In October, new inventory continued its path to recovery with levels rising over 3% compared to last month; now up 34% year-over-year. Used inventory also saw an increase of nearly 1% and is now up nearly 24% year-over-year. These trends signal that both new and used consumers are finally seeing more vehicles available to them. Pricing trends continued to diverge further with used prices declining 1% month-over-month while new prices saw a further increase of over 2% month-over-month; both new and used are still seeing significant spreads year-over-year. Days-on-market increased in line with rising inventory levels; the days-on-market for new and used now stand squarely between 2020 and 2021 levels.
To learn more about vehicle inventory trends, download the October 2022 edition of the CarGurus Canada Vehicle Availability Index & Insights Report.