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November 15, 2024NEW MOTOR VEHICLE SALES, SEPTEMBER 2024 Year-to-date (January-September 2024 vs January-September 2023, unadjusted)
Nova Scotia reported the second-largest gain (+20.5%) in unit sales of new vehicles among the provinces, behind Newfoundland and Labrador (+24.6%). In the first nine months of 2024, Nova Scotia sold 37,835 new motor vehicles. National unit sales were up 9.4% to 1,454,850 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 23.2% in Nova Scotia from January-September 2023 to January-September 2024 (rising to $1.90 billion). Nova Scotia reported the second-fastest gain in year-to-date sales values among provinces, behind Newfoundland and Labrador (+25.7%). National sales values were up 9.5% to $81.09 billion in the first nine 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 2.2% in the first nine months of 2024 when compared to same period in 2023, the second-fastest growth in average unit price behind New Brunswick (+2.3%). National average prices were up 0.2% with increases in five provinces. Prince Edward Island reported the steepest year-to-date decline in new motor vehicle average prices.
The average unit price of a new motor vehicle in Nova Scotia was $50,286 over January-September 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 $55,741 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-September 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 nine months of 2024, trucks/SUVs accounted for 85.4% of vehicles sold in Nova Scotia and 88.9% of sales values. North American manufacturers accounted for 69.5% of unit sales and 72.6% of sales values in Nova Scotia on average from January-September 2024.
Year-over-year (September 2024 vs September 2023, unadjusted)
Compared with September 2023, Nova Scotia (+14.8%) reported gains above the national average in unit sales of new vehicles. National unit sales were up 2.6% with gains in all provinces except Ontario and British Columbia. Newfoundland and Labrador had the strongest year-over-year growth rates in unit sales.
The sales values of new vehicles increased 20.1% in Nova Scotia from September 2023 to September 2024. National sales values were up 5.7% with gains in all provinces except Ontario and Prince Edward Island. Newfoundland and Labrador reported the fastest year-over-year gains in vehicle sales values (followed by Nova Scotia).
Compared to September 2023, average unit prices were up 4.6% in Nova Scotia in September 2024. Average unit prices were up 3.0% nationally with increases in seven provinces. Québec reported the fastest year-over-year rise in new motor vehicle unit prices while Prince Edward Island reported the largest year-over-year decline.
The average price of a new vehicle in September was $52,307 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 $57,426 in September with the highest value in Alberta.
Compared with September 2023, unit sales, sales values and average unit prices were all up for: trucks/SUVs, North American manufacturers' vehicles and overseas manufacturers' vehicles. Unit sales and sales values of passenger cars were down (though their prices were up).
In September 2024, trucks/SUVs accounted for 87.3% of unit sales and 90.4% of sales values. North American manufacturers accounted for 69.8% of Nova Scotia's unit sales and 72.1% of sales values in September 2024.
Trends
Nova Scotia's unit sales of 4,512 in September 2024 were stronger than those reported in the same month of 2021-2023, but below September levels from 2015-2018 as well as September 2020.
With increases in prices for new vehicles along with recovering volumes, Nova Scotia's September 2024 motor vehicle sales were above comparable months in previous years.
Nova Scotia average unit prices have started to rise again after stabilizing in the early months of 2024.
Across Canada, national unit sales were up compared the same month in the previous year, but below the pace of sales for September from 2015-2020.
National sales values for September 2024 were higher than the same time in previous years.
National average unit sales prices have stabilized since the beginning of 2023, though September 2024 average unit prices were higher.
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 (except September) while those for North American manufacturers continue to follow a rising trend.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales
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