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September 15, 2023NEW MOTOR VEHICLE SALES, JULY 2023 Year-to-date (January-July 2023 vs January-July 2022, unadjusted)
In the first seven months of 2023, Nova Scotia's new motor vehicle unit sales increased 2.6% when compared to the same period in 2022. The 23,555 new motor vehicles sold had a sales value of $1,153.2 million up 10.4% from January-July 2022.
National new motor vehicles unit sales increased 8.7%. Canada's 994,492 new motor vehicles sold in the first seven months of 2023 represent a sales value of $54.98 billion, up 17.1% from January-July 2022.
Unit sales were up in nine provinces and remain unchanged in Saskatchewan. Ontario, Alberta, and Newfoundland and Labrador posted the largest increases in unit sales.
New motor vehicle sales values were up in all provinces. Prince Edward Island and Ontario reported the fastest gains in sales values while Saskatchewan reported the slowest growth.
Year-to-date gains in unit sales were reported for trucks/SUVs as well as for both North American and overseas manufacturers. Only passenger cars reported declining unit sales (reflecting a long-standing shift in the market to more trucks/SUVs). Sales values were up for both trucks/SUVs and passenger cars. Unit sales as well as sales values were up more for overseas manufacturers than for North American manufacturers.
Trucks and SUVs make up the bulk of the market in Nova Scotia. In July 2023, trucks/SUVs accounted for 83.4% of vehicles sold in Nova Scotia and 87.2% of sales values.
North American manufacturers accounted for 70.0% of unit sales and 72.9% of sales values in Nova Scotia in July 2023.
Year-over-year (July 2023 vs July 2022, unadjusted)
Compared with July 2022, Nova Scotia unit sales of new vehicles were down 0.9%. National unit sales were up 9.5% with gains in six provinces. British Columbia posted the fastest gain in year-over-year unit sales. The largest decline was reported in Newfoundland and Labrador.
The sales values of new vehicles increased 10.4% in Nova Scotia from July 2022 to July 2023. National sales values were up 17.9% with gains in all provinces except Newfoundland and Labrador. Manitoba, Quebec, and Ontario recorded the largest gains.
July 2023 unit sales in Nova Scotia were below those of the same month in 2022, they were well below pre-pandemic sales levels and even below sales since July 2015.
Nova Scotia's motor vehicle sales values typically peak in the spring months. Motor vehicle sales values in July 2023 were above those reported in the same month of 2022, but remained below pre-pandemic levels despite rising average unit prices.
Across Canada, national unit sales were up compared the same month in the previous year but were below levels from the same month in the years prior to the pandemic.
National sales values for July 2023 were higher than the same time last year, and even exceed sales values reported in the month of July prior to the pandemic.
Average Prices
The average sale price of a new motor vehicle in Nova Scotia was up 7.6% in the first seven months of 2023 when compared to the same period in 2022. National average prices were up 7.7% with increases in all provinces led by Prince Edward Island.
The average unit price of a new motor vehicle in Nova Scotia was $48,959 in the first seven months of 2023. This was the third lowest among provinces (ahead of Newfoundland and Labrador and Prince Edward Island). The national average unit price for a new motor vehicle was $55,287 with the highest value in Alberta.
In the first seven months of 2023, average prices were notably higher for trucks/SUVs than for passenger cars. For Nova Scotia note the unusual spike in average unit price for passenger cars in March 2023. This is related in part to the doubling of passenger car sales values in that month.
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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