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

Lacombe County Council highlights- Sept. 13. 2018

Lacombe County held a regular meeting of Council

New athletic league for Burman volleyball and basketball teams

University joins Prairie Athletic Conference

City of Lacombe announces new playgrounds

Essex Park & Michener subdivision will provide new spaces for play

UPDATE – Amber Alert cancelled, Emma O’Keeffe has been found

Six-year-old girl with autism believed abducted at a strip mall in Saskatchewan

Lacombe-Ponoka UCP candidates discuss the issues at public forum

Thalia Hibbs, Ron Orr remain in race for UCP party constituency

WATCH: AHS breaks ground on new Lacombe Community Health Centre

17,000 sq. ft. facility will bring existing Lacombe AHS services together

WATCH: 2010 Olympic architect John Furlong inspires Red Deerians at Chamber event

Furlong suggests Red Deer should get involved with Calgary’s 2026 Olympic bid

Researchers tag great white shark in Atlantic Canada

Information will be used to learn more about where white sharks move in Canadian waters

Mix-up of bodies leads to funeral home reforms in Nova Scotia

One woman was was mistakenly cremated, another was embalmed and presented to family members during a visitation that went horribly wrong

Federal stats show slight increase in irregular migrant claims in August

113 extra people tried to cross the Canadian border last month

1st private moon flight passenger to invite creative guests

The Big Falcon Rocket is scheduled to make the trip in 2023, SpaceX founder Elon Musk announced at an event Monday at its headquarters near Los Angeles.

‘Game of Thrones,’ ‘Mrs. Maisel’ triumph at Emmys

In a ceremony that started out congratulating TV academy voters for the most historically diverse field of nominees yet, the early awards all went solely to whites.

Korean leaders meet in Pyongyang for potentially tough talks

South Korean President Moon Jae-in began his third summit with North Korean leader Kim Jong Un on Tuesday.

Most Read