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 450,000 new and used vehicle listings.
The national picture
According to the data, the median retail price of a new vehicle across Canada dipped slightly to $38,355, representing a 1.4 per cent decline month-over-month and a 5.1 per cent decline year-over-year. Meanwhile, the median price of used vehicles showed a year-over-year increase for the third straight month, rising 5.2 per cent year-over-year to $19,888. According to Autotrader.ca, this hints at market normalization, especially when compared to mid-late 2020 when a shortage of inventory was affecting price dynamics. The company also said that it expects economic uncertainty related to the global pandemic to continue its influence on market conditions and affect the trajectory of Canadian vehicle prices through 2021.
When it comes to types of cars, trucks continue to see notable changes. The price of a new truck closed December with an average price of $59,887, representing an 8.7 per cent increase year-over-year. This increase in prices can be linked to a shortage in new truck availability following factory closures earlier in 2020. New sedans also experienced a modest increase, though it doesn’t compare to new SUVs, which are the only body type to experience both month-over-month and year-over-year increases at 0.9 per cent and 3.6 per cent respectively.
The provincial picture
Looking at pricing behaviour by region, new vehicle prices experienced a decline both month-over-month and year-over-year across all provinces, except British Columbia, where prices increased 0.3 per cent month-over-month. Alberta saw the highest regional month-over-month decrease at 2. per cent. However, it still maintains the highest average price for new vehicles in Canada ($44,905), which could be a result of the above-average popularity of large vehicles across the province. Conversely, used vehicles experienced price increases both month-over-month and year-over-year across the country, except in Manitoba and Saskatchewan where prices decreased 1.2 per cent month-over month and 1.6 per cent year-over-year to $23,299.
The map below displays the median listing price and percentage change month-over-month 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.
$44,905 -2% MoM
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.
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