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

Nelson has West Kootenay’s cheapest gas prices

The cost rises significantly outside the city

Selkirk students pay it forward with pizza

The adult special education program is buying slices for those in need

Dance Fusion: ‘smooth, entertaining and emotional’

250-dancer showcase includes a piece by a group of young dancers and their fathers

Nelson figure skaters visit Enchanted Forest

The club held its annual year-end show on April 15

PHOTOS: Nelson Rhythm Ropers skip to success at provincials

The team won 56 medals last weekend at L.V. Rogers

VIDEO: B.C. man recognized for spinning basketball on toothbrush

Abbotsford man holds world record for longest duration of time of 60.5 seconds

Former Social Credit MLA dies at 88

Lyall Hanson was mayor of Vernon in 1981 and moved to provincial politics from 1986-96

Ailing health care biggest hurdle for Okanagan jail

PART SIX: Inmates reportedly wait weeks for broken bones to be seen, challenges with maintaining medical staff

Police searching for escaped prisoner in B.C.

Ralph Whitfield Morris, 83, is serving a life sentence for second-degree murder

B.C. set to introduce pot laws, but years of fine tuning likely: minister

Legislation regulating recreational marijuana is expected to be introduced Thursday

Canadian driver uses lawn chair as driver’s seat, gets caught

Ontario police detachment caught the male driver during a traffic stop

B.C. moves to restrict pill presses in opioid battle

Minister Mike Farnworth says federal law doesn’t go far enough

VIDEO: Vets, volunteers set up vaccination station for sick bunnies

Volunteers, vets try to stop spread of lethal virus

Most Read