Photo: Honda Canada. CR-V dominates GTA used-Honda retail volumes, so its retail-price floor moves the rest of the brand.
Canadian used retail vehicle prices continued easing through May 2026, according to market data tracked by Canadian Auto Dealer. The softening is most pronounced in trucks and SUVs, with wholesale prices on those segments declining faster than the overall market. Canadian wholesale prices overall fell 0.21% for the week ending May 9, with truck and SUV wholesale down 0.37% in the same period. Overall Canadian new vehicle sales are down 3.9% year-over-year for April 2026, with the industry projecting a 4.3% full-year decline. Canadian Auto Dealer
What it means: When new car sales slow and economic uncertainty rises, the used market corrects in a predictable pattern: large vehicles (trucks, full-size SUVs) compress first and fastest because their value was inflated most during the shortage years, and because their carrying costs are highest when fuel prices or financing rates climb. Mid-size SUVs like the CR-V, Pilot, and Passport are following the trucks down — just slower. Compact cars like the Civic and HR-V are holding up better because their demand is stickier: buyers who can't afford a new car and can't afford gas for a truck end up in used compacts. That dynamic is currently working in favour of anyone buying used in the sub-$30K segment. It's working against anyone who owns a 2021–2023 Pilot or CR-V and was planning to trade it in. The equity that was there six months ago has partially eroded, and the trend hasn't reversed yet.
My prediction: Used Civic prices in the GTA will stabilize or modestly recover by November 2026 because new Civic supply will tighten as Honda shifts production capacity toward hybrid variants on the current platform — reducing the supply-side pressure that has been pushing used compact prices down. Trucks and mid-size SUVs will continue compressing through at least Q3 2026 with no catalyst for reversal until the Bank of Canada rate path becomes clearer.
If you're buying right now: If you're considering trading in a 2021 or 2022 CR-V, Pilot, or Passport, get a formal valuation in the next 30 days — the downward trend in SUV trade values hasn't bottomed yet, and waiting until fall doesn't improve your position. If you're buying used and open to a compact, the 2022–2023 Civic is near floor value right now and represents real value relative to where it was 18 months ago.
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