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

Kelowna mayoral candidate’s sign set aflame

Bobby Kennedy’s sign was set on fire on Saturday morning

TEDxKelowna looks to inspire Kelowna

The event will showcase ideas that transcend sectors and generations

Long awaited second power line in West Kelowna postponed

The power line was set to be completed in 2020 and will now be installed in 2025

Cops for Kids cyclists return home

After cycling 1,000 kilometres they have completed their 10 day journey

Sunshine ahead for Kelowna

Your weekly forecast shows that the sun will shine again on Tuesday

Meet the Chef: Kai Koroll, executive chef at Block One restaurant

Koroll honours the terroir of the Okanagan in every dish he serves

B.C. students send books to displaced students of Hornby Island school fire

Maple Ridge elementary school teacher says students learned about acts of kindness

Trans Canada now open west of Chase, ‘heavy delays’

Few details available about crash that closed Trans Canada Highway west of Chase Sunday, Sept. 23

Oliver to get new sheriff from graduating class

Oliver will be one of a number of B.C. communities to get a member of the recent graduating class

Trump drains oxygen from Trudeau foreign policy with PM, Freeland bound for UN

A lot has changed since the Liberals came to power in Canada in 2015

B.C. man fined $15,000, barred from trading securities for fraud

Larry Keith Davis used money from an investor to pay personal bills

Emergency crews investigate small sulphuric acid spill in Kootenays

IRM states a small volume of less than one cup and three dime-sized drips were leaked from carrier

Family, friends of B.C murder victim want killer sent back to max security facility

Group wants convicted murderer Walter Ramsay sent back to a maximum security facility

Most Read