Canada February 2024: Record market up 24.4%, SAAR at highest in 6 years

Honda sales are up 143.6% year-on-year in February.

According to estimates by local consultancy Desrosiers Automotive, the Canadian new car market scores a record February volume at +24.4% year-on-year to around 129,000 units. This marks a 16th consecutive month of year-on-year lifts. The SAAR stands at 2.11 million units, its highest level since January 2018. Year-to-date volumes are up 19.7% to 242,000. The main force in the market is the pent-up demand accumulated in the past 4 years following the pandemic and supply shortages. It remains to be seen all long this will last in a context of increasing vehicle prices and high interest rates.

Among groups communicating monthly data, Honda Canada is up a whopping 125% year-on-year with Toyota Motor also very dynamic at +45%. Hyundai-Kia is a lot more reserved at +1.4%. Brand-wise, Toyota climbs up 54.1%, Honda is up 143.6%, Subaru up 69%, Mazda up 50.1% and Acura up 27.5%. Disappointing results for Hyundai (-0.9%), Lexus (+0.8%), Kia (+3.3%) and Volvo (+6.5%).

As for models with available monthly figures, the Toyota RAV4 (+54.4%) impresses but not as much as the Honda CR-V (+408%). The Honda Civic (+58.5%), Subaru Crosstrek (+62.8%), Toyota Corolla (+69.1%), Kia Sportage (+68.4%) and Subaru Forester (+170.3%) also shine.

Previous month: Canada January 2024: Subaru, Honda impress in solid market

One year ago: Canada February 2023: Kia, Lexus outstanding again, market up 5.1%

Full February 2024 data for selected groups, brands and models below.