The Canadian used vehicle market saw another decline in prices, this time at -0.08%, according to Canadian Black Book’s latest Market Insights report. It is worth noting that several segments experienced a less than $60 change in average value during this period, as the market continues to stabilize.
The report, which covered the week ending on May 6, revealed a shift in overall car segment prices, which fell 0.06% this week versus +0.02% the prior week. For the overall truck and SUV segment, prices declined -0.11% — down from the -0.09% the week before.
“The Canadian market continued to decrease, and the overall decrease was slightly less than the historical average,” said CBB in its report. “Supply remains low with high demand for more recent and clean condition vehicles on both sides of the border. Upstream channels continue to tap supply before it can be available to wholesale markets.”
Six out of nine car segments experienced a price increase. Sub-compact cars saw the largest increase (+0.38%), followed by compact cars (+0.33%) and sports cars (+0.26%). On the down side, prestige luxury cars experienced the largest decrease at -1.01%.
For trucks/SUVs, the largest declines came from compact vans (-0.48%), sub-compact crossovers (-0.25%) and small pickups (-0.20%). Only one segment experienced an increase and that was full-size pickups at +0.11%.
The average listing price for used vehicles, when considering the 14-day moving average, was approximately $35,000.
In other news and for the fifth consecutive month Canada’s unemployment rate was 5% in April 2023, which is close to the record-low of 4.9% observed in June and July 2022. The April rate beat market estimates of 5.1%.
