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April 15, 2024NEW MOTOR VEHICLE SALES, FEBRUARY 2024 Year-to-date (January-February 2024 vs January-February 2023, unadjusted)
Compared with the first two months of 2023, Nova Scotia reported the largest gain (+27.6%) in unit sales of new vehicles among all provinces. In the first two months of 2024, Nova Scotia sold 6,045 new units. National unit sales were up 19.4% to 254,560 units over January-February 2024. Unit sales were up in all provinces. Alberta had the slowest year-to-date growth in unit sales.
The sales values of new vehicles increased 25.6% in Nova Scotia from January-February 2023 to January-February 2024 ($292.6 million). As with unit sales, Nova Scotia also reported the fastest gain in year-to-date sales values among provinces. National sales values were up 15.7% to $13.9 billion in the first two months of the year. Sales values were up in all provinces with Alberta reported the slowest year-to-date growth.
Year-to-date gains in unit sales were reported for trucks/SUVs and passenger cars as well as for both North American and overseas manufacturers. Sales values were up more for passenger cars than for trucks/SUVs. Unit sales and values were up considerably more for overseas manufacturers than North American manufacturers.
Trucks and SUVs make up the bulk of the market in Nova Scotia. In February 2024, trucks/SUVs accounted for 84.9% of vehicles sold in Nova Scotia and 88.4% of sales values.
North American manufacturers accounted for 64.0% of unit sales and 67.5% of sales values in Nova Scotia in February 2024. In the last two months, there has been a notable shift away from North American manufacturers and into overseas manufacturers (both in units and sales values).
Year-over-year (February 2024 vs February 2023, unadjusted)
Compared with February 2023, Nova Scotia reported the third largest gain (+26.7%) in unit sales of new vehicles among all provinces. National unit sales were up 25.4%, with gains in all provinces. Ontario had the strongest year-over-year growth in unit sales while Alberta had the slowest.
The sales values of new vehicles increased 24.8% in Nova Scotia from February 2023 to February 2024 - the second fastest gain among provinces, behind Ontario. National sales values were up 21.4% with gains in all provinces. Prince Edward Island reported the slowest year-over-year growth in new vehicle sales values.
February is typically one of the slowest months for vehicle sales, but in February 2024 Nova Scotia's unit vehicle sales increased to levels not seen since 2018.
With substantial increases in prices for new vehicles along with recovering volumes, Nova Scotia's February 2024 motor vehicle sales were well above comparable periods in previous years.
Across Canada, national unit sales were up compared the same month in previous years.
National sales values for February 2024 were higher than the same time in previous years.
Average prices (January-February 2024 vs January-February 2023)
The average sale price of a new motor vehicle in Nova Scotia was down 1.5% in the first two months of 2024 when compared to same period in 2023. National average prices were down 3.1% with declines in seven provinces led by Prince Edward Island. Only New Brunswick, Saskatchewan and Alberta reported year-to-date increases in motor vehicle unit prices.
The average unit price of a new motor vehicle in Nova Scotia was $48,403 over January-February 2024. This was the third lowest among provinces (ahead of Prince Edward Island and Newfoundland and Labrador). The national average unit price for a new motor vehicle was $54,660 with the highest values in Alberta and Saskatchewan.
Through January-February 2024, average prices were notably higher for trucks/SUVs than for passenger cars.
Average prices were also higher for North American manufacturers than for overseas manufacturers, particularly as prices for overseas manufacturers have declined in recent months.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales