February overall saw a continuation of the trends that we saw last month. For used vehicles we saw inventory levels continue to decline with readings dropping 4.5% month-over-month while year-over-year readings were up just 0.1%. While readings are effectively flat compared to last year the trends couldn’t be more different as last year’s used inventory was heading up while this year it’s heading down. While inventory was trending down thankfully, we saw a continuation of declines in used vehicle prices last month with average listing prices declining 0.9% to just over Can$36.5k leaving prices up just 2% year-over-year. Finally, for used vehicles the declining inventory readings didn’t affect days-on-market yet as levels rose 1.9% month-over-month and now up a whopping 33.5% year-over-year.
For new vehicles, the continuation of new inventory recovery is a welcome sign after being in the inventory desert for so long. Readings were up 4.8% month-on-month and now up 33.2% year-on-year. Unfortunately for consumers this rise in new inventory hasn’t yet broken the fever of new vehicle prices with average listing prices rising 0.7% to just under Can$66.7k while prices are now up 9.1% year-over-year. Interestingly the rising inventory levels didn’t affect days-on-market as levels were flat while year-over-year levels are now up 42.4%.
To learn more about the trends impacting vehicle inventory, download the February 2023 edition of the CarGurus Canada Vehicle Availability Index & Insights Report.