Preheat the oven to 350°F.

Spray a 9x5-inch loaf pan with nonstick cooking spray. Set aside.

Place the canola oil, brown sugar, granulated sugar, eggs, applesauce and vanilla extract in a large mixing bowl. Whisk vigorously until smooth and combined.

Add the flour, pumpkin pie spice, baking powder, baking soda and salt to the bowl. Continue whisking until the mixture is just combined. Do not over-mix.

Fold in the grated carrots, raisins, and walnuts, then pour the batter into prepared the loaf pan.

Bake the bread on middle rack of oven until a toothpick inserted in the center comes out clean, 55-65 minutes.

Check to see that bread is done. Remove from oven or add time as needed.

Allow the bread to rest in the pan for 10 minutes, then release the bread from the pan onto a cooling rack. Allow to cool for at least 1 hour before slicing and serving.