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

Revelstoke donated time, money and food in annual Emergency Services Food Drive

Over 300 volunteers got together last week for the annual Emergency Services… Continue reading

Revelstoke city council brings forward proposed cannabis framework

Four bylaws amended that will allow retail sales and production in the city

LUNA Q&A: Revelstokian Nicolas Houle painting herons

See everyday spaces transformed in the night at the second annual LUNA… Continue reading

Reach a Reader: Help Revelstoke literacy association share the love of reading

October is the Columbia Basin Alliance for Literacy’s annual Books for Kids campaign

Weekday weather update

A look at your Okanagan-Shuswap weekday weather for Sept. 24

Canada aiming for the moon, and beyond, with new space technology efforts

With an eye on future lunar exploration, Canada’s space agency is calling on companies to present their ideas for everything from moon-rover power systems to innovative mineral prospecting techniques.

New Brunswick Premier meets with lieutenant-governor as Tories, Liberals vie for power

New Brunswick Premier Brian Gallant said the only other leader he had spoken with since results came in was Green Leader David Coon.

Trudeau looks to restart Canada’s UN charm offensive in New York City

Freeland says the question of job retraining in the 21st century — and the uncertainty that surrounds it — is the federal government’s central preoccupation.

Calgary mayor seeks person who leaked details of closed-door Olympic meeting

Calgary Mayor Naheed Nenshi says he will ask the city’s integrity commissioner to investigate a leak of details from an in-camera council meeting.

B.C. MP Cannings spared brunt of Ottawa tornadoes

MP Richard Cannings was spared the impact of the tornadoes that hit the Ottawa region

Edmonton cannabis company revenues more than triples to $19.1 million

Aurora Cannabis revenues more than triple in fourth quarter

B.C. pharmacist suspended for giving drugs with human placenta

RCMP had samples of the seized substances tested by Health Canada

Seattle one step closer to NHL after arena plan approved

Seattle City Council unanimously approved plans for a privately funded $700 million renovation of KeyArena

Most Read