The end of the year saw a continued strengthening of availability and pricing trends for vehicles in the Canadian market. New inventory levels continued their rebound with levels increasing 6.4% compared to November and now up over 32% year-over-year. Used inventory levels saw a slight increase of 0.5%. Overall, readings were up 19% compared to the same time last year, which means that consumers have a much better selection of vehicles to start 2023.
Vehicle prices for new vehicles were effectively flat month-over-month, while used prices saw an acceleration in pricing declines. Average listing prices declined 1.6% month-over-month while prices were still elevated nearly 11% year-over-year. Finally, December’s average days-on-market for both new and used vehicles stayed in line with the increasing inventory levels.
To learn more about vehicle inventory trends, download the December 2022 edition of the CarGurus Canada Vehicle Availability Index & Insights Report.