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Posthaste: Auto theft is climbing in Ontario and drivers are deeply worried Back to video

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Skyrocketing rates of automobile theft in Ontario have residents of the province — and at least one insurance company — deeply worried, though many drivers aren’t doing enough to prevent themselves from becoming victims, according to new research.

Close to half of all Ontarians in a survey from CAA Insurance Co. say they’re very concerned about a rise in auto theft, which the Solicitor General of Ontario says happens once every 48 minutes. Concern is highest among people living in Toronto and the Greater Toronto Area, with 57 per cent expressing worry.

Drivers appear to have good reason for all that worry. Car theft in Ontario has shot up 72 per cent between 2014 and 2021, according to the Solicitor General of Ontario, and risen 14 per cent in the past year.  In Toronto, thefts grew 81 per cent between 2014 and 2021, with violent carjackings up 78 per cent from 2021 and 2022.

That overwhelming growth in thefts has left insurers sounding the alarm.

“As an organization, we are deeply concerned about the rising trend of auto theft in Ontario and across the country,” Elliott Silverstein, director of government relations at CAA Insurance, said in a press release. “The survey results highlight the urgency of taking comprehensive action to protect our communities.”

Yet, despite the rapid increase in vehicle thefts in the province and though people say they’re troubled by it, many also don’t think they’ll be impacted by theft personally. Only 30 per cent fear their own car will get stolen, the survey said.

CAA says drivers are deluding themselves into thinking their vehicles won’t become a target, which leaves them exposed. And though most drivers take basic measures  — 82 per cent of Ontarians lock their car doors and 77 per cent hide valuables — that’s probably not good enough to prevent a car from getting stolen, the insurer warns.

“Auto theft can happen to anyone, and drivers need to do more than just lock their doors to make their vehicle difficult to steal,” Silverstein said. “We are urging Ontarians to take additional preventive measures to safeguard their vehicles, making them less appealing targets for thieves.”

For example, CAA suggests drivers make use of a steering wheel lock, or store key fobs in Faraday boxes to block thieves from hacking wireless start signals. The insurer also suggests using Apple Inc. AirTags to make vehicles easier track if they do end up stolen. Other preventive measures include installing lighting triggered by motion sensors, installing cameras, covering up the vehicle identification number on a car’s dashboard, and if drivers have multiple vehicles, parking the least expensive one closest to the street.

Auto theft is a growing problem countrywide, with rates growing double digits in Ontario, Alberta, Quebec and Atlantic Canada in 2022 and costing insurers $1 billion in claims last year, according to data from Équité Association, a non-profit insurance support organization.

In May, the Ontario government announced it was investing $51 million over three years in measures to help prevent vehicle thefts, including the creation of a team led by the Ontario Provincial Police to address auto theft rings run by organized crime.

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The International Monetary Fund raised its outlook for the world economy this year, estimating that risks have eased in recent months after the United States averted a default and authorities staved off a banking crisis on both sides of the Atlantic.

Global gross domestic product will expand three per cent in 2023, the IMF said in an update to its World Economic Outlook released Tuesday. While that’s still a slowdown from 3.5 per cent growth last year, it’s faster than its 2.8 per cent projection in April.

“The recent resolution of the U.S. debt ceiling standoff and, earlier this year, strong action by authorities to contain turbulence in U.S. and Swiss banking, reduced the immediate risks of financial sector turmoil,” the IMF said. “This moderated adverse risks to the outlook.”

The Washington-based fund left its global growth expectation for next year unchanged at three per cent.

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A reader asks if her father, currently in the hospital with a terminal cancer diagnosis, is able to draft a will. Unfortunately, many experienced lawyers will not attend hospitals to prepare wills. Lawyer and certified specialist in estate and trust law, Ed Olkovich, explains this and more key points to keep in mind when writing up a will in the latest instalment of FP Answers.

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Today’s Posthaste was written by Victoria Wells (@vwells80), with additional reporting from Financial Post staff, The Canadian Press, Thomson Reuters and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.