Canada's electric vehicle (EV) market is showing signs of renewed momentum.

Thanks in part to the federal government's EV incentives and infrastructure investment plans, as well as a recent spike in gas prices amid ongoing geopolitical tensions, Canadians are taking another look at EVs.

AutoTrader’s latest research found that EV purchase intention has climbed to 49 per cent, up from 42 per cent a year ago. Marketplace data reinforces this story, with stronger engagement on EV listings and more EVs changing hands.

The timing couldn't be better for this renewed interest. For years, one of the biggest hurdles to EV adoption has been affordability.

Along with range anxiety and lack of charging infrastructure availability, AutoTrader surveys of Canadian car shoppers consistently show that the upfront purchase price remains one of the top barriers for many Canadians.

That barrier has begun to shrink. Prices for new EVs, including hybrids and battery electric vehicles, are now down by 6 per cent year-over-year.

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