronto retail sales, relative to the rest of the Country appear to be very weak. This substantiates concerns in my latest post on other factors impacting the housing market in Toronto especially.