Despite an uncertain economic environment, new vehicle sales in Canada are on the rise in 2024. According to DesRosiers Automotive Consultants (DAC), cumulative sales for the first 11 months of the year reached 1.72 million units, surpassing the 1.705 million sold in 2023.

　　Analyst forecasts are clear about the trend. AutoForecast Solutions expects 1.89 million vehicles sold by the end of the year, while Scotiabank forecasts around 1.78 million units. Economist John Fanjoy believes those figures could be exceeded.

　　Back to pre-pandemic levels?

　　November sales, estimated at 156,000 vehicles, mark the best result for that month since 2017. Back then, the market reached a record 2.04 million units sold over the year.

　　With the supply chain stabilized, dealers are benefiting from more substantial inventories. According to J.D. Power Canada, the average time to sell a new car has risen from 37 days in November 2023 to 45 days this year. Full-size pickup trucks, for example, now take 69 days to find a buyer.

　　Prices stable despite more economical choices

　　The average price of monthly payments, including financing and leasing, stands at $847 in November - $870 for financing and $797 for leasing. Despite a slight drop compared to 2023, Robert Karwel of J.D. Power points out that consumers are now buying less expensive vehicles to reduce their financial burden. He writes that Financial indicators are slowly deteriorating, such as trade-in value and loan-to-value ratios, which is keeping payments high.

　　Car brands performance in Canada in 2024: Honda shines, Toyota declines

　　Honda tops the list of upwardly mobile brands:

　　- Total sales: +24 percent with 12,332 vehicles sold.

　　- The Passport model jumped by 74 percent (216 units) and the Odyssey by 45 percent (376 units).

　　Hyundai and Genesis on the up:

　　- Hyundai: +21.8 percent to 11,521 vehicles.

　　- Genesis: +16.9 percent to 633 vehicles.

　　Toyota on the down:

　　- Total sales: -7.9 percent to 19,069 vehicles.

　　- The Corolla fell by 31 percent and the Camry by 51 percent.

　　- However, the Sienna exploded by 98 percent (1,174 units), and the RAV4 rose by 3 percent.

　　The final word

　　Despite persistent challenges, the Canadian automotive market should exceed 2023 sales levels, although pre-pandemic record levels remain out of reach. Stabilized supply chains and sustained demand for specific models, notably from Honda and Hyundai, are giving the sector momentum.