June saw used inventory rise by 3.1%, helping to reduce the year-over-year decline to 12.9%, as used vehicles remain harder to find on dealer lots. The increase in inventory came at a price – literally – as the average listing price rose by 0.7% in June to $37.3k Canadian dollars. The rising inventory levels helped to again reduce days-on-market, which declined by 5.5% to just over 77 days.
The story for the new vehicle market was much the same. New inventory levels rose 1.9% in June and are now up an impressive 37.8% year-over-year as the industry continues to recover from the semiconductor shortage. Average listing prices for new vehicles are at an eye-watering level, coming in at just under $70k Canadian dollars. As with the used market, the increase in new inventory helped lower the days-on-market by 3.6% to 86 days.
To learn more about the trends impacting vehicle inventory, download the June 2023 edition of the CarGurus Canada Vehicle Availability Index & Insights Report.