Wholesale vehicle values in Canada are falling at a faster-than-usual pace and it appears likely that will only continue, according to Canadian Black Book.

On Tuesday, CBB released its monthly Used Vehicle Retention Index, which fell to 143.3 in March. That was down 0.3% from February and off 9.3% year-over-year.

“The Canadian wholesale market continues to decline faster than historical averages last month. Recent signs of retail listing price declines point toward the wholesale market continuing its downward trend in the spring seasons,” said David Robins, CBB’s senior manager and head of Canadian vehicle valuations, in a news release.

April started off with more declines in the first week of the month, according to the separate Market Insights report CBB also released Tuesday.

Wholesale prices for the week ending April 6 fell 0.36%, more than double the 0.17% drop the week before and nearly triple the 0.13% average decline for the same week of 2017-2019.

Car segment prices were down 0.28% last week, while truck/SUV prices fell 0.43%.

“The Canadian market continued to decrease, with declines that were slightly more than the prior week. Supply is building with stable demand for vehicles at auction on both sides of the border,” CBB said in the report’s commentary. “Upstream channels continue to tap supply before it can be available to wholesale markets. Most segments saw a change in average value of less than $120 this week as the truck segments fell the most, which flips the recent trend.”