Home Sales in Canada Dive by 22.7%

OTTAWA — According to Canada’s real estate industry organization, number of homes sales in Canada in March plunged by 22.7% and average price at national level was down by 10.4% as comparative to the same month from last year.

Canadian Real Estate Association said that sales activity marked 4 year low for March and was 7% below 10-year average.

$491,000 was the national average price of a home for all different types of the residential properties, that was down by 10.4% as comparative to March of last year with the Toronto and Vancouver real estate markets causing drag.

Excluding 2 most expensive Canadian real estate markets, national average price may be around $383,000, it is a decline of nearly 2% as comparative to March 2017.

March had 3rd consecutive double digit decline as compared with months of last year, when home prices in Toronto Area soared to the high records.

CREA said that home sale activity was below a year ago level in more than 80% of all local real estate markets, in all of the major urban centres except for Ottawa and Montreal, with vast majority of decline in double digits.