Hotels

Prince of Wales Hotel, Queen’s Landing Hotel, Pillar and Post Hotel, Moffat Inn, Millcroft Inn & Spa, Inn On The Twenty and Jordan House.

Restaurants

Noble Restaurant, Churchill Lounge and The Drawing Room – Prince of Wales Hotel; Tiara Restaurant and Bacchus Lounge – Queen’s Landing Hotel; Cannery Restaurant and Vintages Wine Bar – Pillar and Post Hotel; HobNob Restaurant and Lounge – Charles Hotel, Zees Grill – Shaw Club Hotel; Niagara’s Finest Thai; Masaki Sushi; Chili Jiao Restaurant and Butler’s Sports Bar & Grill.

www.on-u.org

Ph: (647) 499-1421

Email: info@on-u.org

Demonstrating sprints in order to innovate. Build innovation to innovate. Drive outside the box thinking and try to think outside the box.

Finance Application

Conditions:

• The offer is for each new customers applications send to us from December 15, 2024 to February 28, 2025
• The voucher is for $300.00 CAN from Vintage Hotels.
• The voucher can be exchange for room accommodations or meals at the restaurants specified in the list.

As the gap between new and used car prices widens, coupled with high-interest rates, buyers face a reality check.

A plurality of prospective car buyers say they prefer a new car when auto shopping, but new research shows they’re often unprepared to hand over the money to get one.

The price gap between new and used cars has reached an unprecedented level, with a $20,000 difference in average transaction prices, the largest on record, according to Edmunds. While new car prices continue to climb, the average price of a used car has declined 6.2% year over year to just over $27,000—roughly $20,000 less than the price of a new car, on average.

Despite the inflated prices in the new car market, nearly 50% of prospective buyers say they’re still more interested in buying new cars over used ones. Just over a quarter of buyers said they were more interested in a used vehicle, while less than a quarter of buyers said it “depends on the price/deal.”

New-car buyer expectations at odds with reality

Many shoppers would prefer to get behind the wheel of a new car, but that preference often butts heads with reality when faced with real-world price tags. The average price of a new vehicle hit $47,542 in Q3 2024, a price point that puts new cars out of reach for many.

This trend is particularly striking given that 14% of new-car shoppers say they want to spend $20,000 or less—a price that’s virtually nonexistent in the current new-car market, according to Edmunds. Just under half of new-car buyers surveyed said they want to spend $35,000 or less, which is more realistic but still significantly below the average new car price, meaning that options will be limited.

Modest discounts aren’t enough to lure buyers

Though discounts on new cars are beginning to return, they’re modest at best. In Q3, the average discount on a new car rose to $1,744, doubling last year’s $828 average. However, these savings barely make a dent when considering the overall high prices and interest rates. Shoppers who remember deeper incentives and zero-percent financing from pre-pandemic times may be in for a disappointment, especially as dealers face longer turnover times and are reluctant to discount further.

With new vehicles now spending an average of 57 days on dealer lots—the longest since 2021—dealers are seeing clear signs that new car prices may have surpassed what many buyers are willing or able to pay.

Used cars aren’t the deal they used to be

With the gap between new and used car prices wider than ever, over half of buyers surveyed said they’re interested in or would consider a used car depending on the deal. But even with declining prices, used cars don’t offer the same value they did before the pandemic.

Since 2019, monthly payments, down payments, and interest rates on used vehicles have all increased sharply. A significant portion of used-car buyers still expect monthly payments in the $200-$300 range, a target that today’s higher financing rates make increasingly unrealistic. For used cars, the average monthly payment now sits at $548, a sharp rise from $413 in 2019, and far above what most budget-conscious shoppers are prepared to pay.

Buyers can still find used cars in the $200-$300 monthly payment bracket, but they’re now significantly older and higher mileage compared to those purchased at similar prices just a few years ago.

Less car for more money

In 2019, a used car with a $200-300 monthly payment would require a down payment of about $2,800. For your money, you’d get a car that’s about four and a half years old with 55,000 miles. In 2024, cars in that monthly payment bracket not only require much larger down payments—just over $6,000—but they are also six and a half years old with 71,000 miles, on average.

One factor driving that change is used car loan interest rates. For our hypothetical 2024 used car, you’d be paying 10.5% interest on the car, about 2.5% higher than for a similarly priced car in 2019. This combination of inflated prices and higher interest rates has made it tougher for consumers to find desirable vehicles with affordable monthly payments even in the used market.

Final thoughts

Today’s car buyers face an uphill battle in their search for affordability. While the desire for a new car remains strong among many, the harsh reality of inflated prices and financing costs is pushing buyers toward used options. But in 2024, even used cars don’t offer the value that they used to, with buyers having to hand over more money for worse cars compared to before the pandemic.

