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March 14, 2024NEW MOTOR VEHICLE SALES, JANUARY 2024 Year-over-year (January 2024 vs January 2023, unadjusted)
Compared with January 2023, Nova Scotia reported the second largest gain (+28.5%) in unit sales of new vehicles among all provinces. In the first month, Nova scotia sold 2,979 new units, the highest level among the atlantic provinces. National unit sales were up 13.1%, a sale of 116,874 in January 2024 compared to 103,355 unit sales a year ago, with gains in all provinces. Prince Edward Island had the strongest growth while Alberta had the slowest year-over-year unit sales.
The sales values of new vehicles increased 26.5% in Nova Scotia from January 2023 to January 2024 - the third fastest gain among provinces, behind New Brunswick and Prince Edward Island. National sales values were up 9.7%. Ontario reported the slowest year-over-year growth in new vehicle sales values.
Year-over-year gains in unit sales were reported for trucks/SUVs and passenger cars as well as for both North American and overseas manufacturers. Sales values were up more for passenger cars than for trucks/SUVs. Unit sales and values were up more for overseas manufacturers than North American manufacturers than overseas manufacturers.
Trucks and SUVs make up the bulk of the market in Nova Scotia. In January 2024, trucks/SUVs accounted for 84.4% of vehicles sold in Nova Scotia and 87.7% of sales values.
North American manufacturers accounted for 68.4% of unit sales and 71.3% of sales values in Nova Scotia in January 2024.
Unit vehicle sales were up in January 2024 compared with the same month last year, and rose above pre-pandemic levels.
Nova Scotia's motor vehicle sales values typically peak in the spring months. Motor vehicle sales values in January 2024 were above those reported in the same month of 2023, and rose above pre-pandemic levels.
Across Canada, national unit sales were up compared the same month in the previous year, and were around the same level for the same months as prior to the pandemic.
National sales values for January 2024 were higher than the same time last year, and exceed sales values reported in the month of January prior to the pandemic.
Average Prices
The average sale price of a new motor vehicle in Nova Scotia was down 1.6% in the first month of 2024 when compared to same period in 2023. National average prices were down 3.0% with declines in six provinces led by Ontario with Saskatchewan reporting the strongest growth.
The average unit price of a new motor vehicle in Nova Scotia was $48,150 in January 2024. This was the second lowest among provinces (ahead of Prince Edward Island). The national average unit price for a new motor vehicle was $54,908 with the highest values in Alberta and Saskatchewan.
In January 2024, average prices were notably higher for trucks/SUVs than for passenger cars. For Nova Scotia note the unusual spike in average unit price for passenger cars in March 2023. This is related in part to the doubling of passenger car sales values in that month.
Average prices were also higher for North American manufacturers than for overseas manufacturers.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales
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