New Motor Vehicle Sales, July 2010 Release

Date: September 14, 2010

New Motor Vehicle Sales, July 2010 Release

Source: Statistics Canada States Department of Housing and Urban Development

Link to Release: http://www.statcan.gc.ca/daily-quotidien/100914/dq100914b-eng.htm

Summary: Canadian new motor vehicle sales rose 2.4 per cent in July to 135,514 units. These gains were led by truck sales (SUVs included), which were up 3.1 per cent to 76,994 units, accounting for 56.8 per cent of total sales – the highest proportion ever. Car sales also rose in July, up 1.6 per cent to 58,520 units. By province, sales increased in eight of provinces last month, including Ontario which experienced a four per cent gain to 51,425 units.

Analysis: July’s new vehicle sales result continued a trend that began at the beginning of last year: gradually increasing sales with some month-to-month volatility along the way. The trend in new vehicle sales basically followed the improvement in consumer confidence that took place over the same period of time. This makes sense given that an individual would have to feel confident in their employment and income prospects over the longer term before they would make a large cash outlay or enter into a financing commitment. For many households, the willingness to purchase on a car or truck could also be associated with a willingness to make other large ticket purchases, including the purchase of a home.

Source: Toronto Real Estate Board

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