Canadian average used vehicle prices rise as new vehicle prices dip

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.

This data was provided by the autoTrader.ca Price Index. To download a full pdf version of this report, click here.

Click below to learn more about each of the data points for the index.

National Median Price - Marketplace Index:

Based on median Canadian automotive pricing data (CAD $) collected from more than 450,000 listings monthly on autoTRADER.ca. Data is collected every month, and monthly and yearly comparisons are calculated on the 25th of each month. This chart focuses on the median price of a vehicle, which is defined as the middle price; half of the cars sold in Canada are priced below the median and half are priced above. In addition to median pricing, year-over-year (YOY) price changes have been identified in blue. Median price has been charted, rather than average, in order to ensure that high or low price outliers do not skew results. Any changes under 0.1% have been denoted as 0.0%.

National Median Price by Region:

Based on median Canadian automotive pricing data (CAD $) collected from more than 450,000 listings monthly on autoTRADER.ca. Data is collected every month, and monthly and yearly comparisons are calculated on the 25th of each month. The Atlantic region is defined as: Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland & Labrador. Due to limited population size, the territories are excluded, and Manitoba and Saskatchewan have been combined. This chart focuses on the median price of a vehicle, which is defined as the middle price; half of the cars sold in Canada are priced below the median and half are priced above. In addition to median pricing, year-over-year (YOY) price changes have been identified in blue. Median price has been charted, rather than average, in order to ensure that high or low price outliers do not skew results. Any changes under 0.1% have been denoted as 0.0%.

National Top Searched Vehicles:

Based on the top ten most commonly searched vehicles for new and used listings, on autoTRADER.ca. Data is collected every month, and monthly and yearly comparisons are calculated on the 25th of each month. Prices indicated refer to the median new and median used price for each vehicle, averaged across all trim levels.

About the autoTRADER.ca Index:

The autoTRADER.ca Price Index offers a monthly view of the Canadian automotive market by analyzing vehicle pricing data associated with over 450,000 new and used vehicle listings, bringing you the latest in pricing shifts and trends over time.

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.

Atlantic Region

$32,349-0.8% MoM

$18,7971.6%MoM

Alberta

$44,905 -2% MoM

$24,7251.0% MoM

British Columbia

$41,3240.3% MoM

$22,8253.8% MoM

Manitoba & Saskatchewan

$43,249-1.6% MoM

$23,299-1.2% MoM

Ontario

$38,005-1.4% MoM

$19,9800.4% MoM

Quebec

$33,630-0.3% MoM

$16,9880.6% MoM

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.