Canadian retail sales were unchanged in November compared to October, but Statistics Canada estimates a 1.6% increase in December, fueled by the start of Ottawa's GST/HST holiday. Economists suggest the November dip was due to timing, with late Black Friday and the holiday tax break starting mid-December. They predict continued spending support in 2025 from lower interest rates, but also potential headwinds from trade uncertainty.
January 23, 2025 at 9:27AM ESTOTTAWA — Canadian retail sales in November were flat compared with October, but an early estimate by Statistics Canada pointed to a rebound in December which saw the start of Ottawa’s GST/HST holiday.
“A disappointing November showing for retail sales was likely coloured by timing, as a late Black Friday and a mid-December start to the GST/HST holiday kept consumers on the sidelines in the latter part of the month,” Kaushik said. “Looking beyond the temporary tax relief, lower policy rates should continue to support spending in 2025, but an uncertain trade environment could add meaningful headwinds,” Kaushik said.
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