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February 14, 2024NEW MOTOR VEHICLE SALES, DECEMBER AND ANNUAL 2023 Annual (2023 vs 2022, unadjusted)
In 2023, Nova Scotia's new motor vehicle unit sales increased 7.0% when compared to 2022. The 41,785 new motor vehicles sold had a sales value of $2.062 million up 13.9% from 2022.
National new motor vehicles unit sales increased 11.6%. Canada's 1,739,270 new motor vehicles sold in 2023 represent a sales value of $96.74 billion, up 18.9% from 2022.
Unit sales were up in ten provinces where Alberta and British Columbia posted the largest increases in unit sales. Saskatchewan reported the slowest growth.
New motor vehicle sales values were up in all provinces. Prince Edward Island reported the fastest gains in sales values while Manitoba reported the slowest growth rate.
Annual gains in unit sales were reported for trucks/SUVs as well as for both North American and overseas manufacturers. Only passenger cars reported declining unit sales (reflecting a long-standing shift in the market to more trucks/SUVs). Sales values were up for both trucks/SUVs and passenger cars. Unit sales were up more for North American manufacturers than overseas manufacturers, but sales values were up more for overseas manufactures than for North American.
Trucks and SUVs make up the bulk of the market in Nova Scotia. In December 2023, trucks/SUVs accounted for 85.8% of vehicles sold in Nova Scotia and 89.1% of sales values.
North American manufacturers accounted for 72.2% of unit sales and 75.2% of sales values in Nova Scotia in December 2023.
Year-over-year (December 2023 vs December 2022, unadjusted)
Compared with December 2022, Nova Scotia reported the only decline (-0.7%) in unit sales of new vehicles. National unit sales were up 16.3% with gains in nine provinces. British Columbia and Newfoundland and Labrador posted the fastest gains in year-over-year unit sales.
The sales values of new vehicles increased 3.8% in Nova Scotia from December 2022 to Decemebr 2023 - the slowest gain among provinces. National sales values were up 21.1%. British Columbia reported the fastest year-over-year growth in new vehicle sales values.
Unit vehicle sales were down in December 2023 compared with the same month last year, and remained well below pre-pandemic levels.
Nova Scotia's motor vehicle sales values typically peak in the spring months. Motor vehicle sales values in December 2023 were above those reported in the same month of 2022, and rose above pre-pandemic levels.
Across Canada, national unit sales were up compared the same month in the previous year, and were around the same level for the same months as prior to the pandemic.
National sales values for December 2023 were higher than the same time last year, and exceed sales values reported in the month of December prior to the pandemic.
Average Prices
The average sale price of a new motor vehicle in Nova Scotia was up 6.5% in 2023 when compared to 2022. National average prices were up 6.6% with increases in all provinces led by Prince Edward Island.
The average unit price of a new motor vehicle in Nova Scotia was $49,350 in 2023. This was the third lowest among provinces (ahead of Newfoundland and Labrador and Prince Edward Island). The national average unit price for a new motor vehicle was $55,621 with the highest values in Alberta and Saskatchewan.
In 2023, average prices were notably higher for trucks/SUVs than for passenger cars. For Nova Scotia note the unusual spike in average unit price for passenger cars in March 2023. This is related in part to the doubling of passenger car sales values in that month.
Average prices were also higher for North American manufacturers than for overseas manufacturers.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales
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