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December 14, 2023NEW MOTOR VEHICLE SALES, OCTOBER 2023 Year-to-date (January-October 2023 vs January-October 2022, unadjusted)
In the first ten months of 2023, Nova Scotia's new motor vehicle unit sales increased 7.1% when compared to the same period in 2022. The 34,895 new motor vehicles sold had a sales value of $1,716.3 million up 15.0% from January-October 2022.
National new motor vehicles unit sales increased 10.9%. Canada's 1,467,354 new motor vehicles sold in the first ten months of 2023 represent a sales value of $81.28 billion, up 18.6% from January-October 2022.
Unit sales were up in ten provinces where Ontario and Alberta posted the largest increases in unit sales. Saskatchewan reported the slowest growth.
New motor vehicle sales values were up in all provinces. Prince Edward Island reported the fastest gains in sales values while Saskatchewan and Manitoba reported the slowest growth rates.
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 October 2023, trucks/SUVs accounted for 85.6% of vehicles sold in Nova Scotia and 89.1% of sales values.
North American manufacturers accounted for 72.0% of unit sales and 74.6% of sales values in Nova Scotia in October 2023.
Year-over-year (October 2023 vs October 2022, unadjusted)
Compared with October 2022, Nova Scotia unit sales of new vehicles were up 20.0%. National unit sales were up 15.3% with gains in all provinces. Saskatchewan posted the fastest gains in year-over-year unit sales. The slowest growth was reported in Ontario.
The sales values of new vehicles increased 30.9% in Nova Scotia from October 2022 to October 2023 - just ahead of Alberta for the fastest gain among provinces. National sales values were up 22.1% with gains in all provinces. Ontario reported the slowest year-over-year growth in new vehicle sales values.
Although up compared with the same month last year, October 2023 unit vehicle sales in Nova Scotia remained well below pre-pandemic levels.
Nova Scotia's motor vehicle sales values typically peak in the spring months. Motor vehicle sales values in October 2023 were above those reported in the same month of 2022, and rose above pre-pandemic levels.
Across Canada, national unit sales were up compared the same month in the previous year and October 2021, but were below levels from the same month in the years prior to the pandemic.
National sales values for October 2023 were higher than the same time last year, and even exceed sales values reported in the month of October prior to the pandemic.
Average Prices
The average sale price of a new motor vehicle in Nova Scotia was up 7.4% in the first ten months of 2023 when compared to the same period in 2022. National average prices were up 6.9% with increases in all provinces led by Prince Edward Island.
The average unit price of a new motor vehicle in Nova Scotia was $49,185 in the first ten 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 $55,392 with the highest values in Alberta and Saskatchewan.
In the first ten 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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