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
Despite a 75 per cent drop in car sales in the month of April, the same fall has not been reflected so far in auto prices. According to the data, the median price of a new vehicle in Canada is $40,115, a marginal increase of 0.8 per cent year-over-year and 0.2 per cent month-over-month. The median used vehicle price also remained relatively stable at $18,995, a 0.1 per cent increase both year-over-year and month-over-month.
Analysts are also hopeful that the industry has already seen the bottom, with sales and consumer sentiment expected to rise. According to a survey from autoTrader.ca, 18 per cent of Canadians surveyed indicated that they intend to purchase a vehicle within the next six months. That figure has stayed steady for the past three weeks, and is only a slight drop from pre-COVID-19 levels, when 23 per cent said they intended to purchase a vehicle.
The provincial picture
New vehicle prices are up across the country. New vehicle prices in British Columbia experienced the largest lift across the country, up 0.7 per cent month-over-month. This is followed by Ontario and Québec, which also saw increases of 0.5 per cent and 0.1 per cent respectively.
Alberta experienced the largest month-over-month drop with a 1.1 per cent decline compared to March. Additionally, Atlantic Canada and Manitoba and Saskatchewan also experienced declines of 1 per cent and 0.1 per cent month-over-month.
The figures suggest some of the other regions in Canada are only just starting to see early signs of the modest declines reported in B.C., Québec and Ontario last month.
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
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.