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

MusicFest weekend in the Comox Valley ‘fantastic’

With clear skies and warm temperatures bathing the crowd at the Comox… Continue reading

Island Health announces addition of 38 beds for seniors care in the Comox Valley

17 beds at Comox Valley hospital; 21 beds at St. Joe’s

VIDEO: North Island Hospital heliport flight testing

Island Health, in conjunction with Helijet, tested the heliports Tuesday as part… Continue reading

Campfire ban coming into effect across West Coast

The Coastal Fire Centre says bans will begin on Wednesday

Change of command at HMCS Quadra

Lieutenant Colonel (Lt.-Col.) Allan Dengis assumed command of HMCS Quadra in a… Continue reading

Trudeau asks transport minister to tackle Greyhound’s western pullout

Prime Minister Justin Trudeau says he’s asked Transport Minister Marc Garneau to find solutions in Greyhound Canada’s absence.

Bob Castle’s Under the Glacier cartoon for July 19, 2018

Bob Castle’s Under the Glacier cartoon for July 19, 2018… Continue reading

Trudeau shuffles familiar faces, adds new ones to expanded cabinet

Justin Trudeau shuffleS his front bench Wednesday to install the roster of ministers that will be entrusted with leading the Liberal team into next year’s election.

Special forces unit to monitor Hells Angels ride on Vancouver Island

Enforcement unit says motorcycle club to hold 35th anniversary ride in Nanaimo

Hub for mental health and addictions treatment opens at B.C. hospital

St. Paul’s Hospital HUB is an acute medical unit that includes 10 patient beds

Comox resident refuses to turn his back on his Nicaraguan community

Sean MacKinnon and his partner are hoping to raise funds through a beer and yoga fundraiser Friday

Trade tokens a new form of currency on Hornby Island

Jim Bulmer hopes his tokens will turn a profit for the community

Restaurant Brands International to review policy over poaching employees

One of Canada’s largest fast-food company to review ‘no-poach’ franchise agreements

Calgary family’s vacation ends in tragedy on Texas highway

Three people died and four others were injured in the crash

Most Read