12.09.2025

Market Insights – 12/9/25

Wholesale Prices, Week Ending December 6th, 2025

The Canadian used wholesale market saw a decline of -0.78% in pricing for the week. Car segments prices decreased by –0.43% while the Truck/SUV segments decreased by -0.78%. The largest declines in the Car segments were seen in Sub-Compact Car at -1.21% and Full-Size Car with -1.20%. The largest declines in the Truck/SUV segments were Compact Van with -2.10% followed by Full -Size Pickup at -1.54%.

Car Segments

• Overall, car values eased by -0.43%, with all nine segments reflecting declines.
• The largest depreciations were seen in Sub-Compact Car (-1.21%), Full-Size Car (-1.20%),Compact Car (-1.11%) and Mid-Size Car (-1.06%).
• Premium Sporty Car (-0.21%) and Sporty Car (-0.24%) recorded the smallest declines last week.

Truck / SUV Segments

• Truck segments experienced an overall decline of -0.78% in values last week. All thirteen segments showed a softening.
• The largest depreciations were noted in Compact Van (-2.10%), Full-Size Pickup (-1.54%), Sub-Compact Crossover (-1.49%) and Full-Size Luxury Crossover/SUV (-1.22%).
• Those with the smallest drops were Compact Crossover/SUV (-0.30%) and Mid-Size Luxury Crossover/SUV (-0.32%).

Wholesale

While the Canadian market continues trending downward, the rate of decline has intensified in comparison to last week’s results. Truck segment values shifted by 0.34%, bringing the total decline to –0.78%. Car segment values recorded a 0.18% adjustment, bringing the total decline to –0.43%. Just over 86% of market segments recorded an average value change exceeding ±$100. Monitored auction sale rates this week varied between 15.8% and 54.7%, averaging at 39.7%. 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 $36,825. This analysis is based on approximately 197,980 used vehicles listed for sale on Canadian dealer lots.

Market Insights

Economics & Government

• Canada’s unemployment rate declined to 6.5% in November 2025 from 6.9% in
  October, marking a 16-month low and sharply defying expectations of a rise to
  7%.
• Canadian business labor productivity increased by 0.9% quarter-over-quarter in
  Q3 2025, rebounding from a 1.0% decline in Q2 and outperforming expectations
  for a 0.4% gain.
• Canada’s Ivey Purchasing Managers Index dropped to 48.4 in November 2025
  from 52.4 in October, falling well short of market expectations of 53.6.
• The S&P Global Canada Manufacturing PMI declined to 48.4 in November from
  49.6 in October, signaling a modest deterioration in factory activity and extending
  the sector’s contraction to a tenth consecutive month.
• The yield on the Canadian 10-year government bond increased to 3.34%.
• The Canadian dollar is around $0.722 this Monday morning, up slightly from
  $0.715 a week prior.

U.S. Market

• Following the Thanksgiving slowdown, depreciation resumed across much of the market; however, the pace of declines remained moderate and did not return to the steep drops—over 1% per week—seen in late October and early November. Current depreciation rates are consistent with typical seasonal patterns for this time of year, reflecting the impact of elevated new-car incentives and the resulting pressure on used-vehicle values.

Industry News

• Canadian auto sales were down in November. As the car market continues to decelerate from its early pace this year, sales decreased 8.6% last month after an arguably strong 2024 comparison helped along by Quebec consumers’ race to purchase EVs late in the year. This still brought the estimated SAAR provided by Desrosiers to 1.87 million units expected for the year.
• BMW will be launching its next generation of EV technology in its upcoming 2027 iX3 next year. Incorporating an 800V architecture for the first time, range estimates of 400 miles (or 643km) are expected as the RWD variant makes 463hp and 476lb.ft. of torque. Pricing will be released in early 2026.
• Toyota took the wraps off two new supercars, as it re-enters the space laid vacant after the famed Lexus LFA sold over a decade ago. The GR GT will be Toyota’s halo car powered by a 4.0L V8 producing 641hp and will support racing efforts from the brand with a GT3-spec version. Lexus will take that platform and bring a fully electric version of the model, bringing back that historically significant LFA nameplate.
• Hyundai Canada has named Ken Maisonville as its COO, in a newly created post for the brand in Canada. Ken has served more than 25 years with Hyundai Auto Canada, holding many leadership roles along the way.
• Industry Minister of Canada, Melanie Joly has served Stellantis a ‘notice of default’ for its shift in production from Canadian assembly plants to the U.S., as this breached contracts from the federal government.