Good news for the Canadian used-vehicle market: Prices are considerably steadier, according to Canadian Black Book, which released its Used Vehicle Retention Index for November on Friday.

Specifically, the index came in at 158.7 for the month, relatively steady with October’s 158.8 reading.

Following a 44% increase in January, the year-over-year increases in CBB’s index have tempered each month since, the company said. In November, the index was up 4% year-over-year.

“We are seeing a much more stable market compared to the previous two years,” said David Robins, CBB’s principal automotive analyst and head of Canadian vehicle valuations, in a news release.

“Used and wholesale values are decreasing at typical rates versus the astronomical increases seen from mid-2020 to end of last year.”

After the CBB index reached a low of 100.5 in late summer 2020, used-vehicle values went on “run of unprecedented growth” for more than a year, with the index peaking at 165 in March 2022.

Since January’s reading of 162.1, the index is off 3.4 points.

In more recent data, wholesale vehicle prices for the first full week of this month (Dec. 4-10) were down 0.37%, CBB said in its Market Insights report from Tuesday. That compares to 0.58% drop for the week ending Dec. 3.

“The Canadian wholesale market decreased further last week. The overall decreases were back to the historical average,” CBB sad in that report.

“Supply remains low with demand for more recent and clean condition vehicles on both sides of the border. Upstream channels continue to tap supply before it can be available to wholesale markets.”