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

Crews continuing to clear rock north of Summerland

Site has had no movement for the past eight days

Alleged Okanagan sex offender arrested in P.E.I.

Offences occurred while Ivan Glen Winchester was living in Summerland between 2006 and 2010

Silt slide south of Summerland on Highway 97

Traffic was delayed approx. 30 minutes, not related to rock slide north of Summerland

Readers weigh in: Should shock collars on dogs be banned?

We asked and you had a lot to say. Here’s some of what

Video: Loving Mugs Chili Cook-off returns to Penticton Art Gallery

The fundraiser saw 12 chilis competing for top honours.

No treatment for highly infectious measles, says doctor

10 cases of measles confirmed in Vancouver as of Friday

Two more measles cases confirmed in Vancouver

It brings the number of total cases within the city connected to the outbreak to ten

No gas in Okanagan town as lone station closed for renovations

Falkland’s Petro Canada will remain closed for renovations until March 1

Shuswap facility adds 60 long-term care beds

Mount Ida Mews hosts grand opening of second phase in Salmon Arm

UPDATE: One dead after crash on Highway 97A near Armstrong

Police have confirmed that one person is dead following an accident on Highway 97A Friday

Multi-vehicle collision slows traffic on Highway 1

Trans-Canada Highway reduced to single lane between Salmon Arm and Sicamous

Developer makes an effort to help Okanagan students left homeless after flood

U-Two developer is making an effort to help university students who were left in a lurch

Most Read