At this point, it goes without saying that the recession has hit Canadians hard. Reports as of late, however, seem to indicate that Ontario may possibly have been hit the hardest. From Ontarios parents spending the least on their childrens back to school needs to Ontario showing the slowest development of new job opportunities, studies have shown that the province seems to be feeling the effects of the nations financial crisis the worst.
Today though, there is news of a new sign that Ontario is contributing to Canadas fight to have its economy bounce back. Statistics Canada reports that Ontario leads the nation in sales of new motor vehicles helping for the automotive sector to gain a well-needed boost.
Although the national sales of new motor vehicles in July were still down by 8.5 per cent in comparison to the same time last year, sales rose by 5.3 per cent from June to 126,665 units.
According to The Canadian Press, sales of both passenger cars and trucks were up, especially North American-built cars which saw a sales increase of 15.3 per cent in July. Overseas cars, on the other hand, actually saw a 4.4 per cent dip in sales that month.
Ontario is leading the country with more than two-thirds of the national increase in sales of new motor vehicles. Trucks, minivans, SUVs, vans and even buses all saw rises in sales in July. British Columbia, however, has earned the distinction as the province with the lowest growth in sales, as they were up by only 1.5 per cent.
Alberta experienced the largest year-to-year sales drop of any province. Even though new motor vehicle sales rose by 2.2 percent in July, it was still 20.2 per cent lower than sales in July 2008.
Of course, buying an automobile falls under that category of large expenditures. Canadians should be reminded that unless something is a necessity, you should avoid purchases that are unaffordable without the use of credit.
Automobiles, in addition to mortgages and school tuitions, are some of the few life requirements that economists generally recommend paying over time as opposed to being able to afford in a lump sum payment.
Although spending during the recession is a still a part of helping to boost the economy, surviving the recession means making smart spending choices.
Hopefully, as Ontario leads the way for Canada to overcome its financial crisis through automobile sales, the citizens of the province will not find themselves wrought with further debt that is unmanageable.
Surviving through the recession comfortably will come as a result of being diligent with these guidelines. That, and wearing your seat belt, of course.