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May 14, 2024NEW MOTOR VEHICLE SALES, MARCH 2024 Year-to-date (January-March 2024 vs January-March 2023, unadjusted)
Nova Scotia reported the largest gain (+24.1%) in unit sales of new vehicles among all provinces. In the first three months of 2024, Nova Scotia sold 10,401 new units. National unit sales were up 16.3% to 425,600 units. Unit sales were up in all provinces. Alberta had the slowest year-to-date growth in unit sales.
The sales values of new vehicles increased 21.8% in Nova Scotia from January-March 2023 to January-March 2024 ($501.8 million). Nova Scotia was only second to New Brunswick for the fastest gain in year-to-date sales values among provinces. National sales values were up 12.7% to $23.1 billion in the first three months of the year. Sales values were up in all provinces with Ontario reporting the slowest year-to-date growth.
Year-to-date gains in unit sales were reported for trucks/SUVs and passenger cars as well as for both North American and overseas manufacturers. Unit sales were up more for passenger cars than for trucks/SUVs. Unit sales and values were up considerably more for overseas manufacturers than North American manufacturers.
Trucks/SUVs make up the bulk of the market in Nova Scotia. In March 2024, trucks/SUVs accounted for 83.8% of vehicles sold in Nova Scotia and 87.4% of sales values.
North American manufacturers accounted for 69.4% of unit sales and 72.3% of sales values in Nova Scotia in March 2024.
Year-over-year (March 2024 vs March 2023, unadjusted)
Compared with March 2023, Nova Scotia reported the second largest gain (+21.2%) in unit sales of new vehicles among all provinces. National unit sales were up 12.5%, with gains in all provinces. New Brunswick had the strongest year-over-year growth in unit sales while Ontario had the slowest.
The sales values of new vehicles increased 18.8% in Nova Scotia from March 2023 to March 2024. National sales values were up 9.1% with gains in 9 provinces. Ontario reported negative year-over-year growth in new vehicle sales values.
In March 2024 Nova Scotia's unit vehicle sales increased to levels not seen since 2021.
With substantial increases in prices for new vehicles along with recovering volumes, Nova Scotia's March 2024 motor vehicle sales were well above comparable periods in previous years.
Across Canada, national unit sales were up compared the same month in previous years.
National sales values for March 2024 were higher than the same time in previous years.
Average prices (January-March 2024 vs January-March 2023)
The average sale price of a new motor vehicle in Nova Scotia was down 1.8% in the first three months of 2024 when compared to same period in 2023. National average prices were down 3.0% with declines in eight provinces led by Prince Edward Island. Only New Brunswick and Saskatchewan reported year-to-date increases in motor vehicle unit prices.
The average unit price of a new motor vehicle in Nova Scotia was $48,246 over January-March 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 $54,323 with the highest values in Alberta and Saskatchewan.
Through January-March 2024, average prices were notably higher for trucks/SUVs than for passenger cars.
Average prices were also higher for North American manufacturers than for overseas manufacturers, particularly as prices for overseas manufacturers have declined in recent months.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales
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