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Canada: Autos sales soared in Q4

ByThe National Bank of Canada
Published 02/15/2012, 11:58 PM
Updated 05/14/2017, 06:45 AM

While today’s new vehicle sales data showed that December sales were down 3%, that nonetheless concluded a very strong Q4 for auto dealerships which saw sales grow at a 9% annualized pace in the quarter. Quebec’s 27% increase defied the province’s ugly employment numbers in the quarter, although some of the gains there can be attributed to consumers bringing forward purchases to beat the January provincial sales tax hike. For the year as a whole, however, Quebec was in negative territory while Canada as whole saw a 2.2% increase in auto sales, led by Western provinces.

But the eye-catching number from today’s report wasn’t in any of StatCan’s tables, but rather in its preliminary estimate of +16% for January. That’s the largest monthly increase since 1997. As today’s Hot Chart shows, if that materializes, January’s unit auto sales would reach a four-year high of 154,400. That bodes well for domestic demand in early 2012.

Canada Autos sales soared in Q4

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