In November, new inventory levels continued to improve, increasing 1.5% from October and now up nearly 37% compared to last year. Interestingly, used inventory saw a decline of nearly 4% from October, but remains up over 21% compared to last year. Prices declined (slightly) across the board. Average new vehicle listing prices declined 0.1% compared to October, while used vehicles saw a slightly larger decline of nearly 1%. Both new and used prices remain well above their 2021 levels. Rising new inventory levels helped increase days-on-market by 5.5% compared to October. Used inventory increased by 2.5%, due to higher priced vehicles sitting on market for longer and pulling up the overall average.
To learn more about vehicle inventory trends, download the November 2022 edition of the CarGurus Canada Vehicle Availability Index & Insights Report.