Tesla increasing Model Y prices in Canada next week

Tesla is set to increase the price of two Model Y variants in Canada next week, a little over a month after slashing prices on the electric SUV north of the border.

Tesla is known to frequently adjust their prices. Until recently those price adjustments have always been unannounced, but last month Tesla tried out a new approach in the US. The company cut prices on the Model Y, announcing the price drop on the online configurator, along with a message that said it was time-limited, and prices were going to increase on March 1, which they ended up following through on.

It appears the strategy may have been successful, as the company is now trying something similar in Canada.

While there has been no price drop (prices dropped last month), and no message has been added to the Design Studio in Canada (UPDATE 2:38pm PT: a message has now been added, see below), a source has informed Drive Tesla that prices will be increasing by $1,000 on March 15, 2024 for the Rear-Wheel Drive (RWD) and Long Range (LR) variants only.

That means on March 15 the Model Y RWD will start at $54,990, and the LR at $64,990. The Model Y Performance will remain the same at $69,990.

Fortunately these price increases will not affect eligibility for the federal $5,000 iZEV incentive – all three variants will continue to qualify. The increases also won’t affect eligibility for Quebec’s $7,000 provincial incentive, or BC’s $4,000 incentive, as they will continue to meet the respective price caps.

News of the impending price increase has been passed on to employees, who have been told to inform customers that are interested in buying a Model Y that now is the best time to place an order.

Now that you know the Model Y will be increasing in price by $1,000 next week, will you be placing an order? Let us know in the comments below.

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