The Canadian used vehicle market is losing value at an accelerating pace, with wholesale prices falling nearly three times faster than the previous week.
According to Canadian Black Book’s (CBB) latest Market Insights report, wholesale values declined 0.35 per cent during the week ending Oct. 10, compared with a 0.12 per cent drop a week earlier. The decline was also considerably steeper than the 0.19 per cent average recorded during the same week from 2017 to 2019.
Both car and truck/SUV segments experienced greater depreciation, although a handful of vehicle categories continued to post gains.
Car segment values fell 0.41 per cent, accelerating from a 0.11 per cent decline the previous week. The prestige luxury car segment recorded the largest decrease at 0.79 per cent, followed by sporty cars at 0.61 per cent. However, not all car segments lost value. Subcompact cars posted a 0.74 per cent increase, the largest gain across the market.
Truck and SUV values declined 0.30 per cent, compared with 0.12 per cent the previous week. Compact vans experienced the sharpest depreciation at 1.86 per cent, marking the third consecutive week the segment recorded the largest decline among trucks and SUVs. Minivans followed with a 1.49 per cent decrease.
A few segments posted modest gains, including subcompact luxury crossovers/SUVs at 0.07 per cent and full-size crossovers/SUVs at 0.02 per cent.
CBB said auction inventory remains elevated, although upstream channels continue to receive priority access. Demand for high-quality vehicles remains strong in both Canada and the United States.
Meanwhile, the average used vehicle listing price edged down to $38,100, based on a 14-day moving average of approximately 165,000 vehicles advertised on Canadian dealer lots.
Weekly wholesale price changes
| Segment | This week | Last week | 2017–2019 average |
| Car segments | -0.41% | -0.11% | -0.19% |
| Truck/SUV segments | -0.30% | -0.12% | -0.20% |
| Overall market | -0.35% | -0.12% | -0.19% |
In other news, CBB highlighted several industry developments. A Clean Energy Canada-commissioned survey found 47 per cent of Canadians favour closer alignment with Europe’s vehicle market, compared with 21 per cent who prefer maintaining ties with the U.S. Nissan plans to reintroduce the Frontier, Pathfinder and Murano in Canada in limited quantities. And Geely Auto Group has announced plans to enter the Canadian market in 2027. Separately, Canada ranked 17th among 31 countries in Arthur D. Little’s Global Electric Readiness Index.
