Automotive sales in Canada rose 5.7% in May from a year earlier as the market for both new and used vehicles continues to rebound from the Covid-19 pandemic.
DesRosiers Automotive Consultants says auto sales across Canada totaled 169,000 during May, up from 160,000 a year earlier and 20% higher than the 141,000 vehicles sold in May 2022 during the depths of the pandemic.
Automotive sales in Canada have now posted 19 consecutive months of year-over-year gains as the market strengthens.
However, DesRosiers noted that the seasonally adjusted annual rate of sales for May, which comes out at 1.63 million vehicles sold, was the lowest level so far in 2024.
By comparison, vehicle sales in February of this year had a seasonally adjusted annual rate of 2.1 million units, which was due to pent-up demand and unusually warm winter weather.
Sales could get a boost this summer if, as is widely expected, the Bank of Canada lowers interest rates in coming months.
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