Vancouver Retail Market Report

Economic makeup cushions retail sector. Despite lingering risks stemming from protectionist U.S. trade, Vancouver is well positioned. Having direct access to the Pacific Ocean, the Port of Vancouver is Canada’s largest shipping terminal and a major hub for Asia-Pacific trade. Meanwhile, services make up roughly 75 per cent of Vancouver’s GDP. The province as a whole is also less dependent on manufacturing, focusing instead on natural resources and knowledge-based industries. Together, these factors mitigate Vancouver’s exposure to U.S. tariffs, allowing for a more resilient labour market. As of July, the metro held the lowest jobless rate among major Canadian metros at 6.1 per cent, while year-end employment growth is also forecast to be one of the strongest. In turn, retail sales in Vancouver have outpaced the national rate – up 9.0 per cent year over year – continuing to uphold the metro as Canada’s top performing retail property market.