The decline in Canadian wholesale used-car prices is picking up speed.

Canadian Black Book’s weekly Market Insights report showed a drop of 0.35% for the week ending June 7, almost double the 0.18% decrease of the previous week and the largest fall since a decline of 0.48% during the week of Jan. 11.

It’s also nearly three times the pre-COVID 2017-19 average of 0.12%.

Truck/SUV values sank 0.47%, with full-size crossover/SUVs taking the biggest dive at 1.24% and matching full-size luxury crossover/SUVs (0.77%) for the largest dollar loss at $547. Midsize luxury crossover/SUVs (0.89%, $381), full-size pickups (0.46%, $182) and midsize crossover/SUVs (0.45%, $125) also dropped more than $100 in value.

Car segments were down 21%, with midsize cars (0.38%, $74), prestige luxury cars (0.32%, $220) and luxury cars (0.26%, $112) showing the largest percentage decreases. Full-size cars were the only segment to gain value, up 0.22% ($50).

Used-vehicle retail prices also declined for the week, with the 14-day moving average listing price down $100 to $38,200. Auction sale rates, which hit their lowest level of the year the previous week, fell again, averaging 31.9% with a low of 16.5% and a high of 50.8%.

That’s a stark contrast to the U.S. market, where sales rates rose to 60%, though CBB analysts noted that increase was accompanied by accelerated depreciation. The overall market fell 0.54%, almost double the typical seasonal decline of 0.28%.