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

Ladysmith RCMP probe armed robbery at Timberlands Pub Liquor Store

Ladysmith RCMP are investigating after an armed robbery at the Timberlands Pub… Continue reading

Vancouver Island designated as foreign trade zone

NANAIMO - Trade zone designation simplifies importing and exporting and provides duty relief

Penelakut Tribe threatens legal action on freighters

Lack of consultation cited by Cowichan-Malahat-Langford MP MacGregor

Vancouver Island pharmacist suspended for giving drugs with human placenta

RCMP had samples of the seized substances tested by Health Canada

Getting along and information flow essentials for Area G director candidate

Jonas feels working productively together makes a better community

VIDEO: Tour de Rock rider says event provides badly needed support

Cancer survivor and volunteer firefighter Nicole Emery speaks about importance of fundraising tour

Rattie scores 3 as Oilers blank Canucks 6-0

Vancouver slips to 1-5 in exhibition play

Veterans Affairs ordered to take second look before supporting vets’ relatives

Liberal government ordered officials to adopt a more critical eye

Dead B.C. motorcyclist was member of group that raced down mountain road

Some group members record their rides on Strathcona Parkway and post times to page

Indigenous athletes in spotlight at BC Sports Hall of Fame

New gallery to feature Carey Price, Kaila Mussel and Richard Peter

B.C. couple who went missing on flight from Edmonton named by family

Family released a statement Wednesday saying they’re still intent on finding the two-seater plane

VIDEO: A close look at what you were breathing during the B.C. wildfire season

Electron microscope images show soot and tar particles generated by worst B.C. fire season

Island man calls 911 after being robbed of his drugs

Nineteen-year-old and 15-year-old suspects face multiple charges following robbery Monday in Nanaimo

B.C. woman donates $250,000 to ovarian cancer research for friends

Two of Patty Pitts’s friends passed away from the disease within a year

Most Read