In August 2025, the Canadian used wholesale market continued its downward adjustment, with prices falling nearly 1% across the month. Cars and trucks both declined around 0.9%, though performance varied by category. Mid-Size Cars, Sub-Compact Cars, Sporty Cars, and Prestige Luxury models saw the steepest losses, while Compact and Luxury Cars registered smaller dips and Full-Size Cars posted modest gains. On the truck and SUV side, Sub-Compact Crossovers, Full-Size Pickups, Compact Vans, and Full-Size Vans recorded the sharpest declines, though Small Pickups and Compact Vans occasionally provided stability. Auction sale rates fluctuated widely, averaging 38–43%, as sellers held firm on pricing amid economic uncertainty, while upstream channels continued to secure frontline-ready vehicles before they reached auctions. Retail pricing softened only slightly, with the national average listing price easing from $37,700 to $37,500.

Broader economic conditions shaped these trends. The Bank of Canada held rates at 2.75% as inflation cooled to 1.7%, unemployment stayed at 6.9%, and wage growth slowed to 3.3%. Trade improved modestly, but retail sales and new home prices weakened, even as housing starts rose. The Canadian dollar slipped to $0.723 USD while bond yields hovered around 3.4%. Meanwhile, the 2025 Vehicle Depreciation Report from Canadian Black Book and Fitch Ratings signaled a return toward more normal market conditions, with depreciation easing but still above pre-pandemic levels, alongside affordability pressures, shifting demand across segments, and the increasing influence of EVs.