National Overview
February's national average held near $34,000, but the forces beneath the surface are pulling in very different directions.
The national average selling price came in at $33,958, down 0.3% from January but still up 3.0% year-over-year (YoY). Buyer activity remained broad-based across provinces, with volume trending strongly higher YoY. Ontario continues to represent the largest market at roughly 38% of national volume, followed by Quebec at approximately 22%.
The Bank of Canada's rate hold at 2.25% is supporting financing conditions, while new vehicle sales slipped 2.9% YoY in January, continuing to push price-sensitive buyers toward used. Q4 2025 GDP contracted 0.6% on an annualized basis, though underlying consumer demand held up: private consumption grew 1.7% in the quarter and exports surged 6.1%.
The +3.0% YoY price increase is real, but as the sections below will show, most of that increase comes from changes in the types of vehicles that are selling rather than vehicles getting individually pricier. The market is active and prices are stable, but that stability masks structural shifts in composition.
The national average, however, conceals wide provincial divergence.
A $7,843 gap separates the most expensive province from the least.
Alberta leads the country at $37,591 (+0.6% YoY), followed closely by British Columbia at $37,169. British Columbia is the only province with a negative YoY change at -0.3%, moving against the national trend.
At the other end, Nova Scotia is the most affordable province at $29,748 (+2.5% YoY). The West-East divide is stark: western provinces cluster between $36,900 and $37,600, while eastern provinces range from $29,700 to $30,700 (excluding low-volume Prince Edward Island). Ontario sits near the national average at $33,919 (+3.5% YoY), with Manitoba close behind at $33,990.
Quebec stands out with the fastest YoY growth among major provinces at +6.9%, bringing its average to $30,093. As the affordability section below will show, this acceleration is closely tied to a shrinking pool of budget inventory.
Ontario's loss of 67,000 jobs in January may be softening demand in Canada's largest market. Alberta's pricing strength is consistent with the province's energy sector resilience.
To understand where these provincial averages are heading, we need the longer-term trend.
After climbing for 14 months, national prices have moderated since the fall, but there's no sign of a reversal.
The national average bottomed at $31,554 in August 2024 and climbed steadily to a peak of $34,243 in September 2025, a gain of $2,689 (+8.5%). Since that peak, prices have ranged from roughly $33,600 to $34,250, oscillating within a narrow band rather than continuing higher.
February 2026 sits $285 below the September peak and $2,403 above the August 2024 trough. The YoY gap has been narrowing: September 2025 was +7.6% YoY, while February 2026 is +3.0%.
Canadian Black Book (CBB) wholesale prices declined through most of February, with weekly drops accelerating to -0.7% in early February. But supply is also tightening, and the US wholesale market (Manheim index at 210.5, the highest since September 2023) is strengthening. The typical spring bounce appears delayed in 2026, possibly compressed into March and April as pent-up demand meets tighter inventory.
The trajectory that defined most of 2024 and early 2025, steady, composition-driven price increases, has flattened. Whether this becomes a ceiling or a pause depends on how spring demand materializes alongside shifting supply.
The body style breakdown reveals what's driving these averages, and where genuine pricing pressure exists.
SUVs' share of the market continues to widen. At 62%, they now account for nearly two in three used vehicle sales.
SUV share has grown roughly 5 pp YoY to 62%, while car share has fallen 5 pp to just 22%. Trucks hold steady at about 16%. In British Columbia, trucks crossed $50,301, the first province above the $50,000 mark.
The decomposition table below reveals what's actually driving these price changes.
How to read this table: "Mix Effect" measures how changes in the composition of models sold affect the average. "Within-Model" captures like-for-like price changes for the same vehicles. "Turnover" accounts for models entering or exiting the market.
Cars rose $1,230 YoY, but it's almost entirely a composition story. Within individual car models, prices actually fell $555. The mix shifted toward pricier models: budget cars like the Elantra and Civic lost share while models like the Golf R and Charger gained. The average car is more expensive because cheaper cars are disappearing from inventory.
SUVs were nearly flat at +$184 YoY. Mix shift (+$260) and new model entries (+$271) offset a within-model decline (-$347). The SUV category is so large and diverse that opposing forces largely cancel out.
Trucks rose $1,275 YoY, and this is the only body style with genuine like-for-like pricing power. Both mix (+$599) and within-model (+$742) contributed. The Sierra and Silverado each gained share while appreciating $2,300 to $2,500 per unit. GM Oshawa's third-shift cut in January 2026 and Ford Oakville's continued shutdown are constraining truck supply, supporting these prices.
The same composition-versus-pricing tension plays out across fuel types, where EVs tell the most dramatic version of the story.
Gasoline vehicles average $32,036 (+3.0% YoY) and account for roughly 90% of sales. Hybrids average $42,393 (-1.5% YoY) at about 6% share. EVs average $40,251 (-1.1% YoY) at approximately 4% share.
The EV-to-gasoline price gap now stands at $8,215, down from $12,455 two years ago, a 34% narrowing. And hybrids are now $2,142 more expensive than EVs, a gap that continues to widen.
The decomposition reveals how different the reality is from the headline numbers.
