10/4/2023 0 Comments Yahoo finance news canada![]() “Given wider inflationary trends throughout the economy, skyrocketing gas prices, and rising interest rates, any relief in prices is a welcome sign. The company's used vehicle retention index, which measures used prices compared to the original price, remained flat in May after posting a decline in April. "We haven't seen a month-over-month decline in a while, so we believe that prices are probably at the peak or very close to the peak and that there is going to be some sort of normalization starting pretty soon," Akyurek said.Ĭanadian Black Book, which tracks vehicle prices, echoed that sentiment, and said wholesale vehicle valuations have finally hit "a blip" after 20 months of record growth. and 0.4 per cent in Manitoba and Saskatchewan), it is the first decline seen in Canada in months. While the decreases were small (0.9 per cent in B.C. Where prices are softeningĭespite soaring prices, there are signs the market might be starting to normalize, Akyurek said, as the average price of vehicles declined on a monthly basis in British Columbia, Manitoba and Saskatchewan. Akyurek said anecdotal evidence suggests that dealers from outside the province have been purchasing vehicles from Quebec as a way to boost inventory and meet increasing demand levels. One province that saw used vehicle prices surge at a faster rate than other regions is Quebec, where used cars are typically cheaper than in the rest of the country. Autotrader said minivan prices in particular increased at a faster rate than the cost of trucks (up 13.2 per cent year-over-year) and SUVs (up 12.2 per cent year-over-year) due to a 56 per cent annual decline in inventory. For example, the average price of a new minivan in Canada hit $59,592 in April, a 44.2 per cent increase from the previous year. The price increases have been especially prominent for larger vehicle categories, including light-duty trucks, SUVs and minivans. Vehicle prices have been on a tear since the COVID-19 pandemic struck and disrupted supply chains, leaving dealerships with depleted inventories as demand surged and more people turned to private vehicle ownership. ![]() "We're still seeing in the market a supply and demand mismatch, so prices have remained on the higher side," Baris Akyurek, Autotrader's director of analytics, said in an interview. ![]() The cost of a used vehicle also increased in May, reaching an average price of $37,984, up 36.4 per cent from 2021 and nearly 1 per cent from the previous month. (Getty Images)īuying a car continues to be a costly endeavour in Canada, with the price of used and new vehicles reaching new record highs in May, according to Autotrader.Īutotrader said the average price of a new vehicle in Canada reached $54,048 in May, a 17.3 per cent increase from last year and up slightly more than 1 per cent from April, when prices last hit a record high. They also discuss the government’s plan to provide inflation relief for Canadians and what to expect out of the new session of parliament, including the challenges ahead for both Prime Minister Justin Trudeau and new opposition leader Pierre Poilievre.The average price of a new vehicle in Canada reached $54,048 in May, a 17.3 per cent increase from last year. It’s unsustainable.” On this episode of Editor’s Edition, Speer and Yahoo Finance Canada’s Alicja Siekierska discuss Biden’s comments about moving on from the COVID-19 pandemic, as well as why China is continuing to pursue a COVID-zero policy. It doesn’t mean we should be reckless or irresponsible, but we were taking extraordinary steps… things that are extraordinary can’t become ordinary. “But I think in a lot of ways, the President was saying something that I think a lot of people want to hear, which is that we need to ultimately move on. “Too many people died, too many people faced financial hardship, and I think there's going to be ongoing challenges with respect to educational loss and mental health issues,” Speer said. While some public health officials have taken issue with Biden’s declaration, the Public Policy Forum’s Sean Speer says the comment is something to be proud of, as it reinforces that society has managed to get through a once-in-a-century pandemic. ![]() President Joe Biden said in an interview with CBS’ 60 Minutes. Yahoo Finance Canada Videos Editor’s Edition: ‘The pandemic is over,’ says Biden
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