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
Feels like mid-30s in parts of Canada, while other areas expecting snow
Anything is possible this week, as far as Canada's weather is concerned, with forecasts ranging from scorching heat in some parts of the country to rain and snow in others.
BREAKING Canada's inflation cools to 3-year low of 2.7%, in boost for rate cut bets
Canada's annual inflation rate slowed to a three-year low of 2.7 per cent in April, matching expectations, and core measures continued to ease, data showed on Tuesday, likely boosting chances of a June interest rate cut.
Passenger killed, 30 injured as Singapore Airlines flight hits severe turbulence
One passenger was killed and 30 injured after a Singapore Airlines SIAL.SI flight from London hit severe turbulence en route on Tuesday, forcing it to make an emergency landing in Bangkok, officials and the airline said.
Independent stores and grocery alternatives see sales boost amid Loblaw boycott
As the month-long boycott of Loblaw-owned stores wears on, small independent food retailers and alternative grocery options say they're seeing a boost in traffic and sales.
What is BORG drinking, and why is it a dangerous trend? An expert explains
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
4 Indian nationals accused of killing B.C. Sikh activist to appear in court Tuesday
Four Indian nationals accused in the murder of British Columbia Sikh activist Hardeep Singh Nijjar are all due in court Tuesday.
How to check the Air Quality Health Index and assess your health risks
As we enter another wildfire season, Environment and Climate Change Canada is advising people to pay attention to air pollution levels and check the Air Quality Health Index – especially on smoky days.
Cardinal Lacroix cleared after investigation ordered by the Pope
The Vatican has announced that the investigation it commissioned into allegations of sexual touching against Cardinal Gerald Cyprien Lacroix did not confirm any act constituting misconduct or abuse on the part of the Vatican.
Trudeau making 'Team Canada' pitch in visit to Philadelphia
Prime Minister Justin Trudeau is in Philadelphia today, on his first trip south of the border since his government launched a new 'Team Canada' charm offensive in the United States.