How much would it cost to buy a vehicle if you were in the market for one right now? This auto price report is updated monthly and offers a view of the Canadian automotive market by analyzing pricing data associated with over 400,000 new and used vehicle listings.
The national picture
According to the data, the overall median listing price of new vehicles continued to stay above the $40,000 barrier in Canada, settling at $40,386. This accounts for a 0.3 per cent decline month-over-month and a 1.5 per cent increase year-over-year. Meanwhile, used vehicle prices remain stable at $18,900, translating to a modest increase of 0.1 per cent from last month. Compared to the same period last year, we see an increase of 5 per cent.
New sedans, trucks, and SUVs are all up month-over-month, as manufacturers continue to replace 2019 models withan updated 2020 lineup. New trucks experiences the greatest year-over-year growth of 5.7 per cent, followed by sedans, up 4.9 per cent. New SUV prices did not follow suit, however, experiencing a decline of 0.2 per cent.
The provincial picture
The map below displays the median listing price and percentage change year-over-year for new and used vehicles by region. Due to limited population size, the territories have been excluded, while Manitoba and Saskatchewan have been combined. Purple indicates new vehicles, while blue indicates used.
Manitoba & Saskatchewan
Quebec ended off the year as the most economical region in Canada to purchase new and used vehicles. This was largely due to a greater inventory of sedans, which accounted for 51 per cent of the vehicle composition in the region compared to 42 per cent across Canada.
New vehicle growth was strongest in B.C., up 3.3 per cent from last month, ending the year at $43,375. Additionally, B.C. was the only market to have a notable price increase in Canada month-over-month
The picture in search
Looking to see what other potential car buyers are searching for? These were the top 10 most searched vehicles last month on autoTrader.ca, along with their median listing prices. Click through the links to read Globe Drive’s review of the model, view listings in your area and find the the latest discounts, rebates and rates for your selected model through our build and price tool.