11.18.2025

Market Insights – 11/18/25

Wholesale Prices, Week Ending November 15th, 2025

The Canadian used wholesale market saw a decline of -0.44% in pricing for the week. Car segments prices decreased by –0.34% while the Truck/SUV segments decreased by -0.53%. Full-Size Luxury Crossover/SUV was the only positive segment this week at +0.14%. The largest declines in the Car segments were seen in Full-Size Car at -2.14% and Compact Car with -0.49%. The largest declines in the Truck/SUV segments were Minivan with -1.19% followed by Mid-Size Crossover/SUV at -1.09%.

Car Segments

• Last week there was an overall depreciation of -0.34% recorded in car values. All segments reflected a downward direction.
• The largest declines were noted Full-Size Car (-2.14%) followed by Compact Car (-0.49%) and Near Luxury Car (-0.39%). Mid-Size Car and Sporty Car had the same depreciation (-0.38%).
• The smallest declines were noted in Sporty Car (-0.15%) and Sub-Compact Car (-0.23%).

Truck / SUV Segments

• Last week, truck segments declined -0.53% overall. Twelve of the thirteen segments posted a drop in values.
• Those with the largest depreciations were seen in Minivan (-1.19%), Mid-Size Crossover/SUV (-1.09%), Compact Van (-0.88%) and Mid-Size Luxury Crossover/SUV (-0.87%).
• One segment opposed the trend with an increase in values. That segment was Full-Size Luxury Crossover/SUV (+0.14%).

Wholesale

The Canadian market’s decline has intensified, showing a steeper drop over last week’s decline. Car segment values shifted by 0.08% this week, bringing the total decline to –0.34%. Truck segment values showed a larger change of 0.16%, resulting in an overall decline of –0.53%. Just under 64% of market segments recorded an average value change exceeding ±$100. Sale rates across monitored auctions ranged from 21.2% to 61.1% averaging at 36.8%. Sales rates across auction lanes have shown ongoing fluctuations, influenced by economic uncertainty, political factors, and sellers maintaining firm floor prices. Supply has stabilized and returned to regular levels; however, upstream channels continue to hold priority sale access to inventory. Buyer demand for high-quality vehicles at auctions on both sides of the border persists.

Used Retail Prices & Listing Volume

The average listing price for used vehicles is slightly decreasing, as the 14-day moving average was at $37,000. This analysis is based on approximately 213,110 used vehicles listed for sale on Canadian dealer lots.

Market Insights

Economics & Government

• Building permits in Canada increased by 4.5% month-over-month to $11.7 billion
  in September 2025, rebounding from a 1.2% decline in August and exceeding
  market expectations of a 1% rise. The gain was supported by growth in both the
  residential (+4.8%) and non-residential (+4.0%) sectors.
• Canada’s wholesale trade grew by 0.6% month-over-month to $85.9 billion in
  September 2025, marking the sixth increase in nine months. The gain reversed a
  1.2% decline in August and exceeded initial estimates that had projected no
  change.
• Canada’s manufacturing sales rose by 3.3% month-over-month to $72.1 billion in
  September 2025, rebounding from a 1% decline in August and surpassing market
  expectations of a 2.8% increase.
• The yield on the Canadian 10-year government bond increased to 3.21%.
• The Canadian dollar is around $0.714 this Monday morning, up slightly from
  $0.713 a week prior.

U.S. Market

• The market remains unsettled, posting another week of declines exceeding 1%, largely driven by mainstream segments. At auctions, analysts noted 2025 models with higher mileage being sold to clear aging inventory, while OEMs are delaying 2026 launches amid elevated 2025 stock levels.

Industry News

• Canadian Black Book’s annual TalkAuto conference took place this past Wednesday, providing 300+ industry attendees a premier event focused on “Driving Industry Revolution Through Innovation”. Sessions on the car market, credit and fraud risk, the economy, as well as how dealers see today’s market and the ability for Canada to move forward on ZEVs, and what’s to come for the industry in this new geopolitical age.
• GM Canada President, Kristian Aquilina will be moving on to a new role as Global Vice President of Cadillac, as previous Cadillac VP, John Roth moves on to become President of the carmakers Chinese operations. No replacement has been named for GM Canada President yet.
• Nissan will be resuming imports of Pathfinder, Murano, and Frontier models to Cananda this Spring, after assembly was put on hold due to tariffs back in May.
• The 2026MY Nissan Pathfinder will come back to market with a smaller lineup of 2 trims down from 6, with the two lowest priced variants no longer available. With its minor refresh, the Pathfinder gets upgraded looks and an improved screen layout inside.
• On November 18th, VW brand’s EVs will be able to charge at Tesla’s network of Superchargers, with an approved charge adapter for older models.
• Kia lifted the sheet on its new generation Telluride, which continues to share its platform with sister company Hyundai’s Palisade that was released earlier this year. The Telluride utilizes a new design language that reflects a Range Rover-esque rear fascia, but retains its rugged, boxy shape.
• Mitsubishi will be making a “strategic shift” to its product plan that is focused on “significantly strengthening” the brand’s potential in the N.A. market.