Take Stock – October 15

New motor vehicle sales fell 0.3 per cent to 126,401 in August, after strong gains in July.

New car sales down in August: Statscan

New motor vehicle sales fell 0.3 per cent to 126,401 in August, after strong gains in July.

Statistics Canada blames a slide in passenger-car sales for the decline.

Sales of new motor vehicles have generally been rising since the start of the year, following a sharp decline at the end of 2008. August sales were 6.6 per cent lower than a year previous.

Preliminary industry data indicate the number of new motor vehicles sold was relatively unchanged in September. The number of new passenger cars sold in August fell one per cent to 62,425, while sales of North American-built passenger cars decreased 9.3 per cent.


Ambassador learning about oilsands

The new U.S. ambassador to Canada is in Alberta to learn more about oilsands.

David Jacobson is scheduled to talk to industry experts and tour the oilsands region. Jacobson, speaking during a stop in Calgary today, says he’s already been told about the role the oilsands play in Alberta’s economy. He also says he understands the need to strike a balance between the economy and the environment. He will provide a detailed report on oilsands production to officials in Washington.


Banks raise rates for closed, fixed-rate mortgages

Several Canadian banks (TSX:BNS, TSX:CM, TSX:BMO) raised their posted rates for closed, fixed rate mortgages by up to 0.35 percentage points effective Wednesday. Scotiabank, CIBC and the Bank of Montreal all raised their five-year closed rate by 0.35 percentage points.

Increases for other mortgages ranging from one year to 10 years ranged from no change to 0.35 percentage points.

The change follows a similar move by the Royal Bank to raise rates last week.

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