Household debt is at record levels in Canada so it is not too surprising that big ticket items such as new cars should be recording a dip. What is more surprising is that they have been increasing over the last few months. This is from the VancouverSun.
New vehicle sales down in Canada: StatsCan
OTTAWA — The number of new vehicles sold in Canada dropped in March by 4.2 per cent, with a sharper decline in truck sales a major factor, Statistics Canada reported Friday.
The decrease to 132,867 vehicles sold sliced gains made in February — when an increase of 8.1 per cent was reported — by nearly half, with all but one province posting a drop in new vehicle sales.
The federal agency said new truck sales — which also factor SUVs, minivans, vans and buses — fell 5.7 per cent to 67,960 in March, but continued its "upward trend" that started in early 2009.
Passenger car sales fell 2.5 per cent to 64,907, with a sharp decline of 5.7 per cent in North American-built vehicles negating a 1.5 per cent increase in sales of foreign vehicles, which registered its third straight monthly gain in sales.
Saskatchewan felt the largest swing in new vehicle activity, recording a 14.1 per cent decrease in sales after three consecutive months of reported gains.
Ontario, with a drop in sales of 4.2 per cent, was largely responsible for the national decline. In March, 48,881 new vehicles were sold in Ontario, down from just over 51,000 in February.
Nova Scotia and Manitoba also experience double-digit percentage declines, with decreases of 13 per cent and 11.7 per cent, respectively.
British Columbia, which also encompasses the territories, declined 0.9 per cent, marking the fifth consecutive month that region has experienced a drop in new vehicle sales.
Prince Edward Island — which reported an increase of 7.6 per cent — was the only province to register gains in March. It was the first increase in sales since December 2009 for Canada's smallest province.
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