Vehicle sales across Canada rose 11.8% year-over-year in 2023, which was the biggest annual increase since 1997, according to DesRosiers Automotive Consultants.
DesRosiers said the automotive sales increase was due to better vehicle supply and pent-up demand among Canadian consumers, both of which helped to boost sales despite high interest rates on auto loans.
Sales for the month of December were strong across all Canadian provinces, with an increase of 10.7% year-over-year, marking 14 consecutive months of growth.
In the fourth quarter, vehicles sales throughout Canada increased 17.2% from a year earlier.
Sales of light trucks reached a record share of 85% of all vehicles sold in Canada as consumers gravitate to larger vehicles and move away from passenger cars, said DesRosiers.
