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

Fraser Health patients to see 23% hike in knee, hip replacement surgeries

New approach will see first-available surgeon waitlists

PHOTOS: Sun shines down on Surrey’s Vaisakhi parade

Surrey celebration considered the biggest in North America and one of the largest outside India

Surrey RCMP responding to report of stabbing in Whalley

Incident near 104th Avenue and 125th Street

OK to sacrifice density for trees: Hayne

Council refers South Surrey townhouse project back to staff

South Surrey filmmaker receives Sovereign Medal

Alison MacLean, director of Burkas2Bullets, honoured for volunteerism by Governor General

VAISAKHI: A Surrey piper’s musical harmony

Music director for Crossroads United Church in North Delta plays flute for Indian Standard Time

Final week for ALR input

Public consultation process closes April 30

‘When everybody leaves: Counselling key to help Humboldt move on after bus crash

Dealing with life after a tragedy can be the worst part following a loss

One person arrested after man killed in Vancouver

Police say this is Vancouver’s seventh murder of 2018

Half-naked shooter guns down four, runs away in Nashville Waffle House shooting

Nashville police say they are looking for Travis Reinking in connection with the shooting

Downtown roads closed for Vancouver Sun Run

Thousands of runners participate in the annual event

Child’s body found in river downstream from where boy went missing during flood

Three-year-old Kaden Young was swept out of his mother’s arms in February

B.C. VIEWS: Eliminating efficiency for farm workers

Don’t worry, NDP says, the B.C. economy’s booming

Stealth finish winless at Langley Events Centre

Vancouver pro lacrosse team finishes with 0-9 home record

Most Read