A week ago, Canadian Black Book’s Market Insights report showed the Canadian used wholesale market was flat in terms of pricing changes, and prior weeks were somewhat similar. For the week ending on May 3, we see a decline of -0.15% in pricing.
Car segment prices were down -0.21% from slightly less a week earlier, while the truck/SUV segments decreased by -0.09% — from the prior week’s +0.12%. The largest increases were seen in mid-size crossovers/SUVs at +0.31% and small pickups at +0.14%.
“The Canadian market indicated a decrease in pricing, experiencing a decline more pronounced than in its prior week,” said CBB in its update. “Just over 18% of the market segments experienced an average value change of more than ±$100. Monitored auction sale rates ranged from 14.9% to 60.6% averaging at 41.2%.”
In the car segments, the largest declines came from prestige luxury cars (-0.47%), compact cars (-0.31%), near luxury cars, and premium sports cars (-0.22%). Slight gains in values were seen from mid-size cars and full-size cars with the same increase (+0.05%).
For trucks/SUVs, the largest depreciations were seen from full-size vans (-0.56%), sub-compact luxury crossovers, and compact vans (-0.19%). The most notable increase in values came from mid-size crossovers/SUVs (+0.31%) and small pickups (+0.14%).
The average listing price for used vehicles is slightly decreasing, as the 14-day moving average sat at $37,950. The analysis is based on around 220,000 used vehicles listed for sale on Canadian dealer lots.
In other news, CADA proposed ideas to help ease tariff impacted vehicle pricing. “Another opportunity to open up safety standards to allow homologated vehicles from the European Union, South Korea, and Japan to be sold in Canada, avoiding hefty standardizing costs necessary for the U.S. consumption,” said CBB in reference to one idea.
They also said Tesla raised prices in Canada hoping to push consumers to buy while quantities last from its pre-tariff inventory. “Price impacts have been seen online with Model 3 Long Range AWD increasing from $69,000 to $79,990,” said CBB.
And British Columbia’s EV purchase incentive has been suspended indefinitely.
