Canada’s EV Market: Lots of availability and waning demand improve affordability

Among the most frequent questions I receive from Canadians are about themarket. With the growing attention on EVs, many people are curious about various aspects: How is demand trending? Are there enough EVs available for everyone who wants to buy one? What’s happening with prices? And how will we meet the federal mandate timelines?At AutoTrader, we closely monitor trends in the Canadian automotive market to keep a finger on the pulse of consumer behaviour.

The consideration rate for those types of cars decreased to 46 per cent in 2024, down from 56 per cent in 2023 and 68 per cent in 2022. This suggests that demand for electric vehicles over all is indeed on the decline, although it’s worth noting that nearly half of Canadians still express interest in purchasing one.

interest in BEVs, which rely entirely on electric power and must be plugged in to charge, decreased to 50 per cent from 53 per cent.

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