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July 15, 2024NEW MOTOR VEHICLE SALES, MAY 2024 Year-to-date (January-May 2024 vs January-May 2023, unadjusted)
Nova Scotia reported the largest gain (+23.0%) in unit sales of new vehicles among all provinces. In the first five months of 2024, Nova Scotia sold 19,851 new motor vehicles. National unit sales were up 13.9% to 784,906 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 26.2% in Nova Scotia from January-May 2023 to January-May 2024 ($985.2 million). Nova Scotia reported the fastest gain in year-to-date sales values among provinces. National sales values were up 12.5% to $43.2 billion in the first five 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 May 2024, trucks/SUVs accounted for 83.4% of vehicles sold in Nova Scotia and 88.1% of sales values.
North American manufacturers accounted for 72.1% of unit sales and 76.0% of sales values in Nova Scotia in May 2024.
Year-over-year (May 2024 vs May 2023, unadjusted)
Compared with May 2023, Nova Scotia reported the second largest gain (+21.7%) in unit sales of new vehicles among all provinces. National unit sales were up 7.5%, with gains in all provinces except British Columbia. Newfoundland and Labrador had the strongest year-over-year growth in unit sales.
The sales values of new vehicles increased 33.0% in Nova Scotia from May 2023 to May 2024, the largest gain among provinces. National sales values were up 7.9% with gains in all provinces except British Columbia.
In May 2024 Nova Scotia's unit vehicle sales increased to levels not seen since 2019.
With substantial increases in prices for new vehicles along with recovering volumes, Nova Scotia's May 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 May 2024 were higher than the same time in previous years.
Average prices (January-May 2024 vs January-May 2023)
The average sale price of a new motor vehicle in Nova Scotia was up 2.6% in the first five months of 2024 when compared to same period in 2023, the fastest growth in average unit price. National average prices were down 1.2% with declines in five provinces led by Prince Edward Island.
The average unit price of a new motor vehicle in Nova Scotia was $49,629 over January-May 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 $55,065 with the highest values in Alberta and Saskatchewan.
Through January-May 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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