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October 17, 2022NEW MOTOR VEHICLE SALES, AUGUST 2022 Year-to-date (January-August 2022 vs January-August 2021, unadjusted)
In the first eight months of 2022, Nova Scotia new motor vehicle unit sales decreased 17.6%. The 26,438 new motor vehicles sold had a sales value of $1,188.3 million down 10.5% over the first eight months of 2021.
National new motor vehicles unit sales decreased 9.4%. Canada's 1,068,035 new motor vehicles sold in January-August 2022 represent a sales value of $54.44 billion, down 0.9% from the first eight months of 2021.
Unit sales were down in all provinces, with largest declines in Newfoundland and Labrador. The smallest decline was in Saskatchewan.
Sales values were down in all provinces except Alberta, Ontario and Saskatchewan. The largest decline was in Newfoundland and Labrador.
Year-to-date decline in unit sales and in sales values were faster for passenger cars than for trucks/SUVs and faster for overseas manufacturers than for North American manufacturers.
Trucks and SUVs make up the bulk of the market in Nova Scotia. In August 2022, trucks/SUVs accounted for 77.5% of vehicles sold in Nova Scotia and 82.2% of sales values.
North American manufacturers accounted for 73.4% of unit sales and 76.7% of sales values in Nova Scotia during August 2022.
Year-over-year (August 2022 vs August 2021, unadjusted)
Compared with August 2021, Nova Scotia unit sales of new vehicles were down 12.8%. National unit sales were down 6.9% with declines in all provinces except Saskatchewan. Prince Edward Island reported the largest decline (followed by Nova Scotia).
The sales values of new vehicles declined 0.1% in Nova Scotia from August 2021 to August 2022. National sales values were up 7.4% with gains in all provinces except Manitoba and Nova Scotia. Saskatchewan reported the largest increase.
Nova Scotia's unit sales and sales values in August 2022 were well below levels typically reported in this month in prior years.
Across Canada, national unit sales and sales values of motor vehicles were down from August 2021 to August 2022 and remain below levels from the same month in the years prior to the pandemic.
Average Prices
The average sale price of a new motor vehicle in Nova Scotia was up 8.6% comparing January-August 2022 with the same months of 2021. National average prices were up 9.3% with increases in all provinces led by New Brunswick.
The average unit price of a new motor vehicle in Nova Scotia was $44,947 in the first eight months of 2022. This was the third lowest among provinces (after Prince Edward Island and Newfoundland and Labrador). The national average unit price for a new motor vehicle was $50,969 with the highest value in Alberta.
Year-to-date 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.
Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales
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