Short version: used vehicles lost value at the wholesale level almost three times faster last week than the week before. Minivans and compact vans fell hardest. Small cars went up. If you're trading in a van this fall, waiting is costing you. If you're buying one used, the slide is on your side.
Canadian Black Book says wholesale values fell 0.35% in the week ending October 10, after a 0.12% drop the week before. The 2017 to 2019 average for the same week was a 0.19% drop. Cars fell 0.41% and trucks and SUVs fell 0.30%. Compact vans dropped 1.86%, the steepest truck and SUV decline for a third week in a row, and minivans dropped 1.49%. Subcompact cars rose 0.74%. The average used listing price slipped to about $38,100. Canadian Auto Dealer / Canadian Black Book
Why this week matters more than the number looks
A third of a percent sounds tiny. It isn't, when it repeats. Wholesale is what dealers pay at auction, so it's the first place a trade-in number moves. Retail listing prices follow a few weeks later.
Black Book also says auction inventory is still high. More cars at auction and fewer bidders is how prices slide. On my desk the clean, low-kilometre cars still sell fast. It's the average ones that sit.
Minivans are the clear outlier. I wrote about minivan values falling in late September. Three weeks later the drop is steeper, not flatter.
Subcompact cars rising fits the same picture. When money is tight, people look for the cheapest reliable car they can find, and there aren't many of those left.
My predictions
My prediction: Canadian Black Book's average used listing price will be below $38,100 in its last weekly Market Insights report of 2026, because wholesale values lead retail and auction supply is still high. I'm wrong if that December figure is $38,100 or higher.
My prediction: Minivans will post a weekly wholesale decline in at least six of the eight Canadian Black Book weekly reports published in January and February 2027, because van demand is the weak link this year. I'm wrong if minivans fall in five or fewer of those eight weeks.
If you're buying right now: if you're trading in a minivan or a compact van, get a real number now rather than in the spring. My Ontario trade-in value guide shows what drives that number. If you're buying used, check today's best pre-owned Hondas: a falling market gives you more room on price.
Quick answers
Are used car prices dropping in Canada right now?
Yes, at the wholesale level. Canadian Black Book says wholesale values fell 0.35% in the week ending October 10, 2026, almost three times the 0.12% drop the week before and faster than the 0.19% pre-pandemic average for that week.
Which used vehicles are losing value fastest in Canada?
In Canadian Black Book's week ending October 10, 2026, compact vans fell 1.86% and minivans fell 1.49%, the two steepest drops. Subcompact cars went the other way, up 0.74%.
What is the average used car listing price in Canada?
Canadian Black Book put the average used listing price at about $38,100 in the week ending October 10, 2026, based on a 14-day average of roughly 165,000 vehicles listed on Canadian dealer lots.
Trading in this fall?
Send me your year, model and kilometres. I'll tell you what I'm seeing on trades like yours this week, and whether waiting helps or hurts.
Henry Chen · Sales Consultant, Maple Honda
89 Auto Vaughan Dr, Maple, ON L6A 4A1
647-523-6878 · henry@maplehonda.com