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

What’s happening in Cloverdale this weekend, March 15 to 17

Looking for something to do in Cloverdale this weekend?

Surrey man mourns the loss of classmate killed in New Zealand mosque attack

When he heard news of the attack, he sent a message to his friend

Surrey RCMP search for missing woman

Deborah-Lynn Hurshman was last seen on the 13600-block of 102 Avenue on March 12.

Vehicle plows through White Rock business

Incident happened at Kidazzles (1253 Johnston Rd.)

Defiant vigil starts healing in New Zealand after massacre

Police say the gunman in the shooting that killed 50 acted alone

Facebook announces changes to political advertising to meet new federal rules

Bill C-76 bans the use of money from foreign entities to conduct partisan campaigns

National Arts Centre spotlights Indigenous and female artists in upcoming season

Other musical offerings include a salute to Canada’s Indigenous composers

Travel expected to be slowed by fallout from fire at Toronto’s Pearson airport

All U.S.-bound flights from Terminal 1 were cancelled Sunday night after the fire broke out near a security checkpoint

Trudeau fills vacancy in cabinet with B.C. MP Joyce Murray

Murray, 64, was elected in 2008 and served previously as a minister in B.C.’s provincial government

Leivo nets shootout winner as Canucks edge Stars 3-2

Schaller scores first 2 goals of season for Vancouver

UBC study shows honey bees can help monitor pollution in cities

Scientists analyzed beehives in high density urban areas to those off on Galiano Island

Most Read