17:20:22 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,209,451,582
Close 2017-02-07 C$ 79.06
Market Cap C$ 95,619,242,073
Recent Sedar Documents

Globe/CP say Scotiabank sees car sales declining

2017-02-08 09:07 ET - In the News

The Globe and Mail reports in its Wednesday edition that Bank of Nova Scotia says recent price increases for new cars and light trucks will probably drag on Canadian vehicle sales this year. A Canadian Press dispatch to The Globe says that the bank released a report on Tuesday saying it expects 1.94 million passenger vehicles will be sold in Canada in 2017, down from the 1.95 million sold in 2016. Carlos Gomes, a Scotiabank economist, says affordability will factor into sales this year, since the average price in the second half of last year was up 5 to 6 per cent over comparable months, outpacing household income growth. That follows a period of price increases in the 2- to 3-per-cent range, which was below growth in household incomes. Mr. Gomes says the average sales price for cars and light trucks was up more than 6 per cent in November from a year earlier. However, Mr. Gomes also says that the industry will be helped by an improved economic backdrop, with 2017 Canadian GDP expected to grow about 2 per cent this year compared with an estimated 1.4-per-cent growth in 2016. Higher vehicle sales in Alberta and Saskatchewan this year will likely be offset by declines in Ontario, Quebec and Atlantic Canada.

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