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August 15, 2024NEW MOTOR VEHICLE SALES, JUNE 2024 Year-to-date (January-June 2024 vs January-June 2023, unadjusted)
Nova Scotia reported the second-largest gain (+19.0%) in unit sales of new vehicles among the provinces, just behind Newfoundland and Labrador(+19.3%). In the first six months of 2024, Nova Scotia sold 24,319 new motor vehicles. National unit sales were up 11.0% to 952,915 units. Unit sales were up in all provinces. British Columbia had the slowest year-to-date growth in unit sales.
The sales values of new vehicles increased 21.3% in Nova Scotia from January-June 2023 to January-June 2024 ($1.2 billion). Nova Scotia reported the second-fastest gain in year-to-date sales values among provinces, behind New Brunswick. National sales values were up 10.5% to $52.79 billion in the first six months of the year. Sales values were up in all provinces with Prince Edward Island 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 trucks/SUVs than for passenger cars. 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 June 2024, trucks/SUVs accounted for 86.2% of vehicles sold in Nova Scotia and 89.6% of sales values.
North American manufacturers accounted for 69.7% of unit sales and 72.2% of sales values in Nova Scotia in June 2024.
Year-over-year (June 2024 vs June 2023, unadjusted)
Compared with June 2023, Nova Scotia (+4.0%) reported gains above the national average in unit sales of new vehicles among all provinces. National unit sales were down 0.9%. Manitoba had the strongest year-over-year growth in unit sales.
The sales values of new vehicles increased 3.7% in Nova Scotia from June 2023 vs June 2024, above the national average. National sales values were up 2.2% with gains in all provinces except British Columbia, Alberta, and Prince Edward Island.
With increases in prices for new vehicles along with recovering volumes, Nova Scotia's June 2024 motor vehicle sales were above comparable months in the previous four years.
Across Canada, national unit sales were down compared the same month in the previous year.
National sales values for June 2024 were higher than the same time in previous years.
Average prices (January-June 2024 vs January-June 2023)
The average sale price of a new motor vehicle in Nova Scotia was up 1.9% in the first six months of 2024 when compared to same period in 2023, the second-fastest growth in average unit price behind New Brunswick (+3.1%). National average prices were down 0.4% with declines in three provinces led by Prince Edward Island.
The average unit price of a new motor vehicle in Nova Scotia was $49,678 over January-June 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 $55,399 with the highest values in Alberta and Saskatchewan.
Through January-June 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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