Gasoline prices rose $948 YoY, but virtually all of it (+$921, or 97%) came from mix shift. Within-model gas prices were flat at -$19. Gas vehicles aren't getting more expensive individually. The mix is shifting toward pricier gas SUVs and trucks.
EV prices fell $429 YoY on the surface, but massive forces are offsetting beneath. Within-model pricing collapsed -$5,466, over 12 times the total headline change. That collapse was largely offset by mix shift toward premium models (+$2,098) and new premium entries into the used market (+$2,939). The models behind this collapse are covered in Market Makers below.
Hybrid prices fell $665 YoY, following a similar pattern. Within-model pricing declined -$2,415, 3.6 times the headline, while new premium hybrids entering the used market cushioned the average. The Toyota Corolla Hybrid (-11.0% YoY) and Prius Prime (-11.5% YoY) are leading the slide.
Looking ahead, the federal government's $2.3 billion EV Affordability Program ($5,000 rebate on new battery-electric purchases) and the 49,000-unit Chinese EV import quota (permits opened March 1) will add further downward pressure on used EV values. For buyers, the value case for used EVs keeps getting stronger.
These shifting prices directly affect what buyers can afford, and that story varies dramatically by province.
Budget inventory is shrinking nationally, but Quebec is losing ground faster than anyone.
Affordability is thinning nationally across all three bands, with YoY declines in the share of budget inventory for cars, SUVs, and trucks alike.
Quebec remains the most affordable province overall, but it's eroding fastest. The share of cars under $15,000 fell -5.6 pp YoY, more than double the national rate. Quebec car prices surged +11.1% YoY, the highest of any province. The mix story from the body style section is playing out regionally: as cheaper vehicles leave the pool, what remains is pricier.
British Columbia is the least affordable province across all three bands. The Atlantic provinces remain the second-most affordable region after Quebec.
For buyers navigating these price points, here's what the most popular models look like nationally.
The Ford F-150 holds the top spot at nearly 3% market share, but the Honda CR-V is closing the gap.
Four of the top ten models are trucks (F-150, Ram 1500, Sierra 1500, Silverado 1500), reinforcing the strength of truck demand. The Nissan Kicks jumped four rank positions, reflecting the subcompact SUV surge. The Ram 1500 Classic at -7.1% YoY is the steepest price decline in the top ten, consistent with the model's transition out of production.
Some models are doing more than selling well. They're the ones driving the decomposition findings from the sections above.
This section puts names to the decomposition story. The models below are the ones driving the within-model pricing collapse in EVs and the genuine appreciation in trucks.
The Porsche Taycan lost nearly $27,300 in value in a single year, and it's not alone.
The EV collapse, model by model:
These models account for the bulk of the -$5,466 within-model pricing collapse identified in the fuel type decomposition. New EV technology depreciates rapidly once the next generation launches, and the combination of growing new EV supply (including the federal rebate program and Chinese import quota) with high-mileage early adopter trade-ins is accelerating this trend.
The truck appreciation, model by model:
These trucks account for the +$742 genuine within-model pricing gain from the body style decomposition. The national average is stable because these forces, EV depreciation and truck appreciation, offset each other at the macro level.
For buyers looking below these price points, the budget segments tell a different story.
The Ford Escape stands out in the budget SUV tier as the most available model by a wide margin. The Nissan Kicks has surged in availability, gaining 1.8 pp of budget SUV share YoY. For truck buyers on a budget, the Ram 1500 offers the lowest average entry point at under $23,000.
Final Takeaways
The used car market looks stable, and in many ways it is. National averages are drifting higher, driven primarily by composition shifts toward pricier models and newer inventory rather than broad price increases across the board.
That stability may be short-lived. New vehicle prices have risen nearly 10% over the past seven months under tariff pressure, and TD Economics forecasts new vehicle sales to fall 4.3% in 2026. The Bank of Canada is holding at 2.25% with no further cuts expected. Used vehicle supply for 0-8 year old vehicles is projected to decline 2.6% this year. As new cars become less accessible, more buyers will turn to the used market, and the inventory to absorb that demand is thinning. Canada's Chinese EV import quota just opened for permit applications, though deliveries at scale remain months away pending model certification and dealer infrastructure. The CUSMA review beginning July 1 adds further uncertainty to the trade landscape.
So where does this leave us? Certain used segments — particularly trucks, where supply constraints are already biting, and affordable vehicles under $20,000 — could face meaningful pricing pressure this spring. The question is how quickly the current moderation gives way.
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About this Data
This report is based on Clutch’s internal data, collected from retail vehicle sales reported across Canada. The analysis includes vehicles that meet the following criteria:
- 10 years old or newer at time of sale
- Less than 200,000 km at the time of sale
- Sold vehicles only
References to “cars” include both sedans and hatchbacks, while SUVs and trucks are categorized separately. This segmentation helps reflect real-world buyer preferences across different body styles.
While the dataset covers a large national sample, pricing in smaller provinces or regions with lower sales volume may be influenced by individual outliers. This can lead to greater month-over-month fluctuations in certain areas compared to larger markets like Ontario, Quebec, and British Columbia.
The figures presented reflect average asking prices at the time of sale and are designed to provide an accurate snapshot of current market trends.
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