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

Christmas music

Bentley’s Christmas market

House fire leaves Bentley area family homeless

Family suffers loss, community steps up

RCMP Major Crimes Unit South lay charges in homicide

23-year-old Chelsey Lagrelle of Sunchild First Nation charged with manslaughter

UPDATED: Calgary Police receive multiple bomb threats

Similar threats received across Canada and the United States

Numbers up for food bank

Donations gratefully accepted

‘Are we going to play?’ Alberta boy with rare illness no big deal for classmates

Porter Stanley is one of 30 people in the world to be diagnosed with Beare-Stevenson syndrome, a craniofacial disorder.

B.C. securities regulator probes ‘most expansive’ alleged trading scheme in its history

Liht Cannabis Corp states it’s doing internal investigation, welcomes BC Securities Commission probe

Air passenger rights: 6 things about what the Liberals are offering

For 3- to 6-hour delays, compensation is $400. Between 6 and 9 hours, $700. Over 9 hours is $1,000

Missouri poacher ordered to repeatedly watch ‘Bambi’

Sentence comes from one of the largest deer poaching cases in state history

Energy assessment law needed to avoid another Trans Mountain impasse, PM says

Prime Minister Justin Trudeau says he’s overhauling the program

Freeland says corners could not be cut with U.S. arrest request of Huawei exec

2 Canadians have been detained in Beijing since the arrest of Meng Wanzhou, CFO of Huawei Technologies, by the RCMP

Maskwacis RCMP hoping to find vehicle in fatal hit and run

Black Jeep Grand Cherokee believed to be involved in early morning incident

Alberta’s oil refinery request prompts renewed interest in Kitimat plan

Publisher David Black pitches Rachel Notley on B.C. coast option

Daughter tells of cat litter scientist’s unlikely bond with Charles Barkley

Barkley says the friendship gave him ‘great memories and great joy’

Most Read