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November 14, 2023NEW MOTOR VEHICLE SALES, SEPTEMBER 2023 Year-to-date (January-September 2023 vs January-September 2022, unadjusted)
In the first nine months of 2023, Nova Scotia's new motor vehicle unit sales increased 5.7% when compared to the same period in 2022. The 31,055 new motor vehicles sold had a sales value of $1,525.1 million up 13.3% from January-September 2022.
National new motor vehicles unit sales increased 10.5%. Canada's 1,316.3 new motor vehicles sold in the first nine months of 2023 represent a sales value of $72.87 billion, up 18.1% from January-September 2022.
Unit sales were up in ten provinces where Ontario and Alberta posted the largest increases in unit sales.
New motor vehicle sales values were up in all provinces. Prince Edward Island and Ontario reported the fastest gains in sales values while Saskatchewan reported the slowest growth.
Year-to-date 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 as well as sales values were up more for overseas manufacturers than for North American manufacturers.
Trucks and SUVs make up the bulk of the market in Nova Scotia. In September 2023, trucks/SUVs accounted for 81.7% of vehicles sold in Nova Scotia and 85.8% of sales values.
North American manufacturers accounted for 71.2% of unit sales and 74.0% of sales values in Nova Scotia in September 2023.
Year-over-year (September 2023 vs September 2022, unadjusted)
Compared with September 2022, Nova Scotia unit sales of new vehicles were up 28.1%. National unit sales were up 16.5% with gains in ten provinces. Nova Scotia and Prince Edward Island posted the fastest gains in year-over-year unit sales. The smallest growth was reported in Saskatchewan.
The sales values of new vehicles increased 38.0% in Nova Scotia from September 2022 to September 2023. National sales values were up 23.0% with gains in all provinces. Prince Edward Island, Nova Scotia and Alberta reported the fastest gains.
September 2023 unit sales in Nova Scotia were above those of the same month in 2022, but they were well below pre-pandemic sales levels.
Nova Scotia's motor vehicle sales values typically peak in the spring months. Motor vehicle sales values in September 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 September 2021, but were below levels from the same month in the years prior to the pandemic.
National sales values for September 2023 were higher than the same time last year, and even exceed sales values reported in the month of September prior to the pandemic.
Average Prices
The average sale price of a new motor vehicle in Nova Scotia was up 7.2% in the first nine months of 2023 when compared to the same period in 2022. National average prices were up 6.9% with increases in all provinces led by Prince Edward Island.
The average unit price of a new motor vehicle in Nova Scotia was $49,111 in the first nine months of 2023. This was the second lowest among provinces (ahead of Newfoundland and Labrador). The national average unit price for a new motor vehicle was $55,358 with the highest values in Alberta and Saskatchewan.
In the first nine months of 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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