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 price of a new vehicle in Canada rose sharply again in October, though it didn’t match pre-pandemic highs. Prices rose 2.9 per cent month-over-month to $38,494. Meanwhile, October also saw both a month-over-month and year-over-year increase in median used car prices, with October’s prices overtaking pre-pandemic figures. Used prices rose 5.7 per cent month-over-month to $19,495.
According to autoTrader.ca, “a sustained groundswell in consumer demand contrasted with a shortage of vehicle availability in the market is showing signs of price inflation.” The company also said it expects market uncertainty caused by the ongoing global pandemic to continue playing a notable role in the evolution of economic trends and, in turn, influence the trajectory of Canadian vehicle prices throughout the last quarter of 2020.
The provincial picture
Unsurprisingly, every province saw new and used vehicle prices increase month-over-month in October. Manitoba and Saskatchewan recorded the highest month-over-month increase for new vehicles at 6.5 per cent, followed by Alberta at 4.1 per cent and Ontario at 3.9 per cent. Alberta remains the region where consumers can expect to see the highest average price for new vehicles. According to autoTrader.ca, this could also be related to the above-average popularity of trucks in the province combined with the countrywide increase in truck prices this month.
For used vehicles, month-over-month prices have increased across the country, with British Columbia, Alberta and Ontario leading the curve. Quebec remains the region with the lowest average price for used vehicles.
According to autoTrader.ca, “it is possible that automotive dealers in Quebec anticipated an impact to consumer demand due to the increasingly pervasive COVID-19 presence across the province. As a result, dealers in that market may have taken a more conservative approach to the adjustment of vehicle inventory prices.”
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.
$45,985 4.1% 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.
Build your personal news feed
- Follow topics and authors relevant to your reading interests.
- Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.