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

Alberta man dies in snowmobile collision near Revelstoke

The incident occurred on Boulder Mountain Friday morning

Open letter to Premier John Horgan

LETTER: Group called First Things First Okanagan promotes action on climate change

Revelstoke Nordic Ski Club hope to host major competitions

They are enlarging their parking lot, stadium area, and building short technical race trails

No conservation officer planned for Revelstoke in near future

MLA Clovechok said he has gotten the environment minister to agree to meet with local residents

Government has no solution for dangerous Three Valley Gap stretch

Columbia River-Revelstoke MLA Doug Clovechok met with the Ministry to talk about the dangers around Highway 1

VIDEO: Moose found licking salt off B.C. man’s pickup truck

Tab Baker was in his garage in Prince George when the small moose gave his truck a clean

Child’s body found in river downstream from where boy went missing during flood

Three-year-old Kaden Young was swept out of his mother’s arms in February

B.C. VIEWS: Eliminating efficiency for farm workers

Don’t worry, NDP says, the B.C. economy’s booming

Kamloops RCMP respond to report of dead body floating in Thompson River

Body has not been located, searches to continue as river conditions improve

B.C. student makes short-list for autism advocacy award

Brody Butts honoured for his role as a mentor and self-advocate

Austin Powers ‘Mini-Me’, Verne Troyer, dies at 49

Facebook page confirmed his death Saturday afternoon

B.C. parents grieving teen’s overdose death say it started with opioid prescription

Elliot Eurchuk, 16, died at his Oak Bay home Friday, after taking street drugs

VIDEO: 33 Oliver-area homes evacuated due to flooding

Flooding in the Sportsman Bowl area has swelled drastically over course of one week

Most Read