Luxury Vehicle Sales Boom
“It’s not a huge piece of the overall market, but it has been growing more rapidly than overall vehicle sales, which of course on the whole, has been setting records for five consecutive years now,” said Michael Hatch, chief economist at the Canadian Automobile Dealers Association (CADA).
For the first time ever, car sales in Canada reached a record 2.04 million units last year. That is a 4.6 per cent increase from 2016, which places Canada third among G7 countries for sales growth.
Luxury vehicles accounted for almost 12 per cent of 2017 sales in Canada, up from 11 per cent in 2016 and nine per cent in 2013, according to Scotiabank.