Used-vehicle values are falling faster in Canada, with the latest wholesale market results showing broader declines across every vehicle segment.
According to Canadian Black Book’s (CBB) Market Insights report, wholesale prices declined 0.40 per cent for the week ending October 24, compared with a 0.27 per cent decrease the previous week. The latest decline also exceeded the 2017-2019 average of 0.37 per cent for the same week.
Car values fell 0.50 per cent, accelerating from the previous week’s 0.26 per cent decline. Mid-size cars recorded the largest decrease at 1.01 per cent, followed by luxury cars at 0.66 per cent.
Truck and SUV values dropped 0.33 per cent, compared with 0.28 per cent a week earlier. Subcompact crossovers/SUVs experienced the steepest decline at 0.96 per cent, followed by subcompact luxury crossovers/SUVs at 0.87 per cent.
Every reporting segment recorded negative movement, while just over 59 per cent of market segments experienced average value changes exceeding $100 in either direction.
Auction inventory remained elevated, although upstream channels continued receiving priority access. CBB noted that demand for high-quality vehicles remained strong in both Canada and the United States.
On the retail side, the average used-vehicle listing price edged down to $37,900, based on a 14-day moving average covering approximately 165,000 vehicles advertised on Canadian dealer lots.
Meanwhile, Canadian inflation rose to 3.1 per cent in September from three per cent in August, with gasoline and diesel prices increasing 19 per cent year over year.
In other news, CBB also highlighted several automotive developments, including Ivan Boykin’s appointment as Ford Canada’s next CEO, the introduction of an electrified-only Lexus NX lineup for 2027, a federal decision to freeze vehicle emissions standards until 2029 and Chery Automobile’s consideration of a Canadian manufacturing facility.
