In July used inventory levels rose again by 2.5%. However, despite these recent gains, year-over-year levels are still down nearly 11%. The increase in inventory continued to come at a price, with used average listing prices rising 1.2% to $37.7k Canadian dollars and prices now down just 2% compared to last year. Finally, the rising inventory levels helped lower days-on-market, which declined 1% from June.
New inventory levels saw a small decrease of 0.5% in July as new vehicles on dealer lots shrunk due to summer shutdowns, which impacted vehicle production. July saw new average listing prices crest the $70k Canadian dollar threshold with prices surging to $70.6k Canadian dollars, rising 1.3% month-over-month and now up 10.6% year-over-year. The small decline in new inventory led to a similarly small increase of 0.2% in days-on-market compared to June.
To learn more about the trends impacting vehicle inventory, download the July 2023 edition of the CarGurus Canada Vehicle Availability Index & Insights Report.