CARFAX Canada’s Vehicle History Reports Revealed Essential Information to Help Protect Canadians This Year.

LONDON, Ontario — CARFAX Canada has released its highly anticipated, Year in Rear View 2024 report, showcasing key insights from millions of its Vehicle History Reports conducted over the past year. By utilizing a vast network of billions of data records from many trusted sources across North America, this comprehensive report highlights vehicle thefts, accident claims, liens, and other crucial data points impacting vehicle ownership in Canada.

Vehicle theft remains an increasing concern for Canadians this year. According to the Canadian Police Information Centre (CPIC), 152,622 vehicles have been identified as actively stolen in Canada, half of which are SUVs. This year, the number of vehicles reported as stolen on CARFAX Canada Vehicle History Reports increased by 25%. VIN Cloning has also emerged as a significant fraudulent issue this year. Shawn Vording, President of CARFAX Canada explains, “VIN Cloning is the act of stealing a VIN (Vehicle Identification Number) from a legitimate vehicle and attaching this VIN onto another similar year, make, model, trim vehicle, typically stolen, essentially giving it a fake ID. Our insights suggest that there are 141,260 potential VIN Clones in operation in Canada.” Vording emphasizes, “This is a major issue for dealers, consumers, banks, and insurance companies as it allows scammers to sell a stolen vehicle to an unsuspecting party.” A CARFAX Canada Vehicle History Report can help Canadians, as the report not only flags actively stolen cars but also equips buyers with ways to detect cloned VINs and inaccurate vehicle data. CARFAX Canada works with many law enforcement organizations across the country to help identify stolen vehicles and protect millions of Canadians.

The total amount of accident claim damage found on CARFAX Canada Vehicle History Reports this year was more than $7.6 billion. Alberta leads the country in hail damage claims with $140 million, which is 300% more total damage claims than the next highest province, Ontario. Ontario saw an increase in extreme weather this year with over $12 million in damages due to wind-related occurrences.

Liens (money owed on a vehicle) continue to be a concern for used car buyers, with 42% of lien checks conducted revealing outstanding debt on vehicles. Year after year, this issue highlights the importance of knowing the history before you buy or sell your vehicle.

Lastly, the highest odometer reading recorded on CARFAX Canada reports this year was an impressive 999,998 kilometres on a 2010 Lincoln MKS.

Vording reminds everyone “It’s a critical starting point to use Canada’s most comprehensive vehicle History Report to help protect yourself when buying, selling or owning used vehicles.”

Carfax canada presents: 2023 year in Rear View | Financial Post. (n.d.). https://financialpost.com/pmn/business-wire-news-releases-pmn/carfax-canada-presents-2023-year-in-rear-view

The decline of the Canadian dollar, combined with falling interest rates and increasing vehicle supply, is reshaping the Canadian used car market. These trends are driving down prices and sparking increased interest from American buyers, who are finding cross-border opportunities irresistible.

The Canadian dollar’s consistent value around $0.74 USD has made Canadian goods, including vehicles, significantly cheaper for American buyers. This economic disparity has turned Canada into an attractive market for U.S. consumers looking to capitalize on favourable exchange rates​

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The Canadian used car market has seen an 8% decrease in prices year-over-year, with the average cost of a vehicle now at $36,342 CAD. Increased inventory levels, which have risen by 28%, are a key factor in this decline. This surplus stems from improved supply chains and a renewed consumer interest in new vehicles. Luxury cars have experienced the steepest price drops, declining by 10% during the same period​

The affordability of Canadian vehicles has caught the attention of American buyers, leading to a rise in cross-border transactions. While this influx of demand is advantageous for sellers, it raises concerns about the availability of high-quality used cars for Canadian consumers. Many fear that this trend could lead to a diminished local supply, making it more challenging for Canadians to find affordable and reliable vehicles​

The Bank of Canada’s decision to cut interest rates is another factor influencing the automotive market. Lower borrowing costs have increased accessibility for Canadian buyers, driving up domestic demand even as cross-border interest rises. However, this balance is delicate, as the market must meet both local and international demand without exhausting its resources​

The interplay between a weakened Canadian dollar, falling used car prices, and declining interest rates has created a dynamic shift in Canada’s automotive market. While the conditions are ripe for cross-border trade and local affordability, the long-term effects could pose challenges for maintaining a sustainable supply for Canadians. Policymakers and market stakeholders must find ways to navigate these trends, ensuring that the market benefits both domestic and international participants without sacrificing stability.

