Cars may still be expensive, but there is some good news: it’s becoming less likely that they’ll disappear from your driveway.
Driving the news: Auto thefts across Canada fell 17% in the first half of the year compared to the same period in 2023, a cautiously optimistic sign that the country’s stolen vehicle epidemic is beginning to taper.
- According to a Équité Association study, thefts in Ontario and Quebec, two of Canada’s major hot spots, were down 14% and 36%, respectively.
- The non-profit group credited crackdowns at Canada’s ports and borders, where many stolen vehicles are sent by organized crime groups to be resold in other countries.
Catch-up: Auto thefts aren’t just historically high for Canada, the issue is bad by global standards. Interpol, which only got access to RCMP data in February, said that Canada has been one of the top 10 worst countries in the world for stolen vehicles this year.
- Last year, more than $1.5 billion in vehicle theft claims were paid out. In Toronto alone, car thefts have risen 561% over the past five years with $371 million in claims paid out.
Why it matters: Canada’s reputation as a global hub for auto theft and organized crime is one it would like to shed. With more funding and resources kicking in, the feds (and Canadian car owners) hope this small, but encouraging bit of momentum continues.
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