(Toronto) Vehicle sales recorded their highest annual increase in 2023 since 1997, according to the specialized firm DesRosiers Automotive Consultants.

Auto sales jumped 11.8% in 2023 from the previous year as supply constraints eased, according to DesRosiers.

This is the largest annual increase in sales since 1997, according to the report.

Improved vehicle supply and pent-up demand during the pandemic helped boost sales despite rising interest rates and economic concerns, DesRosiers analyzes.

December sales were also strong across all provinces, with a 10.7% increase over last year, marking 14 consecutive months of growth.

In the fourth quarter, sales increased 17.2% compared to the same period last year.

Light truck sales reached a record 85.8% market share last year as consumers favor larger vehicles over cars.