A home for sale is shown in Beckwith, Ont., on Wednesday, Jan. 11, 2018. (THE CANADIAN PRESS/Sean Kilpatrick)

Canadian home sales and prices in March down compared with a year ago

Canadian Real Estate Association says sales fell to their lowest level for the month since 2013

Home sales in March fell to their lowest level for the month since 2013, the Canadian Real Estate Association said Monday.

The association said sales through the Multiple Listing Service fell 4.6 per cent compared with a year ago, while the average sale price also moved lower.

READ MORE: B.C. real estate board blames stress test for dampening home sales in February

Sales in B.C., Alberta and Saskatchewan were more than 20 per cent below their 10-year average for the month, while Quebec and New Brunswick were well above-average, CREA said.

On a month-over-month basis, home sales in March were up 0.9 per cent compared with February.

Bank of Montreal chief economist Doug Power said the results were “a tad disappointing” and reinforced the view that the housing market is still adjusting to the many policy changes in recent years.

“Canadian housing activity remains lacklustre, at best,” Porter wrote in a brief report.

However, he noted the regional divide was wide and that the fundamentals look to become a bit more supportive in the year ahead.

“We continue to contend that prices, sales and starts are likely to hold broadly stable nationally in 2019 amid the many moving parts for the market,” Porter wrote.

The average sale price fell 1.8 per cent on a year-over-year basis to $481,745.

Excluding the Greater Vancouver and Greater Toronto Area, two of the country’s most active and expensive markets, the average price was just under $383,000.

The dip in the average price came as the number of newly listed homes rose 2.1 per cent in March as new supply rose in about two-thirds of all local markets.

With new listings improving more than sales, the national sales-to-new listings ratio eased to 54.2 per cent compared with 54.9 per cent in February.

There were 5.6 months of inventory on a national basis at the end of March, in line with the February reading and one of the highest levels for the measure in more than three years.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

UPDATE: Youth seen with gun at Nanaimo mall, suspect now in custody

Woodgrove Centre was shut down during police incident Monday

Local artist explores Nanaimo’s old Chinatown in new video installation

Charlotte Zhang among eight artists in Nanaimo Art Gallery’s ‘Estuary’ exhibition starting this week

Three blocks of Bruce Avenue will be closed until fall

Work will include utility upgrades, new curbs and sidewalks and new on-street bike lanes

Nanaimo Clippers won’t be hosting 2021 national championships

Hockey Canada hasn’t announced successful bid, but has advised it won’t be Nanaimo

Nanaimo students pushing for youth-led climate advisory group

Group would be responsible for organizing community cleanups, meetings and other events

‘Bad choices make good stories’: Margaret Trudeau brings her show to Just for Laughs

Trudeau says over the decades she has been suicidal, manic, depressed

Silly Boat Regatta fills Nanaimo harbour with silly sailing

Island Red Cedar Construction wins this year’s race

B.C. man dies from rabies after contact with Vancouver Island bat

Last known case of human rabies in B.C. was 16 years ago

Nanaimo’s peewee girls win provincial lacrosse championship

Peewee B Timbermen defeat Coquitlam Adanacs 5-2 to win gold

Crown recommends up to two-year jail term for former Bountiful leader

Crown says sentence range should be 18 months to two years for Bountiful child removal case

Diversity a Canadian strength, Trudeau says of Trump tweets at congresswomen

Trudeau avoided using Trump’s name when he was asked about the president’s Twitter comments

B.C. couple bring son home from Nigeria after long adoption delay

Kim and Clark Moran of Abbotsford spent almost a year waiting to finalize adoption of Ayo, 3

Garneau ‘disappointed’ in airlines’ move against new passenger bill of rights

New rules codified compensation for lost luggage, overbooked flights

Mercury tops out on top of the world: Alert in Nunavut warmer than Victoria

It’s the latest anomaly in what’s been a long, hot summer across the Arctic

Most Read