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 fell for the fourth month in a row. Prices fell 2.9 per cent month-over-month and 7.2 per cent year-over-year to $36,470. Meanwhile, the median price of used vehicles also dropped to to $17,488, which accounts for a 1.8 per cent decrease month-over-month and a 5.5 per cent decrease year-over-year.
The price drop is also notable in the face of a surge of first-time auto buyers who are eschewing vehicle-sharing in the wake of the COIVD-19 pandemic. This suggests a mismatch between price and demand, but also presents a compelling opportunity to buy.
The provincial picture
Vehicle prices continue their downward trend in every province consumers benefit from dealers trying to move inventory and low interest rates, according to autoTrader.ca. Atlantic Canada experienced the largest pricing decline of 5.3 per cent month-over-month followed by British Columbia with a 2.6 per cent decline, and Manitoba and Saskatchewan with a 1.9 per cent decline. Alberta currently has the highest median new vehicle price at $43,006 compared to Atlantic Canada, with the lowest median price of $32,130.
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.
4. Mercedes-Benz C-Class
Median price new: $60,681 (Down from $61,018 previous month)
Median price used: $28,500 (Down from $28,900 previous month)