This evolving scenario highlights how global economic forces can shape local markets, underscoring the need for careful management to ensure long-term balance.

Lord, C. (2024, July 23). New and used vehicle supply is surging. here’s how prices are reacting – national. Global News. https://globalnews.ca/news/10638775/used-car-prices-june-2024-autotrader/

Phillips, T., dealer, C. auto, & dealer, C. auto. (2024, February 16). Canadian used vehicle market sees price declines increase slightly. Canadian Auto Dealer. https://canadianautodealer.ca/2024/02/canadian-used-vehicle-market-sees-price-declines-increase-slightly/

Economic forecast 2024: A cross-border outlook on interest rates, inflation, housing and more. RBC Royal Bank. (2024, January 22). https://www.rbcroyalbank.com/en-ca/my-money-matters/goals-aspirations/travel-and-cross-border/economic-forecast-2024-a-cross-border-outlook-on-interest-rates-inflation-housing-and-more/

This week dealers will find the Canadian used wholesale market experienced a decline of -0.31% in pricing for the period ending on November 2. Canadian Black Book’s latest update shows the market slipped further from the prior week’s  -0.13% to near the 2017-2019 average of -0.29% for the same period.

Car segment prices were down -0.46% compared to last week’s -0.09%, while truck/SUV segments dropped -0.17% — similar to the prior week. The largest decline in the car segments came from near luxury cars, and compact luxury crossovers/SUVs for the truck/SUV category.

“The Canadian market continues a downward trend, with a decline slightly more pronounced than in its previous week,” said CBB in its Market Insights report. “Just over 45% of market segments experienced an average value change of more than ±$100, a significant increase from last week. Among these, the decline in car segments was 36% more than last week.”

In the car categories compact cars (-0.20%) decreased the least, followed by sub-compact cars (-0.21%) and mid-size cars (-0.23%). The largest decreases came from near luxury cars (-0.63%), prestige luxury cars (-0.56%), and sports cars (-0.53%).

For trucks/SUVs, 12 of the 13 segments reflected the decline seen in the overall category. For example, the largest declines were seen coming from compact luxury crossovers/SUVs (-0.65%), along with both mid-size luxury crossovers/SUVs and minivans — sharing the same decrease of -0.58%. However, one segment did experience an increase and that was full-size pickups (+1.18%).

CBB said the average listing price for used vehicles is up slightly, as the 14-day moving average was at $34,250. They said the analysis is based on approximately 220,000 used vehicles listed for sale on Canadian dealer lots.

dealer, C. auto, Cote, M.-E., dealer, C. auto, & Phillips, T. (2024, November 7). Used wholesale market sees slightly more pronounced decline in pricing. Canadian Auto Dealer. https://canadianautodealer.ca/2024/11/used-wholesale-market-sees-slightly-more-pronounced-decline-in-pricing/

The Canadian used wholesale market saw a decline of -0.26% in pricing for the week ending on October 19, according to Canadian Black Book’s latest market update. Last time that decline was -0.31%, while the 2017-2019 average for that same period was -0.37%.

Car segment prices were down -0.27% (similar to the prior week), while the truck/SUV segments slipped -0.25% (versus the -0.34% from a week earlier). The largest decline in the car segment came from sports cars, whereas the largest decrease from truck/SUV segments came from full-size crossovers/SUVs.

The Canadian used wholesale market saw a decline of -0.26% in pricing for the week ending on October 19, according to Canadian Black Book’s latest market update. Last time that decline was -0.31%, while the 2017-2019 average for that same period was -0.37%.

Car segment prices were down -0.27% (similar to the prior week), while the truck/SUV segments slipped -0.25% (versus the -0.34% from a week earlier). The largest decline in the car segment came from sports cars, whereas the largest decrease from truck/SUV segments came from full-size crossovers/SUVs.

“The Canadian market continues on a downward trend, with a decline slightly less pronounced than in its previous week,” said CBB in its update. “Just over 27% of market segments experienced an average value change of more than ±$100, almost mirroring the previous week’s activity. Among these, the decline in truck segments was 9% less than last week.”

In the car category, sub-compact cars (+0.03%), mid-size cars (-0.06%), and full-size cars (-0.07%) experienced the smallest decrease. On the other end, the largest decreases came from sports cars (-0.47%), prestige luxury cars (-0.36%), and luxury cars (-0.25%).

For trucks/SUVs, the largest declines were seen in the full-size crossover/SUV segment (-0.57%), compact crossovers/SUVs (-0.39%), and full-size luxury crossovers/SUVs (-0.37%). Full-size pickups (+0.21%) and minivans (+0.10%) showed increases.

