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October 16, 2024NEW MOTOR VEHICLE SALES, AUGUST 2024 Year-to-date (January-August 2024 vs January-August 2023, unadjusted)
Nova Scotia reported the second-largest gain (+21.4%) in unit sales of new vehicles among the provinces, behind Newfoundland and Labrador (+24.9%). In the first eight months of 2024, Nova Scotia sold 33,332 new motor vehicles. National unit sales were up 10.5% to 1,288,981 units. Unit sales were up in all provinces. British Columbia had the slowest year-to-date growth in unit sales.
The sales values of new vehicles increased 23.4% in Nova Scotia from January-August 2023 to January-August 2024 (rising to $1.66 billion). Nova Scotia reported the second-fastest gain in year-to-date sales values among provinces, behind Newfoundland and Labrador (+25.9%). National sales values were up 10.3% to $71.58 billion in the first eight months of the year. Sales values were up in all provinces with British Columbia reporting the slowest year-to-date growth.
The average sale price of a new motor vehicle in Nova Scotia was up 1.7% in the first eight months of 2024 when compared to same period in 2023, the second-fastest growth in average unit price behind New Brunswick (+2.5%). National average prices were down 0.2% with declines in four provinces led by Prince Edward Island.
The average unit price of a new motor vehicle in Nova Scotia was $49,919 over January-August 2024. This was the third lowest among provinces (ahead of Prince Edward Island and Newfoundland and Labrador). The national average unit price for a new motor vehicle was $55,529 with the highest values in Alberta and Saskatchewan.
Year-to-date gains in unit sales and sales values were reported for trucks/SUVs, passenger cars, North American manufacturers and overseas manufacturers. Growth was faster for trucks/SUVs than for passenger cars while overseas manufacturers' gains outpaced those of North American manufacturers.
Average unit prices overseas manufacturers' vehicles declined comparing January-August 2024 with the same months of 2023. Prices for passenger cars, trucks/SUVs as well as for North American manufacturers' vehicles were up.
Trucks/SUVs make up the bulk of the market in Nova Scotia. Through the first eight months of 2024, trucks/SUVs accounted for 86.1% of vehicles sold in Nova Scotia and 89.1% of sales values. North American manufacturers accounted for 68.6% of unit sales and 72.5% of sales values in Nova Scotia on average from January-August 2024.
Year-over-year (August 2024 vs August 2023, unadjusted)
Compared with August 2023, Nova Scotia (+24.2%) reported gains above the national average in unit sales of new vehicles. National unit sales were up 5.6% with gains in all provinces except Ontario. Newfoundland and Labrador and Manitoba had the strongest year-over-year growth rates in unit sales.
The sales values of new vehicles increased 27.2% in Nova Scotia from August 2023 to August 2024. National sales values were up 5.3% with gains in all provinces except Ontario and British Columnia. Newfoundland and Labrador reported the fastest year-over-year gains in vehicle sales values.
Compared to August 2023, average unit prices were up 2.4% in Nova Scotia in August 2024. Average unit prices were down 0.3% nationally with declines in six provinces. Québec reported the fastest year-over-year rise in new motor vehicle unit prices while Saskatchewan reported the largest year-over-year decline.
The average price of a new vehicle in August was $50,584 in Nova Scotia - third lowest among provinces ahead of Prince Edward Island and Newfoundland and Labrador. Nationally, the average price of a new vehicle was $55,734 in August with the highest value in Alberta.
Compared with August 2023, unit sales, sales values and average unit prices were all up for: passenger cars, trucks/SUVs, North American manufacturers' vehicles and overseas manufacturers' vehicles.
In August 2024, trucks/SUVs accounted for 85.2% of unit sales and 88.7% of sales values. North American manufacturers accounted for 69.5% of Nova Scotia's unit sales and 72.6% of sales values in August 2024.
Trends
Nova Scotia's unit sales of 4,511 in August 2024 were stronger than those reported in the same month of 2021-2023, but below August levels from 2015-2019.
With increases in prices for new vehicles along with recovering volumes, Nova Scotia's August 2024 motor vehicle sales were above comparable months in previous years.
Nova Scotia average unit prices have stabilized in the last year after faster growth in 2022 and 2023.
Across Canada, national unit sales were up compared the same month in the previous year, but below the pace of sales for August from 2015-2019.
National sales values for August 2024 were higher than the same time in previous years.
National average unit sales prices have stabilized since the beginning of 2023.
There has been a steady trend of increasing market share for trucks/SUVs while the share of passenger cars declines.
There has been a slow decline in market share for North American manufacturers while overseas manufacturers' market share rises.
Prices for trucks/SUVs (the bulk of the market) continue to rise while prices for passenger cars have pleateaued.
Prices for vehicles from overseas manufacturers have stabilized in recent months while those for North American manufacturers continue to rise.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales
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