Photo: Maple Honda. The Maple Honda lot — where wholesale price movements in the used market translate directly into what you see on pre-owned stickers.
Canadian used vehicle wholesale prices for vehicles two to six years old declined an average of 0.5% in May 2026, according to Canadian Black Book's May Residual Value Newsletter — but the rate of decline has slowed compared with earlier months. The average retail used vehicle price is sitting near $36,713. For context, the weekly decline rate in early May was 0.32%, already steeper than the historical 2017–2019 average of 0.15% for the same period, but meaningfully slower than the drops seen earlier this year. Canadian Auto Dealer
What it means: The compression that made 2022–2024 used Hondas genuinely attractively priced — relative to new — is losing momentum. Buyers who were counting on another 3–4 months of continued declines to close the deal may be waiting for a floor that's already arrived. The dynamic that drove the fall was a combination of tariff-driven new car pricing uncertainty, softening retail demand, and dealers moving inventory acquired at peak prices. Those forces haven't disappeared, but the rate of wholesale decline cutting in half signals that the market is absorbing inventory at current prices rather than pushing them lower. Retail prices follow wholesale with a 4–6 week lag, so the softening that's visible at the auction level now will show up on used car lots by early July at the latest.
My prediction: By November 2026, used 2022–2023 Honda CR-V and Civic prices in the GTA will be within 3% of today's levels — not because demand has surged, but because the new-to-used pipeline is thinning. Honda's hybrid production ramp-up is consuming manufacturing capacity, which reduces the flow of late-model off-lease and dealer-trade Hondas entering the used market. Buyers who wait six more months expecting a meaningful further discount are likely to be disappointed.
If you're buying right now: If you've been watching used 2022–2023 CR-V or Civic prices and waiting for them to fall further, this data says the window is narrowing, not widening. The deals available right now — particularly on 2022 models with factory warranties still running — are likely near peak value relative to where the market is heading.
Looking at used Honda options right now?
I can tell you what's actually on the lot and where the current price on a specific model sits relative to where the market is heading. No fluff — just what I see from the floor every week.