The autoTRADER.ca Price Index offers an informed monthly summary of the Canadian automotive industry. Evaluation of new and used vehicle pricing data and market trends are provided through analysis of over 400,000 listings.
Used vehicle prices remain stable, while new North American vehicles continue outpace their competitors in Asia and Europe. SUVs continued to lose ground to sedans and trucks last month.
Based on February data from autoTRADER.ca, the median price of a new vehicle in Canada is $40,131, while the median used vehicle costs $18,900. Overall, vehicle prices continue to remain relatively flat, with just a 2.7 percent increase year-over-year, a far cry from the double digit increases we observed in September and October of 2019.
New trucks and sedans see steady growth while SUV pricing takes a hit
New sedans and trucks continue to experience an increase in year-over-year prices at 5.5 and 5.3 percent respectively. New SUVs on the other hand, have experienced a 3.0 percent decline compared to February 2019, a trend autoTRADER.ca first identified in December 2019. This either indicates an imbalance in the SUV market, or perhaps sedans and trucks are closing in on SUV popularity. We are seeing prices remain flat on the used side of the equation with sedans and SUV prices remaining stable month to month. Truck prices, on the other hand, have declined month-over-month at a rate of 0.8 percent, when compared to January 2020. Finally, our data confirms that sedan prices are also flat on a year-over-year basis, while SUVs and trucks are down compared to last year by 0.3 and 0.4 percent respectively.
Western Canada sees strongest growth in new vehicle prices month-over-month
The strongest new vehicle price growth occurred in the prairies as Alberta, Saskatchewan and Manitoba observed increases at a rate of 0.7 percent month-over-month. Conversely, the Maritimes is the only market in Canada to have a notable decline in new vehicle prices, experiencing a drop of 3.0 percent to $35,356 to close out the month of February.
Alberta continues to experience the highest median price for a new vehicle in Canada, while our data suggests the most economical province to purchase a new vehicle is Québec with a median price of $34,498. This aligns with consumer purchase behaviour in these provinces as autoTRADER.ca search data indicates that, for example, trucks are most popular in Alberta, while on average, Québecers tend to seek more economical vehicles.
Québec the only province to see incline in used prices
Regional trends are also apparent for used vehicles, as Québec is the only province experiencing a month-over-month increase, settling at $16,990 in February 2020 - a 0.7 percent increase in price from January. British Columbia and Manitoba/Saskatchewan all experienced declines in used vehicle prices compared to last month, $19,995 and $23,715, respectively. All other provinces experienced zero growth when compared to January data. This month, consumers in Manitoba and Saskatchewan experienced the highest median vehicle prices while those in Québec once again experienced the lowest median vehicle prices in Canada.
These were the Top 5 Most Searched vehicles during February of 2020 on autoTRADER.ca’s marketplace:
1. Ford F-150
Median price new: $56,109
Median price used: $29,800
2. BMW 3-Series
Median price new: $59,450
Median price used: $18,995
3. Ford Mustang
Median price new: $46,840
Median price used: $26,850
4. Mercedes-Benz C-Class
Median price new: $63,276
Median price used: $28,888
5. Honda Civic
Median price new: $31,824
Median price used: $9,991
6. Toyota RAV4
Median price new: $35,730
Median price used: $23,249
7. Porsche 911
Median price new: $166,850
Median price used: $114,694
8. BMW M
Median price new: $112,997
Median price used: $53,993
9. Mercedes-Benz E-Class
Median price new: $87,723
Median price used: $28,649
10. Honda CR-V
Median price new: $39,090
Median price used: $21,000
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 400,000 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.
