Used-vehicle inventory wasn’t so easy to come by in the first two months of 2026.

But all that changed in March.

According to CARFAX Canada’s Q1 Used Vehicle Market Insights report, used supply soared in the final month of the first quarter, jumping 31.6% from February to 235,577 recorded listings, a 3.1% year-over year increase.

That bump was driven in large part by an acceleration of the market’s continuing shift from cars to SUVs. At the end of Q1, the report said, the SUV segment represented 55.3% of used inventory, up from 51.1% the previous year as consumers prioritize their additional capacity and perceived safety.

Passenger cars, meanwhile, sank from 30.6% of used listings in March 2025 to 27% this year.

While supply has risen over the past 12 months, prices have fallen in that span. The Carfax report showed the national average listing price for used vehicles from model year 2000 and newer was down 2.3% to $31,907 in March, “reflecting a more stable market as supply constraints lessen.”

Cars recorded the largest decrease of 4.3%, while truck prices held firm, dropping just 0.8%.

That’s not surprising as Carfax Canada found strong demand for trucks, especially domestic full-size pickups, with the Ford F-150, GMC Sierra 1500 and RAM 150 all among its 10 most-searched models in March. The report said those vehicles “continue to command a premium, with pricing remaining elevated even as their supply normalizes.”

The F-150 and Sierra 1500 ranked second and third in on the most-searched list, trailing the Ford Escape compact SUV. Honda’s Civic and CR-V rounded out the top five.

While cars led the price decrease among segments, used electric vehicles of all segments fell even further, dropping 6.5% for the year. But where that goes from here is anybody’s guess, the report said, as the EV market “remains volatile” and “continues to shift.”

After a year without federal incentives, the government’s new Electric Vehicle Affordability Program launched in February and is now in full swing, and new-vehicle supply from Chinese manufacturers is set to enter the Canadian market this year — though Carfax said true low-cost models from BYD and Geely won’t arrive in force until 2027, making the EV sector “highly unpredictable.”

The report also broke down used prices by region, with the Atlantic provinces showing the most affordability with an average of $28,131 despite a 4.5% YOY rise, by far the largest of all regions.

The highest prices are in western Canada, with British Columbia topping the regional list at $35,927 and Vancouver topping all major cities by a wide margin at $44,680. None of the other cities cited in the report were within $10,000 of Vancouver’s average, and two of them — Montreal ($28,363) and Edmonton ($25,568) — averaged less than $30,000. Carfax Canada said the large differences are the result of factors such as income levels and segment preference.

The full report is available here.