• Retail sales are emerging as one of the true bright spots of Canada’s economy – retail sales have risen in 7 of the last 9 months. • However, while spending is accelerating, consumer debt is moving in the opposite direction. This suggests that the improvement we are seeing is one driven by job growth and income gains, rather than leverage – a significant positive in mitigating a future debt bubble. • Overall, this confirms our view that consumers will remain a key driver of the broader economic picture in the coming quarters. With the acceleration in the U.S. economy likely on hold until next year, Canada’s export sector is unlikely to take over the driver seat before the new year. Get your next mortgage through Barrie’s Best Mortgage Broker offering low rates and great service.

TD economics