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September 16, 2024NEW MOTOR VEHICLE SALES, JULY 2024 Year-to-date (January-July 2024 vs January-July 2023, unadjusted)
Nova Scotia reported the second-largest gain (+20.9%) in unit sales of new vehicles among the provinces, behind Newfoundland and Labrador(+23.5%). In the first seven months of 2024, Nova Scotia sold 28,819 new motor vehicles. National unit sales were up 11.3% to 1,119,825 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 22.8% in Nova Scotia from January-July 2023 to January-July 2024 (rising to $1.44 billion). Nova Scotia reported the second-fastest gain in year-to-date sales values among provinces, behind Newfoundland and Labrador (+23.9%). National sales values were up 11.0% to $62.09 billion in the first seven months of the year. Sales values were up in all provinces with British Columbia reporting the slowest year-to-date growth.
The average sale price of a new motor vehicle in Nova Scotia was up 1.6% in the first seven months of 2024 when compared to same period in 2023, the second-fastest growth in average unit price behind New Brunswick (+2.4%). National average prices were down 0.3% with declines in three provinces led by Prince Edward Island.
The average unit price of a new motor vehicle in Nova Scotia was $49,812 over January-July 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 $55,443 with the highest values in Alberta and Saskatchewan.
Year-to-date gains in unit sales and sales values were reported for trucks/SUVs, passenger cars, North American manufacturers and overseas manufacturers. Growth was faster for trucks/SUVs than for passenger cars while overseas manufacturers' gains outpaced those of North American manufacturers.
Average unit prices for passenger cars as well as for overseas manufacturers' vehicles declined comparing January-July 2024 with the same months of 2023. Prices for trucks/SUVs as well as for North American manufacturers' vehicles were up.
Trucks/SUVs make up the bulk of the market in Nova Scotia. Through the first seven months of 2024, trucks/SUVs accounted for 87.6% of vehicles sold in Nova Scotia and 90.0% of sales values. North American manufacturers accounted for 69.6% of unit sales and 72.8% of sales values in Nova Scotia on average from January-July 2024.
Year-over-year (July 2024 vs July 2023, unadjusted)
Compared with July 2023, Nova Scotia (+30.9%) reported gains above the national average in unit sales of new vehicles. National unit sales were up 14.3%. Newfoundland and Labrador had the strongest year-over-year growth in unit sales while British Columbia reported the slowest growth.
The sales values of new vehicles increased 30.4% in Nova Scotia from July 2023 to July 2024. National sales values were up 15.1% with gains in all provinces led by Newfoundland and Labrador (lagging: British Columbia).
Compared to July 2023, average unit prices were down 0.4% in Nova Scotia in July 2024. Average unit prices were up 0.7% nationally despite declines in 7 provinces as prices were up year-over-year in Canada's largest provinces: Ontario, Québec and British Columbia. Prince Edward Island reported the largest year-over-year decline in average new vehicle prices in July.
The average price of a new vehicle in July was $50,753 in Nova Scotia - third lowest among provinces ahead of Prince Edward Island and Newfoundland and Labrador. Nationally, the average price of a new vehicle was $55,855 in July with the highest value in Alberta.
Compared with July 2023, Nova Scotia unit sales of passenger vehicles were down in July 2024. However, a price increase of 6.0% meant that sales values for passenger vehicles were up year-over-year in Nova Scotia. Year-over-year unit sales and sales values were up substantially for trucks/SUVs as well as for North American and overseas manufacturers (despite lower average prices for both North American and overseas manufacturers).
In July 2024, trucks/SUVs accounted for 85.0% of unit sales and 88.6% of sales values. North American manufacturers accounted for 69.6% of Nova Scotia's unit sales and 72.6% of sales values in July 2024.
Trends
Nova Scotia's unit sales of 4,444 were stronger than those reported in 2022 and 2023, but below July levels from 2015-2019.
With increases in prices for new vehicles along with recovering volumes, Nova Scotia's July 2024 motor vehicle sales were above comparable months in the previous four years.
Nova Scotia average unit prices have stabilized in the last year after faster growth in 2022 and 2023.
Across Canada, national unit sales were up compared the same month in the previous year, but below the pace of sales for July from 2015-2019.
National sales values for July 2024 were higher than the same time in previous years.
National average unit sales prices have stabilized since the beginning of 2023.
There has been a steady trend of increasing market share for trucks/SUVs while the share of passenger cars declines.
There has been a slow decline in market share for North American manufacturers while overseas manufacturers' market share rises.
Prices for trucks/SUVs (the bulk of the market) continue to rise while prices for passenger cars have pleateaued.
Prices for vehicles from overseas manufacturers have stabilized in recent months.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales