Used construction equipment prices skyrocket across Canada, U.S.

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Headwater.Equipment, CC BY 3.0 , via Wikimedia Commons
Headwater.Equipment, CC BY 3.0 , via Wikimedia Commons

Ontario Construction Report staff writer

Ritchie Bros. Auctioneers is reporting massive price increases across the spectrum of used equipment indexes in Canada and the U.S.

Comparing year-over-year figures for the three months ending Nov. 30, the B.C.-based global asset management and disposition company says prices for used medium earthmoving equipment and vocational trucks were up 32 per cent across Canada while tractor prices rose 27 per cent, aerial equipment jumped 25 per cent; and large earthmoving equipment increased by 11 per cent.

Across the U.S. the price to purchased used medium earthmoving equipment and vocational trucks spiked more than 40 per cent.

According to Ritchie Bros. latest report, competition for used equipment and trucks has never been stronger, with supply chains disrupted and online demand driving record pricing for consignors. In early December the company reported more than 8,500 online bidders from 65 countries to compete for just 3,400+ items selling in Toronto, generating more than $44 million in gross transaction value and setting a new December record for the site.

“We are seeing record equipment and truck pricing right now across all our auctions and marketplaces,” said Ritchie Bros. regional sales manager Ryan Pottruff.

“We’ve had an incredible year in Ontario, with multiple record-breaking site auctions and significant growth in the region for our online Marketplace-E channel, which provides sellers more control over the selling price and process for premier assets.”

A new satellite yard opened in Thunder Bay for customers in the region who want to display equipment and sell virtually in Toronto sales.

More than 775 companies sold equipment in the December 6 – 8 Toronto auction with about 84 per cent of all items purchased by Canadian buyers, including 67 per cent to Ontarians. The remaining 16 per cent was purchased by international buyers from as far away as India, Peru, and Vietnam.

Five big sellers from the December Toronto site auction were:

  • 2020 Caterpillar 336GC hydraulic excavator – $350,000
  • 2015 Vermeer HG6000TX crawler horizontal grinder – $300,000
  • 2020 Kenworth T880 T/A sleeper heavy haul truck – $217,500
  • 2012 Link-Belt RTC-80110 110-ton 6x6x6 rough terrain crane – $210,000
  • 2007 Western Star 4900SA T/A sleeper tow truck – $180,000

2021 Ontario Marketplace-E sales highlights:

  • 2018 John Deere 870G LC hydraulic excavator – $850,000 – sold February 2021
  • 2013 Peterson Pacific 5710C horizontal grinder – $640,000 – sold March 2021
  • 2013 Soilmec SC90HD crawler crane – $440,000 – sold November 2021
  • 2013 Kobelco CK110G crawler crane – $340,000 – sold May 2021
  • 2019 Western Star 4900SB vacuum truck – $330,000 – sold September 2021

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