Canada’s used wholesale vehicle market posted another modest decline in mid-March, extending a gradual downward trend as pricing continues to normalize.
According to Canadian Black Book’s Market Insights report for the week ending March 14, wholesale values slipped by 0.20 per cent, reflecting steady softening across the market. The decline follows several weeks of similar movement, suggesting the market is settling after elevated values seen in recent years. Both car and truck/SUV segments contributed to the drop, as demand remains selective and increasingly price-sensitive.
The report points to a continued recalibration between supply and demand. Inventory levels are improving compared with pandemic lows, while affordability challenges — including high interest rates and elevated vehicle prices — are tempering buyer activity.
Late-model vehicles continue to face the most pressure, as higher original pricing limits buyer reach in today’s market. At the same time, older and more affordable units are seeing relatively stronger demand, reflecting a shift in consumer priorities.
The broader trend aligns with Canadian Black Book’s 2026 outlook, which anticipates ongoing depreciation pressure early in the year before conditions begin to stabilize.
Canadian Black Book also pointed this week to broader industry pressures shaping the EV discussion. In its March 24 market report, it said Chinese automakers including BYD, Chery and Geely are working to certify vehicles for the Canadian market, while Ontario Premier Doug Ford has criticized EV mandates in Quebec and British Columbia as harmful to Canada’s auto sector.
The report also noted continuing shifts in vehicle development and consumer offerings, including new hybrid products and manufacturing changes aimed at lowering repair costs.
