04.21.2026

Market Insights – 4/21/26

Wholesale Prices, Week Ending April 18th,2026

The Canadian used wholesale market saw a decline of -0.25% in pricing for the week. Car segments prices decreased by -0.26% while the Truck/SUV segments decreased by -0.25% overall. Full-Size Pickup segment saw the biggest increase of +0.47%. The largest declines in the Car segments were seen in Sub-Compact Car at -0.81% and Prestige Luxury Car with -0.53%. The largest declines in the Truck/SUV segments were Full-Size Van with -1.10% followed by Full-Size Crossover/SUV at -0.53%.

Car Segments

• Last week car values softened by 0.26%, with the overall market showing a modest decline.
• The largest depreciations came from Sub-Compact Car (-0.81%), Prestige Luxury Car (-0.56%), and Compact Car (-0.43%).
• The smallest declines and increased segments were Sporty Car (0.00%), Premium Sporty Car (+0.01%), and Full-Size Car (+0.15%).

Truck / SUV Segments

• Last week truck values softened by 0.25%, with the overall market posting a slight decline.
• The largest depreciations were in Full-Size Van (-1.10%), Full-Size Crossover/SUV (-0.53%), and Sub-Compact Luxury Crossover/SUV (-0.46%).
• Segments with an upswing were Minivan (+0.01%), Small Pickup (+0.13%), and Full-Size Pickup (+0.47%).

Wholesale

Downward momentum in the Canadian market picked up slightly, with a somewhat steeper decrease than last week. A 0.18% shift in car segment values resulted in an overall change of -0.26%. Truck segment values presented an 0.03% shift, resulting in an overall change of –0.25%. Just over 36% of market segments saw average value movements greater than ±$100. Auction sale rates across watched lanes ranged from 29.2% to 76.2%, resulting in a 47.7% average. Sales rates across auction lanes continue to fluctuate, driven by political factors and sellers supporting firm floor prices. Auction inventory has returned to normal 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 $37,400. This analysis is based on approximately 199,000 used vehicles listed for sale on Canadian dealer lots.

Market Insights

Economics & Government

• The federal government announced a suspension of the excise tax on gasoline,
  diesel and aviation fuel from April 20 to the end of the Labour Day long
  weekend. The tax suspension is expected to save consumers around 10 cents
  per litre for gasoline and 4 cents per litre on diesel.
• The yield on Canadian 10-year government bonds have increased slightly to
  3.30%.
• The Canadian dollar is around $0.729 this Monday morning, an increase from
  $0.724 a week prior.

U.S. Market

• The wholesale market remained stable but selective last week, with modest price gains across both car (+0.15%) and truck (+0.17%) segments despite a slight dip in conversion rates. Demand continues to center on late-model SUVs and well-positioned units, while buyers show increasing discipline and sensitivity to vehicle-specific factors. Overall, conditions reflect a balanced but uneven market, where performance is driven more by individual unit attributes than broad segment momentum.

Industry News

• ZEV sales in February grew by 47.2% year-over-year, to 10.2%as the federal government introduced its Electric Vehicle Affordability Program (EVAP) on February 16th. This comes more than a year after the iZEV rebate was unexpectedly stopped.
• Toyota Canada will be investing $300 million to build a new head office and two new parts distribution centres to be built over the next 3 years. The new head office will remain in the same location in Toronto but with a new 225,000 sq. ft. building on a new piece of the land.
• With BMW’s Neue Klasse iX3 already released and the iX5 around the corner, the brand will be discontinuing its iX electric SUV in the U.S. market. No word yet on if Canadian operations will follow.
• Luxury EV brand, Lucid has named a new CEO who will take over for interim-CEO Marc Winteroff. After a year-long search, industrial executive, Silvio Napoli who held leadership positions at Schindler Group has been appointed to head up the brand starting immediately.
• International Energy Agency chief, Fatih Birol said it could take up to 2 years to restore the share of oil and gas production impacted from the Iran war. In reopening the Strait of Hormuz, there are still other factors like facilities repair and restarting output that require addressing as well.
• Toyota and Honda Canada have formed the Pacific Manufacturing Association of Canada (PMAC) to lobby on manufacturing and trade issues as together they produce around 75% of Canadian-built vehicles.
• After the U.S. Supreme Court assigned tariff payments as unconstitutional, carmakers and suppliers can begin requesting refunds estimated around $20 billion, starting April 20th.