Car troubles: Maritimes see short supply, but high demand
Used cars have become harder to come by in the Maritimes these days– with high demand, but low supply.
"At our location, being in the business for 31 years, the last one to two years have been very trying," says Neil Stanton, the president and owner of Look & Tel Auto in Saint John.
"The supply of vehicles from our normal sources from the auctions in Moncton, Halifax, Montreal – have been diminished."
Stanton says at their location on Rothesay Avenue, inventory is about two thirds of where it normally is this time of year – and getting them in is also coming at a higher cost.
"The prices of used cars at the auction level where we purchase them, are up over 40 per cent than they were a year ago," says Stanton. "So it’s driving the price of vehicles right through the roof."
But it’s not just used cars that are in shorter supply these days – those in the market for a new vehicle are also still having a hard time.
"Car parts, things like computer chips, which almost every new vehicle relies on, were delayed," says John Shmuel, the managing editor for RATESDOTCA. "And that resulted in a decline in availability and an increase in wait times for new vehicles."
A new survey for RATESDOTCA shows that over 40 per cent of Canadians have changed their plans to purchase a vehicle due to the shortage of new ones and the rising prices of used vehicles.
"I mean, we did this survey in April," says Shmuel. "I wouldn’t be surprised if that number is even higher now given that in between that time as I said we saw a big Bank of Canada rate increase."
CTVNews.ca Top Stories
BREAKING Some BMO clients face outages in Canada, U.S.
Bank of Montreal clients on both sides of the border Thursday morning have reported outages for banking services.
NEW How car thefts are impacting your insurance, even if your car isn't stolen
As the number of auto theft incidents rises in Canada, so have insurance premiums for drivers, even the ones whose vehicles aren't stolen.
B.C. mortgage broker ran $270-million Ponzi scheme, then fled Canada, bankruptcy trustee says
The trustee appointed to manage the bankruptcies of a Victoria mortgage company and its owner has concluded that they committed "numerous offences" and operated as a "massive Ponzi scheme."
'I'm not wealthy': Ontario senior shocked she owes $40,000 in capital gains after gifting land
An Ontario senior who wanted to help her daughter and grandson eventually own homes one day decided to give them two lots on her property as a gift—but she didn’t know it would eventually cost her tens of thousands of dollars.
opinion Trump's Republicans falling far behind in fundraising, infrastructure
In his latest column for CTVNews.ca, Washington political analyst Eric Ham explains how and why Republicans -- up and down the ballot -- are falling far behind Democrats in both fundraising and infrastructure.
Canadians are eyeing moves to these cities for more affordable housing
Faced with elevated housing prices, half of Canadians in the country's largest cities are considering moving to places with more affordable housing.
Canadians' interest in buying EVs fades as barriers, concerns remain: J.D. Power
A new study finds fewer Canadians say they're interested in buying an electric vehicle as concerns remain about limited driving ranges, high prices and a lack of charging stations.
McDonald's says US$18 Big Mac meal was an 'exception' and their prices haven't risen that much
McDonald’s is fighting back against viral tweets and media reports that it says have exaggerated its price increases.
Oilers rally to beat Stars, tie Western Conference Final
With the Edmonton Oilers down two goals late in the first period of Game 4, Rogers Place was quiet, fans seemingly bewildered at the early, quick scoring of the Dallas Stars and the slow start by the home team. Ryan McLeod's marker with six-and-a-half minutes in the opening frame left changed all that.