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

Living with obsessive compulsive disorder

The Big Read: Vancouver Island mom calls for more mental health services as son battles OCD

Heat warning issued for Vancouver Island

Temperatures expected to cool down later this week

T.W. Paterson column: From ‘Old Dobbin’ to ‘King Gasoline’ — to bust

The late Jack Fleetwood loved to tell how he and his brother Doug bought six used cars — for $10!

Special weather statement forecasts hot weekend ahead on mid Island

Environment and Climate Change Canada advises residents in Nanaimo and Duncan to take precautions

France doubles up Croatia 4-2 to win World Cup

Played in Moscow Russia, latest Fifa World Cup marks the highest scoring final since 1966

REPLAY: B.C.’s best video this week

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Short trip to car-free Sidney Spit offers camping, beaches, hikes

Sidney Spit is part of B.C.’s Gulf Islands National Park Reserve, a protected marine ecosystem

Riptide, CVUSC paved the way for varsity soccer players

Chloe Gummer has become a leader at VIU

B.C. woman disappointed after family asked for ID at townhouse complex pool

Surrey woman says it’s not the first time she has experienced racial profiling at the complex

Park pipeline protesters say arrest is a ‘declaration of war’

Group behind North Thompson River Provincial Park occupation protest says arrest is ‘declaration of war’

A day of deals at Amazon, and at its rivals

Online retail giant extends annual ‘Prime Day’ promotion to 36 hours

Alert B.C. campers raise alarm and avert potential propane disaster

Salmon Arm camper lodges a complaint with Technical Safety BC after motorhome tank is over-filled.

Non-union construction industry fears exclusion in B.C.

Premier John Horgan announces new Crown corporation for public works

UPDATED: Putin says he wanted Trump to win in 2016, didn’t interfere

The two leaders arrived Monday at Helsinki’s presidential palace for a long-awaited summit

Most Read