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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

December 13, 2024
NEW MOTOR VEHICLE SALES, OCTOBER 2024

Year-to-date (January-October 2024 vs January-October 2023, unadjusted)

Nova Scotia reported the second-largest gain (+19.0%) in unit sales of new vehicles among the provinces, behind Newfoundland and Labrador (+23.0%). In the first ten months of 2024, Nova Scotia sold 42,003 new motor vehicles. National unit sales were up 9.1% to 1,616,496 units.  Unit sales were up in all provinces.  British Columbia had the slowest year-to-date growth in unit sales.                                         

The sales values of new vehicles increased 21.9% in Nova Scotia from January-October 2023 to January-October 2024 (rising to $2.12 billion).  Nova Scotia reported the second-fastest gain in year-to-date sales values among provinces, behind Newfoundland and Labrador (+25.2%). National sales values were up 9.4% to $90.20 billion in the first ten months of the year. Sales values were up in all provinces with British Columbia reporting the slowest year-to-date growth. 

The average sale price of a new motor vehicle in Nova Scotia was up 2.4% in the first ten months of 2024 when compared to same period in 2023, the fastest growth in average unit price, tied with New Brunswick. National average prices were up 0.3% with increases in six provinces.  Prince Edward Island reported the steepest year-to-date decline in new motor vehicle average prices.  

The average unit price of a new motor vehicle in Nova Scotia was $50,442 over January-October 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 $55,801 with the highest values in Alberta and Saskatchewan. 

Year-to-date gains in unit sales and sales values were reported for trucks/SUVs, passenger cars, North American manufacturers and overseas manufacturers. Growth was faster for trucks/SUVs than for passenger cars while overseas manufacturers' gains outpaced those of North American manufacturers. 

Average unit prices were up more for North American manufacturers' compared to overseas in January-October 2024.  

Trucks/SUVs make up the bulk of the market in Nova Scotia. Through the first ten months of 2024, trucks/SUVs accounted for 87.1% of vehicles sold in Nova Scotia and 90.2% of sales values. North American manufacturers accounted for 70.0% of unit sales and 72.8% of sales values in Nova Scotia on average from January-October 2024.  

Year-over-year (October 2024 vs October 2023, unadjusted)

Compared with October 2023, Nova Scotia (+10.1%) reported gains above the national average in unit sales of new vehicles. National unit sales were up 7.6% with gains in seven provinces. Québec had the strongest year-over-year growth rates in unit sales and Saskatchewan had the steepest decline.

The sales values of new vehicles increased 14.0% in Nova Scotia from October 2023 to October 2024. National sales values were up 9.7% with gains in all provinces except Saskatchewan. Québec reported the fastest year-over-year gains in vehicle sales values.

Compared to October 2023, average unit prices were up 3.6% in Nova Scotia in October 2024.  Average unit prices were up 1.9% nationally with increases in all provinces.  Newfoundland and Labrador reported the fastest year-over-year rise in new motor vehicle unit prices.  

The average price of a new vehicle in October was $51,445 in Nova Scotia - third lowest among provinces ahead of Prince Edward Island and Newfoundland and Labrador.  Nationally, the average price of a new vehicle was $56,324 in October with the highest value in Alberta.

Compared with October 2023, unit sales, sales values and average unit prices were all up for: passenger cars, trucks/SUVs, North American manufacturers' vehicles and overseas manufacturers' vehicles.  Growth in average prices was similar for passenger cars and trucks/SUVs, as well as North American and overseas manufacturers.  

In October 2024, trucks/SUVs accounted for 85.6% of unit sales and 89.1% of sales values.  North American manufacturers accounted for 69.5% of Nova Scotia's unit sales and 72.5% of sales values in October 2024.

Trends

Nova Scotia's unit sales of 4,296 in October 2024 were stronger than those reported in the same month of any year since 2017.

With increases in prices for new vehicles along with recovering volumes, Nova Scotia's October 2024 motor vehicle sales were above comparable months in previous years.

Nova Scotia average unit prices have started to rise again after stabilizing in the early months of 2024.

Across Canada, national unit sales were up compared the same month in the previous year, but below the pace of sales for October from 2017-2019.

National sales values for October 2024 were higher than the same time in previous years. 

National average unit sales prices have stabilized since the beginning of 2023, though October 2024 average unit prices were higher.

There has been a steady trend of increasing market share for trucks/SUVs while the share of passenger cars declines.

There has been a slow decline in market share for North American manufacturers while overseas manufacturers' market share rises.

Prices for trucks/SUVs (the bulk of the market) continue to rise while prices for passenger cars have plateaued. 

Prices for vehicles from overseas manufacturers have stabilized in recent months (except the rise in September) while those for North American manufacturers continue to follow a rising trend.

Source: Statistics Canada. Table 20-10-0001-01 New motor vehicle sales



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