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

Trappers on brink of elimination after third loss

“We’ve got to play desperate hockey’ coach of Langley hockey team says

Langley author recounts service in the French Foreign Legion

Langley’s Joel Struthers aims to educate the public on what service looks like in the Legion.

Arrest in alleged parking lot assault at LMH

Langley RCMP investigating daylight incident

High school photo exhibit celebrates Aldergrove’s community

ACSS photography students showcased their work at Langley Arts Council’s grand opening last week.

Bertrand Creek Enhancement Society responds to town centre proposal

Society member Andrew Sigalet says the Janda Group’s plan is ‘the best proposal’ he’s seen to date

Five highlights in the 2019 federal budget

Latest budget includes a sprinkling of money for voters across a wide spectrum

Kids found playing darts with syringes in Vancouver Island park

Saanich police is urging people to throw out their syringes properly and safely

Disappearance of Merritt cowboy now deemed suspicious: police

Ben Tyner was reported missing when his riderless horse was discovered on a logging road

Former B.C. Electric substation, now luxury mansion, up for auction

Historic estate in Abbotsford open for bids starting Friday

RCMP divers find Volkswagen Beetle in B.C. river, two teens still missing

A woman, 18, and boy, 15, remain missing after plunging into Pend d’Oreille River

Horse fulfills dying B.C. woman’s last wish

Moog and Friends Hospice House staff and volunteers co-ordinate a special moment for a patient

Father thanks B.C. Mountie for shooting hoops with kids, ‘changing perspectives’

‘We’re just like everyone else,’ says Surrey officer who stopped to play basketball with kids

Trans Mountain court hearing: B.C. says it won’t reject pipelines without cause

Canada says the proposed amendments to B.C.’s Environmental Management Act must be struck down

Most Read