As for used retail pricing and listing volume, CBB said the average listing price for used vehicles increased slightly, with the 14-day moving average sitting at $34,400. The analysis is based on around 220,000 used vehicles listed for sale on Canadian dealer lots.

Phillips, T., dealer, C. auto, dealer, C. auto, & Lefko, P. (2024, October 25). Canadian used vehicle market continues downward trend. Canadian Auto Dealer. https://canadianautodealer.ca/2024/10/canadian-used-vehicle-market-continues-downward-trend/

TORONTO — Equifax Inc. is launching a program to allow newcomers to transfer their foreign credit history to Canada.

The credit reporting company said Thursday that the Global Consumer Credit File will make it easier for immigrants to access services like loans and cellphone plans in Canada by providing the additional data.

“It’s really important when newcomers land that they get access to the financial services ecosystem, and without credit history that’s very difficult to do,” said Sue Hutchison, head of Equifax Canada.

“They’re typically looking to, you know, rent an apartment, get a mobile phone, probably a credit card, and all of those things require credit history. So not having it makes it very difficult for newcomers.”

Equifax isn’t the first to launch such a program in Canada. San Francisco-based Nova Credit, which launched in 2016 to provide global credit score access, expanded into Canada last year in a partnership with Scotiabank.

The company has since expanded with partnerships at RBC, BMO and Rogers Communications Inc., among others.

Nova Credit partners with several credit bureaus, including Equifax, to provide data from more than 20 countries. With Equifax becoming a competitor in the space, Hutchison said conversations are underway around data access going forward.

Equifax, which has operations or investment in 24 countries, will have the advantage of being the direct provider of data from its foreign bureaus, said Hutchison.

“It’s going be coming directly from us. So that’s, I think, very attractive to the lenders themselves that they’ll be dealing directly with the credit bureau.”

The program will initially provide data from India, but the plan is to extend it to Brazil, Argentina and Chile over the coming months. Longer-term, it plans to include 18 countries in total.

Equifax will use both the data from its own operations and source from other bureaus to provide the data.

Because countries have different ways of creating credit scores, Equifax plans to provide lenders a Canadian score, a global score and a calibrated blend of both.

The program comes as Canada has seen elevated immigration in recent years, while Hutchison said Equifax’s now cloud-based platform also makes it easier to share the data securely.

This report by The Canadian Press was first published Oct. 24, 2024.

Ian Bickis, T. C. P. (2024, October 24). Equifax launches Foreign Credit Score Sourcing Program for newcomers. BNN Bloomberg. https://www.bnnbloomberg.ca/business/company-news/2024/10/24/equifax-launches-foreign-credit-score-sourcing-program-for-newcomers

One of the critical sources of product flowing into the used market are off-lease vehicles. The supply of these vehicles into the used vehicle channels is a function of 3 variables – overall sales in previous years, lease penetration at the time, and then the degree that the leased vehicle may be bought out by the original consumer at lease maturity.

New light vehicle sales peaked in 2017 and held strong until 2019 with high lease rates above 35% leading to a strong flow of off-lease product that peaked in 2022. However, with the pandemic and then the semi-conductor related shortages, new light vehicle sales crashed and lease penetration decreased dramatically to just above 20%. Now, several years later, we are seeing the impact in the off-lease used vehicle pipeline. The supply of lease maturities is expected to continue to shrink through to 2027, and in addition, the rate of vehicle buy-out by the original consumer remains well above pre-pandemic levels. Andrew King, Managing Partner at DAC noted that “Until 2027, the Canadian used vehicle market will contend with a constrained supply of younger used vehicles, impacting the average age of vehicles changing hands and setting a pricing floor for younger used product.”

Off-lease supply is just one of a multitude of factors that impact the Canadian used vehicle market. DAC prepares an annual in-depth report on the used vehicle market that offers an analysis on market dynamics, as well as sales volumes by channel, age group, select brands, regions, and more alongside a 5-year sales forecast.

DesRosiers Automotive Consultants Inc. (2024, October 16). Off-Lease Supply of Vehicles Plummets.

This time around, the Canadian used wholesale market saw a decline of -0.40% in pricing for the week ending on Sept. 28, according to Canadian Black Book.

Its Market Insights report revealed that car segment prices were down -0.23%, while the truck/SUV segments declined -0.56%. The largest declines came from 

prestige luxury cars and mid-size cars in the car category, and mid-size luxury crossovers/SUVs and compact luxury crossovers/SUVs in the truck/SUV category. 

“The Canadian market continues a downward trend, with a decline similar to its previous week. Just over 36% of market segments experienced an average value change of more than ±$100, indicating a lower rate than the previous week,” said CBB in its update. “Among these, truck segments experienced a decline 25% greater compared to the previous week.”

