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

Golden girl Bailey Herbert leads Olympians at Western Canadian championship meet

Langley Olympians Swim Club places fifth out of 71 teams during prestigious meet in Victoria

Man charged in Abbotsford school stabbing found unfit to stand trial

Gabriel Klein’s fitness to stand trial will be subject to periodic review

LEPS, Langley Township mark Earth Month with eco-friendly events

Arbour Day, Clean-Up Day happening last two weekends in April

Stage 1 watering restrictions to kick in two weeks early

As of May 1, Metro Vancouver residents can only water lawns two days a week instead of three

Teen’s outlook positive, despite living with ‘Stone Man Syndrome’

Alexandra Hoodikoff has a conditon that affects one in two million people

Lt.-Gov. Guichon believes she made the right decision

Outgoing Lt.-Gov Judith Guichon said her most memorable moments weren’t surrounding the election

VIDEO: Smokers talk pot rules at annual 4-20 event

Annual pot protest-meets-festival in Vancouver attracted hundreds to vendors, concert

New funds, recruits set to alleviate B.C. sheriff shortage

The Government of British Columbia announced new sheriff graduates, funding for more classes

Video: RCMP investigation gets a deer little photobomb

Princeton RCMP were conducting a drug investigation in Princeton which a deer strolled through

Farnworth says five years too long for feds to deal with organized crime in medical pot

Needs to be dealt with much sooner than that, B.C. Public Safety Minister says

UPDATED: Unions, CP Rail come to agreement, avoiding work stoppage

Locomotive engineers, conductors and signals specialists seeking new collective agreements.

B.C. woman known to hitchhike around province missing

Aislynn Hanson, 18, last seen April 13; known to travel throughout B.C. by hitchhiking

B.C. court relies on Facebook to track down missing defendant

A court in Princeton, B.C. relied on Facebook to track down a B.C. missing his court date

Cops corral pig on the loose on Vancouver Island

Police “put the grab” on pig before it can cross the highway on Vancouver Island

Most Read