The national median price of a vehicle in Canada has increased for both new and used in terms of cars, SUVs and trucks, according to the autoTRADER.ca Price Index for June 2019.
Prices for new vehicles sat at $39,104 — up 4.0%, year-over-year, while used vehicles were listed at an average of $18,900, an increase of 5.1% YOY.
“Canadian automotive prices have risen by 4% (new) and 5.1% (used) compared to June 2018. While prices are up year-over-year, we have observed a levelling off over the past several months,” said autoTRADER.ca in its report. “The median new car price in Canada is down $830 in June compared to March of this year, while the median used car price in Canada is $88 below the high watermark set last month ($18,988).”
The national median retail price per vehicle body type increased in every category in June: on the new side, cars are at $27,095 (up 4.0% YOY); SUVs reached an average of $37,121 (+0,8% YOY); and trucks jumped to $52,950 (+5.6% YOY).
On the used side, the median price for cars was $15,198 (+4.8%), SUVs $22,849 (+5.6%), and trucks $29,995 (+0.7%), all YOY.
When it comes to the median retail price by manufacturing origin, new vehicles in North America reported the greatest increase with 5.7% ($48,314) when compared to Asia ($30,674 or +0.2%) and Europe (a decrease of 0.5%, landing at $48,787) — again, YOY.
For used vehicles, Asia reported the most growth with 9.8% from June 2018. North America came in second (+3.9%) and Europe in third (+0.4%).
“Asian manufactured vehicles are closing the gap on European and Domestic used vehicle prices with an increase of 9.8% versus June 2018. This accounts for an average increase of approximately $1,505,” said autoTRADER.ca. “We continue to see price increases on a year-over-year basis for European and Domestic manufactured vehicles, up 0.4% and 3.9% respectively.”
In Canada, and by province, the median price of a used vehicle in Ontario continued its upward trend, with an increase of 8% in June. This is the second-highest increase observed across the nation during the period, according to autoTRADER.ca. The increase was driven in large part by the SUV and sedan segments, which experienced a 8.6% and 7% lift in prices, respectively.
The median price of a new vehicle in Ontario was $36,457, a jump of 3.5% compared to June 2018.
In Quebec, new car prices have strengthened and are now 0.3% lower, YOY, compared to the 2% decline experienced last month.
As for pre-owned: “Used car prices in Alberta remain down year-over-year by 2.2%, while Ontario and Quebec continue to see a healthy jump versus June 2018 (8% and 5.9% increases, respectively),” said autoTRADER.ca. “While prices are up in Ontario and Quebec from a year-over-year perspective, they are in fact down 0.3% and 2.1% versus May 2019.”
