autoTRADER.ca continues to closely monitor Canadian car pricing trends month-over-month and year-over-year, leveraging robust data from over 450,000 new and used vehicle listings on the marketplace. Between August 26 and September 25, 2020, national median new and used vehicle listing prices recorded a month-over-month increase. A notable surge in consumer demand coupled with a shortage of vehicle availability has led to a supply and demand mismatch, which may have influenced median pricing compared to the previous month. The uncertainty in the market driven by the ongoing COVID-19 pandemic will continue to play a major role in the economy, thus influencing vehicle prices. We will continue to monitor pricing behaviour and report our findings in next month’s Price Index.
National median vehicle prices record month-over-month increase
The median price of a new vehicle across Canada settled at $37,401 in September, representing a 2.6 per cent increase month-over-month. Prices declined 3.8 per cent year-over-year, however, the drop remained lower compared to the last few months. Meanwhile, the median price of a used vehicle stood at $18,450, accounting for a 5.5 per cent increase month-over-month, likely due to increased demand and limited vehicle inventory.
Prices increase across all body types with trucks experiencing highest month-over-month lift
New vehicles experienced an increase in prices across all segments (sedans, SUVs, trucks). New trucks finished the month at $58,122, accounting for an increase of 5.2 per cent month-over-month and 9.3 per cent year-over-year. As for new SUVs prices, they’ve grown by 3.4 per cent month-over-month and 2.3 per cent year-over-year arriving at $37,386. New sedans settled the month at $28,665, with a month-over-month increase of 2.2 per cent and year-over-year increase of 6 per cent, consistent with last month’s upward climb.
Used vehicles displayed month-over-month increases across body types, whereas year-over-year growth remained flat for SUVs and sedans. Used SUVs closed the month at $21,995 representing a 5 per cent increase month-over-month, while used sedan prices recorded a 3.4 per cent increase month-over-month. Used truck prices experienced a 14.3 per cent increase month-over-month, making it the segment with the highest monthly pricing increase.
European new and used vehicle prices record growth
Examining prices by manufacturer origin, there were month-over-month increases for both new and used vehicles. European new vehicles closed the month at $52,396, accounting for a 3.2 per cent increase month-over-month and a 1.4 per cent increase year-over-year. North American new vehicles settled at $50,204, a 3.9 per cent increase month-over-month and a 4.1 per cent increase year-over-year. Asian manufactured new vehicles experienced an increase of 2 per cent month-over-month and 5 per cent year-over-year.
Used North American vehicles showed an 11.1 per cent increase month-over-month, while prices remained flat year-over-year, hinting towards another sign of prices moving closer to “normal” given the market conditions. European and Asian manufactured used vehicles saw an increase of 4.2 and 3.2 per cent month-over-month, respectively.
Ontario, Alberta and Québec experience highest month-over-month increase in new vehicle prices
Looking at how regionality impacts prices across Canada, both new and used vehicle prices are rising in all regions month-over-month. Ontario saw the highest month-over-month increase for new vehicle prices at 3.5 per cent landing at $36,576, followed by Alberta with a 2.7 per cent increase and Québec with a 2.6 per cent increase. Consistent with the previous month, Alberta has the highest median new vehicle price at $44,158, succeeding Manitoba and Saskatchewan at $41,379 and British Columbia at $40,109.
Examining used car prices across the country, British Columbia, Manitoba and Saskatchewan experienced a steep increase of 9.1 and 8.5 per cent month-over-month, respectively, alongside Alberta at 10 per cent and Ontario at 8.8 per cent increases respectively month-over-month. With the exception of Atlantic Canada and Alberta, prices are still low year-over-year, but the differences are getting closer. Québec remains the most economical in terms of used car prices with the lowest median used vehicle price at $15,995.
These were the Top 5 Most Searched vehicles during September of 2020 on autoTRADER.ca’s marketplace:
- Ford F-150 (#1)
Median price new: $53,744
Median price used: $29,807
- Ford Mustang (#2)
Median price new: $44,425
Median price used: $26,978
- BMW 3-Series (#3)
Median price new: $58,299
Median price used: $18,500
- Mercedes-Benz C-Class (#4)
Median price new: $60,729
Median price used: $28,900
- Honda Civic (#5)
Median price new: $31,899
Median price used: $8,995
- Porsche 911 (#6)
Median price new: $166,532
Median price used: $99,900
- BMW M (#9)
Median price new: $104,804
Median price used: $55,800
- Chevrolet Corvette (#7)
Median price new: $97,127
Median price used: $49,500
- Toyota RAV4 (#8)
Median price new: $32,896
Median price used: $22,495
- Jeep Wrangler (#10)
Median price new: $55,122
Median price used: $32,968
Released monthly, the autoTRADER.ca Price Index provides a snapshot of the Canadian automotive market to bring a level of transparency to the vehicle buying process. Analyzing pricing data from autoTRADER.ca’s marketplace of over 450,000 listings, tracking new and used vehicle pricing allows our data experts to identify how prices are trending nationally and provincially, along with the most searched models by consumers.
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