According to the AutoTrader.ca car market index, the average prices of new and used cars in Canada have reached record levels as of June of this year.

The average for new cars is around $66,288, a massive increase of 21.3% year-over-year, while the average prices of used cars are $39,645, up 4.1% year-over-year.

Compared to 2021, the average in Canada has risen significantly, where the price for used cars in 2021 was less than $30,000, and the same applies to new cars, where the average prices were under $50,000.

Despite the increase in new car inventory, the overall supply remains well below pre-pandemic levels and is still inconsistent among various car manufacturers. While it is true that the inventory of used cars has improved, it will take some time to see prices drop significantly.

The market also analyzed the average price by vehicle type, and aside from SUVs, the prices of all types of cars have increased both month-over-month and year-over-year. It also looked at the average price of vehicles by origin, where European car prices were higher than their American and Asian counterparts.

Regionally, British Columbia has the highest average prices for used cars.

It is also worth noting that the top three cars according to market data were the F-150, Porsche 911, and Ford Mustang.