new cars canada

Homes aren't the only thing that's become completely unaffordable in Ontario

As residents of the Toronto area come to terms with the fact that homes here are not only currently overpriced, but will never again be affordable for most who live here, we're struggling with the exorbitant cost of everything else, too, from groceries to transportation.

For those who drive, gas prices are expected to remain extremely high into the fall, and it's now been revealed that cars have also reached a discouraging high.

According to Q2 2023 data from Autotrader.ca, it will now run Canadian consumers an average of $66,288 for a new automobile — an increase of a whopping 21.3 per cent from last year.

Used vehicles, meanwhile, have hit $39,645, which is still more than this time in 2022, though not nearly as much (4.4 per cent).

new cars canada

New figures from Autotrader.ca show how drastically car prices have surged in Canada since this time in 2021.

Cars have spiked the most, rising 16 per cent year-over-year (used) to 39.6 per cent year-over-year (new), versus SUVs (up 1.2 per cent y-o-y for used and 16 per cent y-o-y for new), trucks (up 6.8 per cent for used and 7 per cent for new) and minivans (up 3.5 per cent for used and 18.4 per cent for new).

Trucks and European vehicles remain the most expensive categories, at a whopping $75,072, on average, for a new pickup and $49,456 for a used one. The typical Euro-made set of wheels will run you $84,679 if new, and $56,321 if used (climbing 21.8 per cent and 3.2 per cent, respectively, year-over-year).

Looking regionally, prices for new automobiles are the worst in Alberta ($69,764, up 18 per cent y-o-y) and cheapest in the Atlantic region ($59,419, up 21.9 per cent y-o-y), though they have skyrocketed the most in Ontario (up 22 per cent y-o-y to $64,807).

For used cars, prices are currently highest in B.C. ($43,946, up 5.6 per cent compared to this time in 2022) and lowest in Atlantic Canada ($34,182, down 1.2 per cent compared to this time in 2022), with the westerly province also seeing the largest jump since last year.

The top searched vehicles in Canada as of June are the Ford F-150 ($78,928 now for a new version), Porsche 911 ($246,000) and Ford Mustang ($65,710).

Meanwhile, residents spending these bonkers amounts now also have to worry about a sharp uptick in car thefts that is being considered a crisis, with tens of thousands of vehicles being exported overseas by organized crime rings to the tune of a record billion-plus dollars in losses per year.

It's prompted insurance providers to raise their premiums, costing drivers even more to own an already very expensive ride.

Lead photo by

Jeremy Gilbert


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