The decline in wholesale vehicle prices in Canada moderated last week, though it remains steeper than pre-COVID levels for the same period, according to the latest Market Insights report from Canadian Black Book.

Overall wholesale prices fell 0.32% for the week ending July 25, CBB said, compared to a 0.42% drop the week before.

The average for the 2017-2019 time frame was a drop of 0.21%.

The decline in truck/SUV segments was basically cut in half, slowing from 0.62% to 0.33%, CBB said.

Meantime, price decreased in car segments grew, climbing from 0.17% to 0.31%.

The most significant of those declines was for midsize cars, which fell 0.59%. Sporty cars (up 0.12%) and compact cars (up 0.35%) showed gains.

Among truck/SUV segments, compact vans had a 2.59% drop for the week, with full-size crossovers/SUVs next at 0.71%. Subcompact crossovers were up 0.05% and small pickups were up 0.35%, the only trucks/SUVs to show price growth, CBB said.

“The Canadian market continued its downward trend, with the pace of decline easing compared to last week,” CBB said in the report, but added that half of the segments had value changes of more than $100.

“Auction sale rates across the watched lanes remained varied from 10.9% to 56.6%, averaging at 35.9%,” analysts continued. “These rates are influenced by seasonal changes, political conditions, and sellers holding firm on floor prices. Auction inventory has returned to regular volumes; however upstream channels continue to hold priority sale access to inventory. Buyer demand for high-quality vehicles at auctions on both sides of the border persists.”