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June 14, 2024NEW MOTOR VEHICLE SALES, APRIL 2024 Year-to-date (January-April 2024 vs January-April 2023, unadjusted)
Nova Scotia reported the largest gain (+23.5%) in unit sales of new vehicles among all provinces. In the first four months of 2024, Nova Scotia sold 14,857 new motor vehicles. National unit sales were up 16.0% to 600,203 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 23.9% in Nova Scotia from January-April 2023 to January-April 2024 ($722.4 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 14.1% to $32.8 billion in the first four 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 April 2024, trucks/SUVs accounted for 83.9% of vehicles sold in Nova Scotia and 87.5% of sales values.
North American manufacturers accounted for 71.1% of unit sales and 73.0% of sales values in Nova Scotia in April 2024.
Year-over-year (April 2024 vs April 2023, unadjusted)
Compared with April 2023, Nova Scotia reported the second largest gain (and tied with Prince Edward Island, +22.0%) in unit sales of new vehicles among all provinces. National unit sales were up 15.7%, with gains in all provinces. Saskatchewan had the strongest year-over-year growth in unit sales while Ontario had the slowest.
The sales values of new vehicles increased 28.8% in Nova Scotia from April 2023 to April 2024. National sales values were up 17.8% with gains in all provinces. Year-over-year growth was fastest in Saskatchewan and slowest in Ontario.
In April 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 April 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 April 2024 were higher than the same time in previous years.
Average prices (January-April 2024 vs January-April 2023)
The average sale price of a new motor vehicle in Nova Scotia was up 0.3% in the first four months of 2024 when compared to same period in 2023. National average prices were down 1.6% with declines in five provinces led by Prince Edward Island. The fastest year-to-date increase in motor vehicle unit prices was reported in New Brunswick.
The average unit price of a new motor vehicle in Nova Scotia was $48,622 over January-April 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 $54,671 with the highest values in Alberta and Saskatchewan.
Through January-April 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. In April, the average unit price for overseas manufactured vehicles increased.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales
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