In the car category, compact cars (-0.04%), sports cars (-0.09%), and luxury cars (-0.14%) experienced the smallest declines. Whereas prestige luxury cars (-0.72%), mid-size cars(-0.22%), and prestige sub-compact cars (-0.21%) saw the largest declines. 

For trucks/SUVs, mid-size luxury crossovers/SUVs (-1.05%), compact luxury crossovers/SUVs (-0.81%), compact crossovers/SUVs (-0.74%), and full-size pickups (-0.67%) experienced the largest depreciations. The smallest came from sub-compact luxury crossovers (-0.06%) and sub-compact crossovers (-0.09%).

The average listing price for used vehicles remains stable, with the 14-day moving average at $34,500. The analysis is based on around 220,000 used vehicles listed for sale on Canadian dealer lots, according to CBB. 

In other news, CBB said Equifax Canada reported a 54% increase in auto fraud year-over-year, due largely to fake credit applications and identity theft. Stellantis Chairman John Elkann is looking for a new CEO, as current head Carlos Tavares’ contract is up in 2026 — an apparently uncommon thing, due to the timing that his contract is ending. Porsche has named Trevor Arthur as its Canadian CEO. 

And CBB said “National Security risks have been identified through Chinese-made software and hardware that is intended to provide connected vehicle technologies to models sold in North America.” They said the risks have led to “an industry request on banning these products, effectively removing any opportunity for Chinese-made vehicles to be sold in the continent.”

dealer, C. auto, Lefko, P., Phillips, T., dealer, C. auto, & Lefko, P. (2024, October 2). Used vehicle prices down -0.40%; mid-size cars sees large decline. Canadian Auto Dealer. https://canadianautodealer.ca/2024/10/used-vehicle-prices-down-0-40-mid-size-cars-sees-large-decline/

Used car prices continue to decline as availability increases and new car prices have stabilized in the Canadian automotive market, according to analysis from AutoTrader.

The Canadian automotive market has experienced notable shifts in both the used and new car segments as used car prices continue to soften and new car prices eased their upward trend over the last few months.

Starting in the third quarter of 2023, the demand for used cars began to soften year-over-year, the AutoTrader Price Index for June reported. Along with the decrease in demand, an increase in used car supply — credited to strong new car sales and trade-ins — has led to a decline in used car prices. In June 2024, the average used car price dipped by 1.1 per cent from the previous month, settling at $36,342, an 8.3 per cent decrease compared to the same period last year.

That’s a higher decrease than reported by DesRosiers Automotive Consultants, which reported a 4.5 per cent drop in purchase price of passenger vehicles in June 2024 compared to June 2023.

New car prices, meanwhile, have shown stability since the beginning of the second quarter of 2024. Average new car prices in June were $66,807, a 0.8 per cent increase year-over-year.

AutoTrader noted that the stabilization of new car prices is thanks to manufacturers bringing back incentives, including more competitive interest rates, making new vehicles more affordable. In June, AutoTrader reported, interest rates on new car loans dropped to 5.3 per cent, down from 6.2 per cent in November 2023.

And interest rate cuts have helped as well. As more cuts are expected — two or three more before the end of the year — AutoTrader expects to see a boost in sales in the second half of 2024.

Demand for new vehicles should be met by adequate supply, AutoTrader expects. The group noted that ongoing pent-up demand from the pandemic will lead to gains in subsequent months.

AutoTrader’s Vehicle Affordability Index, which measures affordability in relation to average weekly wages, showed improvements in both new and used car segments. As of June 2024, it takes 29 weeks of average earnings to purchase a used vehicle and 54 weeks for a new one. It noted that these figures are higher than what was seen pre-pandemic, they’re down from 34 weeks for used cars and 56 weeks for new vehicles

BEV update

Prices for battery electric vehicles (BEVs) continued to drop, down year-over-year 14.7 per cent for new BEVs and 13.7 per cent for used ones.

That’s being driven by greater BEV inventory — AutoTrader reported that its website has seen a combined 109.4 per cent year-over-year growth for new and used BEVs. But there’s been a decline in demand, with EV purchase consideration dropping from 68 per cent in 2022 to 46 per cent in 2024.

Looking forward, used car prices are expected to continue normalizing, while new car prices are likely to remain stable, AutoTrader reported. The group believes vehicle prices for both new and used cars likely peaked in 2023 and a return to pre-pandemic levels is not anticipated in the near future due to various factors.

How new, used vehicle prices are trending. Auto Service World. (2024, August 29). https://www.autoserviceworld.com/how-new-used-vehicle-prices-are-trending/