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WHO WOULD’VE THOUGHT WARM WEATHER WAS BAD FOR SHOPPING?

• Retail sales declined by 0.3%; in real terms, sales declined by 1%

• This month’s decline is no impediment to the recovery in the retail sector as it follows solid gains posted in 5 of the last 6 months. In fact, overall sales are just shy of the level recorded prior to the onset of the recession.

Today’s retail trade report indicated that Canadians took a more cautious step in November towards opening their wallets. After posting strong gains in 5 of the last 6 months, retail sales retreated slightly by 0.3%; a decline of 1% was recorded after price effects were stripped out, indicating some upward pressure on prices in the month.

This month’s weakness in sales was attributed to a de­cline in clothing sales due to the unseasonably warm winter in many areas of the country. This was reflected in a 3.6% decline in sales at clothing, shoe, and accessory stores and a 2.8% decline in department store sales. In addition, a sig­nificant decline of 2.2% was recorded at new car dealers, though this was already expected due to the last week’s new motor vehicle sales data. The declines were muted by a gain of 2.4% at gas pumps and sectors which have benefitted from strength in the housing market and the home renovation tax credit. Namely, furniture and home furnishing store sales grew by 1.1% and 1.3%, respectively, while sales at special­ized building materials and garden stores grew by 6.5%.

Though today’s report was undoubtedly negative con­sidering 6 out of 10 major retail sectors posted declines in sales, it is important to note how strong the recent upward movements in sales have been. Likely owing to some stabi­lization in the labour market, the recent boom in the housing market, and their effects on consumer confidence, retail sales have grown at nearly double their normal pace in recent months. Between May and October of 2009, sales grew by an average of about 0.8% monthly, while the average monthly growth rate between 2002 and 2007 was just over 0.4%. In fact, retail sales have almost recouped the losses related to the recession and sit just 2.4% below the peak hit in September of 2008.

The fact of the matter is that the backdrop for the domes­tic economy remains very supportive for continued growth in retail sales. The existing home market continues to im­prove and jobs will likely be added back with a little more gusto as the months of 2010 go by. In addition, the Bank of Canada continues to see the historically low level of inter­est rates as appropriate given the overall macroeconomic outlook, which is certainly good news for consumers. TD is forecasting for consumer spending to add about 2 percentage points to overall GDP growth in the final quarter of the 2009.

Francis Fong, Economist,

416-982-8066

R.Paul Chadwick
TDCanada Trust
Manager Residential Mortgages
Tel: 905 334 4066
Fax: 905 332 1619
paul.chadwick@td.com

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Real Estate Listings Mississauga

The problem with MLS real estate listings is that homes that are still available are the ones everyone is passing on. If a home has been on the market for a long time and is just not selling, there must be a reason. So just having your home appear on the multiple listing service may diminish its appeal for many discriminating buyers. Smart home buyers get in on great new homes for sale right away. Some are bought up before the advertised listing is seen by buyers. A good Mississauga real estate agent can help you learn of newly available properties and of properties that may be becoming available.

Homes often come up for sale for a number of reasons including financial problems. Some homeowners will try to rent out their basement or take on borders to make up the shortfall in funds for their mortgages. Power of sale opportunities are often hard to discover too. After months of being in the real estate listings, a homeowner may get discouraged and begin to lower their asking price severely. If you're thinking the Mississauga real estate listings are the best way to market a home, please give us a call so we can show you how a professional marketing approach is better. Often, it's not how many people see your home, but who sees it. Try a better approach to selling Mississauga real estate.