For the first time in three years, Canadian used-car wholesale values rose during the week ending March 29 – though just barely.

Canadian Black Book’s weekly Market Insights report showed the overall market inched up 0.01% for the week, its first week-over-week gain since March 25, 2022. Twelve vehicle segments were on the plus side, including eight of the 13 truck/SUV segments, led by subcompact luxury crossovers, which were up 0.93% ($200).

That was one of three truck/SUV segments to gain more than $100, joined by full-size crossover/SUVs ($141, 0.39%) and full-size pickups ($140, 0.42%), while compact crossover/SUVs fell just short at $92 (0.50%). Overall, trucks rose 0.04%, with full-size vans (down 0.61%, $189) leading the five segments on the minus side.

Among car segments, which were down 0.03% overall, the biggest gainer was premium sporty cars, up 0.13% ($100), while full-size cars (down 0.67%, $130) showed the largest drop.

CBB analysts said the market’s rise marks the beginning of “a shift in values with an upward trend, in contrast to its behavior from prior weeks,” with tariffs on the way and demand for used cars expected to climb.

The trade war with the U.S. — referred to by CBB as “recent political variances” — was also cited along with gradual change in floor prices as a factor in the fluctuation of auction sale rates, which ranged from 28.3% to 85.7% during the week, with an average of 47.9%. Supply entering the wholesale market has been increasing, and demand for inventory at auctions from both the U.S. and Canada remains high.

While wholesale values rose, retail prices fell during the week, with the 14-day moving average dropping $200 to $34,750.

CBB noted the five Canadian manufacturing facilities in Ontario have reported their assembled vehicles include more than 50% U.S. content in their assembled vehicles, which by following USMCA requirements, could reduce the tariff impact.

The U.S. wholesale market’s rate of increase slowed, but its 0.17% rise for the week is still well above pre-pandemic levels of appreciation for this time of year. CBB said it will be closely monitoring the U.S. market for the expected increase in demand as the 25% tariff on imported vehicles takes effect.