Passenger car sales headed on a downward in the first part of 2017 here in Canada; even so, for the first time, more than one million new vehicles have been sold in Canada by the midway mark of the year.
Figures released Wednesday morning by auto industry market research firm DesRosiers Automotive Reports says overall car and light truck sales increased 5%, with 1,039,068 vehicles moving off lots from January through June compared to the same time period last year.
DesRosiers says auto sales in June also set a new record, with 203,486 vehicles sold, 6.5% more than during the same month a year ago.
As in the past, sales of light trucks led the way in June, rising by 10% year-over-year, and easily offsetting a 0.1% decline in passenger car sales. Year-to-date, passenger car sales were down 2% while light truck sales were up 8.8%
Credit watchdog Equifax Canada reports Increasingly strong signals from the Bank of Canada that rock-bottom interest rates are nearing an end may also play a role in slowing down the furious pace of car sales.
Moreover, a TransUnion Canada report for the first quarter of 2017 showed that while average auto lending balances rose 2.75% year-over-year, at the same time, serious delinquency rates remained essentially flat at 1.7%.
