A record breaking 207,000 cars were sold in B.C. in 2015, representing a 7% increase year over year, according to the Global Auto Report from Scotiabank. The province had the strongest growth across any Canadian market.
A strong job market is one of the key factors in B.C.’s car sale growth, according to Scotiabank senior economist Carlos Gomes.
“It’s the strength of the labour market, in part because construction activity is very strong out in British Columbia,” he said. “Building permits had posted a double digit increase in the province.”
Gomes said the manufacturing sector is also contributing to the growth in car sales – many areas of manufacturing posted export gains in excess of 20% last year, and an attractive economy means more people are flocking to the province.
Given all this, it’s hardly a surprise that trucks led the pack for vehicle sales in the province, although B.C. was the only region that posted an increase in sedan sales.
Vancouver is known for its love of luxury cars. The city was recently named the supercar capital of North America. One in 616 people own a supercar in Vancouver, and one in 142 people own one in West Vancouver.
Gains weren’t felt across all provinces, however. Despite experiencing a national gain of 3% last year, Alberta experienced a 12% decrease in car sales, largely due to the economic woes the province is feeling at the moment.