Canada’s used vehicle market held its ground in March, but stability at the headline level is masking a shift underway.
The national average selling price reached $34,139, up 0.46 per cent from February and 3.25 per cent year over year, according to Clutch Technologies. The figure extends a months-long plateau, even as underlying trends begin to diverge.
Electric vehicles are driving that change. Used EV prices fell by $1,765 in March, the steepest monthly drop in the data, as a growing wave of off-lease inventory entered the market.
“The headline price stability is masking a rapid shift in what’s actually selling,” the report said, noting that supply growth is now outpacing demand in the EV segment.
Demand, however, is moving in the opposite direction. EV searches climbed 96 per cent over a 60-day period, while hybrid searches rose 66 per cent, tracking a sharp increase in fuel prices.
The imbalance is shifting pricing power. More than half of used EVs are now selling below $35,000, as supply continues to outpace demand and compress values across the segment. By comparison, gasoline vehicles are showing little movement. Like-for-like pricing has remained largely flat, with overall gains tied more to changes in vehicle mix than to underlying price strength.
Hybrids are moving differently again. Supply remains constrained, and vehicles are turning quickly, helping support pricing relative to EVs. Regionally, Alberta posted the highest average price at $37,735, while Quebec and Atlantic Canada remained among the lowest-priced markets.
