Last Updated on October 24, 2023 by Ephraim Vecina
Statistics Canada reported that the national retail sector beat earlier predictions of flat growth with a 0.2% increase in activity last September, despite some evidence of sluggishness in the third quarter.
Food and beverage retailers stood at the vanguard with a 0.9% increase, along with car and clothing outlets.
During the same month, retail sales also increased in 6 of 11 subsectors tracked by StatsCan. These accounted for 75% of September’s retail trade, the agency told Bloomberg.
These numbers dovetailed with a new Morguard Corporation report, which found that the powerhouse retail segment will have a vigorous 2019, defying risks such as mixed leasing performance.
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“While retail sales growth continues to moderate, properties with development or repositioning potential are expected to generate strong interest among the investment community looking ahead to 2019,” Morguard explained.
“Sustained economic expansion over the next few years bodes well for the Canadian commercial real estate sector as a service provider to the economy. Canadian commercial property sales activity will remain robust over the near term, against a backdrop of positive overall sector performance.”
Together, all of the gains along with the good prospects helped offset the 1.1% decline in gas station sales in September, amid renewed instability surrounding oil prices.
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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