Release Date: January 14, 2010
New Motor Vehicle Sales, November 2010 Release
Source: Statistics Canada
Link to Release: http://www.statcan.gc.ca/daily-quotidien/110114/dq110114a-eng.htm
Summary: In November, Canadian new motor vehicle sales rose 0.3 per cent to 135,823 sales, reversing October’s 0.3 per cent decline. Truck sales increased 1.2 per cent to 75,916 units in November, overcoming a 0.8 per cent decline in car sales. Sales of North American made vehicles fell by two per cent while foreign made vehicle sales rose 0.8 per cent. Sales in Ontario were up 0.4 per cent to 51,037 units.
Analysis: The trend for Canadian new motor vehicle sales flattened in 2010 as the number of monthly transactions moved into the range experienced in the three years leading up to the recession. Motor vehicle sales are often used as an indicator of consumer confidence. With this in mind, the fact that Ontario vehicle sales reached and remained at pre-recession levels in 2010, suggests that consumers remain confident in their future employment and income situations. Robust consumer confidence bodes well for the housing market, because people want to be relatively certain about their ability to pay for their home over the long-term through the use of a mortgage.
Source: Toronto Real Estate Board