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Resilient Retail Sales Support Property Level Stabilization
Consumer spending remains resilient. Retail sales rose 1.0 per cent in May, extending 2026’s run of monthly increases. Gasoline stations and fuel vendors posted the largest gains, with sales up 3.1 per cent, but much of that was due to higher prices driven by the Middle East war. However, sales also increased across all other major retail subsectors despite higher fuel costs, pointing to improved underlying demand and relatively broad-based strength. After adjusting for inflation, retail sales volumes rose a more modest 0.3 per cent monthly. Still, May’s figures suggest Canadian households are still spending at a healthy pace despite economic uncertainty stemming from elevated oil prices and tariff risks.