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

A look at the latest from Agassiz Harrison

Bite-size news from your community

Lower Mainland cools down as heat wave lifts

Environment Canada predicts temperatures in the mid to low 20s

Fraser Health launches new drug-use support team to curb overdoses

Nearly 200 people have been killed by illicit drug overdoses in the region so far in 2018

Oversize load collides with Highway 1 overpass in Chilliwack

Traffic disrupted eastbound around Lickman Road over pass Monday morning

Trudeau asks transport minister to tackle Greyhound’s western pullout

Prime Minister Justin Trudeau says he’s asked Transport Minister Marc Garneau to find solutions in Greyhound Canada’s absence.

More lightning forecast as storm sparks 38 new wildfires in B.C.

22 new fires in are burning in the Kamloops Fire Centre according to the BC Wildfire Service.

Banff’s bathroom bears returned to the park after 15 months of rehab in Ontario

Black bears, now yearlings, were sent to the Aspen Valley Wildlife Sanctuary in Ontario last April

Monster trucks returning to Abbotsford

Monster Madness tour arriving in September

‘Recovery high schools,’ per diems urged to better manage addiction in B.C.

BC Centre for Substance Use says focus needs to shift to from overdose prevention to long-term care

More than $10,000 in Bitcoin paid in Richmond ransom scam

RCMP say victim transferred cash to Bitcoin ATM after being told partner had been abducted

Hells Angels celebrating 35th anniversary party on Vancouver Island

Additional police resources will be in Nanaimo this weekend as roughly 300 members and hang arounds are expected

New campaign aims to tide food waste at home

About 2.2 million tonnes of edible food is discarded in Canada every year

B.C. couple reunited with dog three years after disappearance

A purebred Pomeranian is back with his parents, likely after years in a puppy mill.

Most Read