A for sale sign is shown in by new homes in Beckwith, Ont., just outside Ottawa, on Wednesday, Jan. 11, 2018. The number of Canadian homes sold in March plunged 22.7 per cent from the same month last year. The national average price was around $491,000, down 10.4 per cent from a year earlier. THE CANADIAN PRESS/Sean Kilpatrick

Canadian home sales plunge 22.7% in March

March home sales volume plunges 22.7%, national average price down 10.4%: CREA

Canada’s real estate industry organization says the number of homes sold in March plunged 22.7 per cent and the national average price was down 10.4 per cent from the same month last year.

The Canadian Real Estate Association says the sales activity marked a four-year low for the month of March and was seven per cent below the 10-year average.

The national average price for all types of residential property was about $491,000, which was down 10.4 per cent from March of last year — with the Vancouver and Toronto markets causing most of the drag.

Excluding Canada’s two most expensive real estate markets, the national average price would be $383,000 — a decline of two per cent from March 2017.

March had the third consecutive double-digit decline compared with the comparable months last year, when prices in the Greater Toronto Area soared to record highs.

CREA says activity was below year-ago levels in more than 80 per cent of all local markets, in all major urban centres except for Montreal and Ottawa, with the vast majority of year-over-year declines well into double digits.

Related: Home sales in Canada dip to lowest level in 3 years: CREA

Related: Where Canadians buy real estate abroad: report

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

City council won’t accept more than a two-per cent tax increase

Financial plan amendment bylaw fails on first reading in 5-4 vote

Nanaimo buses first to get new technology

NextRide technology will help riders pinpoint where buses are and predicted arrival times

UPDATE: Police rule out alcohol, distraction in fatal crash in Nanoose

Passenger of fatal crash still in critical condition following crash in Nanoose Bay on Friday

Nanaimo plays hockey in support of Humboldt

Humboldt Strong Street Hockey Tournament held Sunday, April 22 at Nanaimo North Town Centre

Police look for hit-and-run suspect after senior struck

Incident occurred April 17 at about 3 p.m. at Selby and Fitzwilliam streets

Nanaimo plays hockey in support of Humboldt

Humboldt Strong Street Hockey Tournament held Sunday, April 22 at Nanaimo North Town Centre

Trudeau calls van attack ‘horrific and senseless’

Prime Minister Justin Trudeau calls van attack ‘horrific and senseless,’ says no apparent terror link

Officer’s actions ‘one shining moment’ after Toronto van attack

Arresting officer’s actions ‘one shining moment’ in the wake of Toronto van attack

Parksville resident interrupts break-and-enter

Two break-ins reported in the same day on the same street

As Osoyoos Indian Band flourishes, so too does Okanagan’s wine tourism

Indigenous practices have driven growth of South Okanagan’s wine history and agricultural influence

Judith Guichon steps down as Lieutenant Governor of B.C.

Election decision didn’t make her best moments from the past six years

Vancouver to rake in $30 million in empty homes tax in first year

The tax is the first of its kind in Canada, and was intended to address the city’s near-zero vacancy rate

LGBTQ advocates turn Victoria SOGI protest into dance party

Counter-protest outnumbers anti-SOGI activists on lawn of B.C. legislature

B.C.’s snowpack continues to increase, melting delayed

River Forecast Centre official says sudden melting further into the season could cause flooding

Most Read