11.04.2025

Market Insights – 11/4/25

Wholesale Prices, Week Ending November 1st, 2025

The Canadian used wholesale market saw a decline of -0.41% in pricing for the week. Car segments prices decreased by –0.40% while the Truck/SUV segments decreased by -0.41%. There was no positive segment this week. The largest declines in the Car segments were seen in Full-Size Car at -0.85% and Sporty Car with -0.67%. The largest declines in the Truck/SUV segments were Minivan with -0.97% followed by Full-Size Pickup at -0.94%.

Car Segments

• Last week there was an overall depreciation of -0.40% recorded in car values. All segment groups reflected this movement.
• Those with the largest downfall were Full-Size Car (-0.85%), Sporty Car (-0.67%), Near Luxury Car (-0.53%) and Luxury Car (-0.51%).
• The smallest declines were noted in Premium Sporty Car (-0.12%) and Compact Car (-0.26%).

Truck / SUV Segments

• Last week truck segments witnessed an overall decline of -0.41%. All thirteen segments echoed this.
• Segment groups with the largest drops were Minivan (-0.97%), Full-Size Pickup (-0.94%), Compact Crossover (-0.62%) and Full-Size Crossover/SUV (-0.60%).
• The least notable depreciation categories were Compact Van (-0.09%), Sub-Compact Luxury Crossover and Small Pickup(-0.11%).

Wholesale

The downward momentum in the Canadian market has intensified, with a sharper decline than seen last week. Truck segment values shifted by 0.11%, bringing the total decline to –0.41%. Car segment values recorded a larger change of 0.19%, pushing the overall decline to –0.40%. Just under 55% of market segments recorded an average value change exceeding ±$100. The week’s monitored auction sale rates ranged from 13.5% to 61.3%, averaging at 23.5%. 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 $37,260. This analysis is based on approximately 220,000 used vehicles listed for sale on Canadian dealer lots.

Market Insights

Economics & Government

• The Bank of Canada lowered its benchmark overnight rate by 25 basis points to
  2.25% at its October 2025 meeting, in line with market expectations, and signaled
  that it is likely finished with its rate-cutting cycle, assuming its baseline economic
  outlook remains intact amid ongoing uncertainty.
• The S&P Global Canada Manufacturing PMI rose to 49.6 in October from 47.7 in
  September, indicating only a slight deterioration in manufacturing conditions and
  marking the slowest pace of contraction since January.
• Canada’s government recorded a budget deficit of $3.28 billion in August 2025,
  up from a $2.5 billion shortfall in the same month of 2024.
• The yield on the Canadian 10-year government bond increased to 3.10%.
• The Canadian dollar is around $0.711 this Monday morning, down slightly from
  $0.712 a week prior.

U.S. Market

• The acceleration in depreciation that began two weeks ago continued to intensify last week, as overall market values declined by more than 1%. Newer 0–2-year-old units saw the steepest losses, falling -1.07%, while older 8–16-year-old vehicles also experienced increasing depreciation, though at a slower pace, down -0.66%.

Industry News

• As more EVs are launching for the Canadian market, news of certain models not coming stateside are becoming more frequent. First the Kia EV5 will only be sold in Canada, and now the Kia EV4 will join sedan will not be sold in the U.S. as it was initially decided to do so. No word has been said yet on whether the upcoming subcompact EV3 electric crossover will follow suit.
• The Ram band has begun chartering unfamiliar waters, as the brand has announced it will sell its first SUVin 2028. To be built in Warren, Mich. The SUV will feature a gas and range-extended hybrid powertrain.
• Nexperia, a semiconductor chip maker, is under a shortage due to implications of trade policy, which has triggered a global automotive supply alarm that has some OEMs like Nissan concerned. However, Toyota says it faces no immediate shortage from the semiconductor disruption.
• The 2026 Jeep Grand Cherokee has announced that it will debut with its new Hurricane 4 turbo engine, which offers more power and torque along with greater fuel economy than the Pentastar V6 it succeeds. It will not sacrifice towing capacity in the transition to 4-cylinder power either, staying with 6,200lbs. A version of the V6 will still be sold alongside the Hurricane 4, also powering the 4xe plug-in hybrid variant.
• Genesis motors turns 10. The luxury arm of Korean automaker, Hyundai, has sold vehicles in Canada to critical acclaim, undercutting European luxury brands with quality and service matching and at times surpassing what is on offer. As Genesis focuses on performance, it looks to tap into the branding of ‘Magma’, which it introduced in March 2024 and introduces to the electric GV60 next year.