Housing affordability has cut into Canadian purchasing power in a big way - RBC ...Middle East

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Housing affordability has cut into Canadian purchasing power in a big way - RBC
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RBC released its latest Canadian consumer spending tracking data on Friday and it paints a mixed picture. The numbers are based on RBC's credit card data and shows a decline in nominal sales but better services spending.Hotel spending in Feb marked its first uptick in six monthsRestaurant spending continues to be weakSpending on essentials is holding steadySpending in discretionary goods categories like clothing and footwear has been saggingSpending on home improvement has been flatSome commentary:Weaker housing affordability has cut into household purchasing power in a big way. Softness in Canada’s job market adds to the pressure. Later this year, we expect stronger services sector consumpt

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