The Canadian used wholesale vehicle market saw steady price declines through December, with weekly drops between 0.48% and 0.78%. Trucks and SUVs generally depreciated more than cars. Among cars, Sub-Compact and Full-Size segments led losses, while Sporty and higher-end models declined more mildly. In the truck market, Compact Vans experienced the sharpest declines, followed by weakness in Full-Size Pickups and various crossover/SUV categories, though Compact and Mid-Size Luxury crossovers proved relatively more resilient.

Wholesale inventory trends showed ongoing market softness and volatility, with many segments seeing value shifts exceeding $100. Sellers often maintained firm floor prices, and while supply normalized, upstream channels still had priority access to inventory. Demand for high-quality units remained steady in both Canada and the U.S.

On the retail side, used vehicle listing prices edged slightly lower, and dealer inventories rose to about 200,000 vehicles, signaling gradual price normalization as supply stabilized.

Economically, late-2025 data for Canada was mixed: unemployment improved, productivity and trade strengthened, and housing starts rebounded. However, manufacturing activity stayed in contraction, and while financial conditions were stable, the Bank of Canada kept rates unchanged as bond yields and the Canadian dollar moved modestly higher.