June 14, 2022

Andy Adams 2018 Edited 400This is a particularly important edition of Boating Industry Canada News Week Digest for several reasons.

First, as an industry with nation-wide representation through the marine trade associations, we have just returned from the Recreational Boating Day on the Hill lobby effort and the government denied all our “asks” about the luxury tax, in spite of their own projections for significant business and tax revenue declines.

Plainly, it’s political – not sound business and our industry will be the victim of these government actions.

Second, we are at the start of the summer of 2022 and we continue to suffer from product shortages at many levels. Some of the sales demand may dissipate as the government’s luxury tax hits the larger boats.

In this edition of News Week, we have the NMMAs story about the US market “normalizing” yet still being very strong. Our market would be strong as well if we had the product and if the government weren’t targeting boating for political reasons.

Then, we have inflation in our economy and the Bank of Canada is pledging to continue hiking up interest rates until they slow the economy by cutting the demand back, whether that’s for housing, consumer goods, cars or boats. Throughout my career, I have been told that even the most wealthy boat buyers finance their boat purchases (one way or another) and we need to anticipate that higher interest rates will also cut into sales.

So, in Canada, what will be the new normal? Will we see continued buying pressure? Will larger new boats still sell or will we be hunting for used product as a means of avoiding the luxury tax (at least for now)?

I’m struggling with these questions. Perhaps you are too.

An important thing for our marinas and dealers to do is to work with their associations to track the impact of the luxury tax on their lost sales, staff layoffs and other impacts for the new luxury tax. The research data will be critically important to support future appeals to the government for relief from these taxes.

Weather-wise, I expect that we will have a great summer and I’m certain Canadians will want to get out, meet with friends, go places and have fun. Many families have bought into cottage country recently. I’m hoping they will appreciate their good fortune and will buy boats to help enjoy their summers. Boating will still be on the wish list. Let’s hope we will have the product to satisfy that demand.

In spite of the many headwinds, I think we are still in a good place. Cross your fingers and hope that our new normal is positive.

Andy Adams -Editor

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Nominate Your Boating Heroes Today - CANADIAN SAFE BOATING AWARDS

 

Be #WakeAware

The Canadian Safe Boating Council wants to acknowledge these heroes and showcase their commitment to safe boating. The CANADIAN SAFE BOATING AWARDS, usually called the CASBAs, honours the people, programs, and organizations that help to make boating in Canada safer and better for all of us.

Who are these heroes?

They could be a family or individual who saves a life; a boating safety advocate, a volunteer or teacher whose passion for boating engages people and influences boating safety...

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Boating Industry Canada News Week

 

Every Tuesday we publish a fresh Digest with informative articles pertaining to the Canadian boating and marine industry. Stay up to date with the latest products, research and industry developments.

Missed an Issue of Boating Industry Canada News Week? If you're looking for a specific issue, or simply want to catch up on previous issues, check out our Boating Industry Canada News Week Archives.

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Shurhold Snap and Zipper LubricantWords of exasperation wafting across a marina often signal a boat owner fighting with a jammed zipper or snap that won't catch. This frustrating situation is simple to avoid by using Snap Stick from Shurhold. Made in the USA, the easy-to-apply lubricant keeps marine fittings working smoothly for up to three months and reduces stress levels around the docks.

A unique, wax-like formula, Snap Stick lubricates and protects plastic and metal snaps, zippers, hinges and other small hardware from the effects of harsh marine environment exposure. Unscented, non-toxic and biodegradable, it won't harm fabrics and other boat surfaces. Non-soluble, it doesn't rinse off when exposed to rain and spray, or boat washing. 

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