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February 14, 2025NEW MOTOR VEHICLE SALES, DECEMBER AND ANNUAL 2024 Annual (2024 vs 2023)
Nova Scotia reported the second-largest gain (+16.7%) in unit sales of new vehicles among the provinces, behind Newfoundland and Labrador (+21.1%) and just ahead of Manitoba and New Brunswick. In 2024, Nova Scotia sold 49,268 new motor vehicles. National unit sales were up 9.1% to 1,914,722 units. Unit sales were up in all provinces. British Columbia had the slowest annual growth in unit sales.
The sales values of new vehicles increased 20.5% in Nova Scotia from 2023 to 2024 (rising to $2.51 billion). Nova Scotia reported the second-fastest gain in annual sales values among provinces, behind Newfoundland and Labrador (+24.4%). National sales values were up 10.0% to $107.75 billion in 2024. 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 3.2% in 2024 , the fastest growth in average unit price. National average prices were up 0.9% with increases in all provinces except Prince Edward Island and Ontario.
The average unit price of a new motor vehicle sale in Nova Scotia was $50,995 in 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 $56,276 with the highest values in Alberta and Saskatchewan.
Annual 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 were up more for North American manufacturers' compared to overseas in 2024. Price growth was slightly stronger for trucks/SUVs than for passenger cars.
Trucks/SUVs make up the bulk of the market in Nova Scotia. In 2024, trucks/SUVs accounted for 85.9% of vehicles sold in Nova Scotia and 89.3% of sales values. North American manufacturers accounted for 69.9% of unit sales and 72.9% of sales values in Nova Scotia.
Year-over-year (December 2024 vs December 2023, unadjusted)
Compared with December 2023, Nova Scotia unit sales of new vehicles (+5.2%) grew at about the same pace as the national average. Sales were up in all provinces except British Columbia. Manitoba reported the fastest increase.
The sales values of new vehicles increased 17.2% in Nova Scotia from December 2023 to December 2024. National sales values were up 8.4% with gains in all provinces except Alberta and British Columbia. Québec reported the fastest year-over-year gains in vehicle sales values.
Compared to December 2023, average unit prices were up 11.4% in Nova Scotia in December 2024 - the fastest increase among provinces. Average unit prices were up 3.1% nationally with increases in all provinces except Alberta.
The average price of a new vehicle in December was $57,210 in Nova Scotia - fourth lowest among provinces ahead of the other Atlantic provinces. Nationally, the average price of a new vehicle was $59,658 in December with the highest values in Saskatchewan, Alberta and British Columbia.
Compared with December 2023, unit sales were up for trucks/SUVs along with both overseas and North American manufacturers. Unit sales of passenger cars were down. Sales values were up year-over-year for trucks/SUVs, North American manufacturers and overseas manufacturers, but down for passenger cars. Unit price growth for overseas manufactured vehicles and trucks/SUVs were faster than for North American manufactured vehicles and passenger cars.
In December 2024, trucks/SUVs accounted for 87.7% of unit sales and 90.9% of sales values. North American manufacturers accounted for 72.8% of Nova Scotia's unit sales and 75.3% of sales values in December 2024.
Trends
Unit sales of new motor vehicles typically contract during the winter months. Nova Scotia's unit sales of 3,352 in December 2024 were stronger than those reported in the same month of any year since 2015.
With increases in prices for new vehicles along with recovering volumes, Nova Scotia's December 2024 motor vehicle sales were above comparable months in previous years. Lower unit sales, however, reduced the dollar value of Nova Scotia new motor vehicle sales in December below levels observed during the summer.
Nova Scotia average unit prices have started to rise again after stabilizing in the early months of 2024, with a particularly sharp appreciation in the last month.
Across Canada, national unit sales were up compared the same month in the previous years.
National sales values for December 2024 were higher than the same time in previous years.
National average unit sales prices stabilized from the beginning of 2023 to early 2024, but have started to rise again through the latter part of the year.
There has been a steady trend of increasing market share for trucks/SUVs while the market 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. Prices for passenger cars had plateaued, but have started to rise again in recent months.
Prices for vehicles from overseas manufacturers have started to rise sharply in recent months, as have prices for North American manufacturers.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales
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