A home for sale is shown in Beckwith, Ont., on Wednesday, Jan. 11, 2018. (THE CANADIAN PRESS/Sean Kilpatrick)

Canadian home sales and prices in March down compared with a year ago

Canadian Real Estate Association says sales fell to their lowest level for the month since 2013

Home sales in March fell to their lowest level for the month since 2013, the Canadian Real Estate Association said Monday.

The association said sales through the Multiple Listing Service fell 4.6 per cent compared with a year ago, while the average sale price also moved lower.

READ MORE: B.C. real estate board blames stress test for dampening home sales in February

Sales in B.C., Alberta and Saskatchewan were more than 20 per cent below their 10-year average for the month, while Quebec and New Brunswick were well above-average, CREA said.

On a month-over-month basis, home sales in March were up 0.9 per cent compared with February.

Bank of Montreal chief economist Doug Power said the results were “a tad disappointing” and reinforced the view that the housing market is still adjusting to the many policy changes in recent years.

“Canadian housing activity remains lacklustre, at best,” Porter wrote in a brief report.

However, he noted the regional divide was wide and that the fundamentals look to become a bit more supportive in the year ahead.

“We continue to contend that prices, sales and starts are likely to hold broadly stable nationally in 2019 amid the many moving parts for the market,” Porter wrote.

The average sale price fell 1.8 per cent on a year-over-year basis to $481,745.

Excluding the Greater Vancouver and Greater Toronto Area, two of the country’s most active and expensive markets, the average price was just under $383,000.

The dip in the average price came as the number of newly listed homes rose 2.1 per cent in March as new supply rose in about two-thirds of all local markets.

With new listings improving more than sales, the national sales-to-new listings ratio eased to 54.2 per cent compared with 54.9 per cent in February.

There were 5.6 months of inventory on a national basis at the end of March, in line with the February reading and one of the highest levels for the measure in more than three years.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Another gold medal for Barriere Minor Ball

Barriere Minor Ball’s teams are on a home-run right now! Most recently… Continue reading

Lightning strike knocks out Bradford Wells in Barriere

On Tuesday, July 16, the District of Barriere sent out notification to… Continue reading

Annual Canadian Junior Angus Show at the North Thompson Agriplex in Barriere

Last year, Showdown 2018 took place in Barrie, Ontario; so perhaps it… Continue reading

Another success for Barriere Park Show Shine

The Barriere Park Show & Shine came off perfectly under sunnyskies on… Continue reading

Squam Bay Fish Derby winners take home the loot

The 64th Annual Squam Bay Fish Derby was held July 14 at… Continue reading

Joaquin ‘El Chapo’ Guzman sentenced to life in prison

Experts say he will likely wind up at the federal government’s Supermax prison in Florence, Colorado

Olympic softball qualifier gets $150K boost from provincial government

2019 Americas Qualifier to be held in Surrey from Aug. 25-Sept. 1

Gas price inquiry questions Trans Mountain capacity, company denies collusion

The first of up to four days of oral hearings in the inquiry continue in Vancouver

‘Benzos’ and fentanyl a deadly cocktail causing a growing concern on B.C. streets

Overdoses caused by benzodiazepines can’t be reversed with opioid-overdose antidote naloxone

Will you be celebrating national hotdog day with any of these crazy flavours?

The popularity of hotdogs spans generations, cultures

Former home of accused Penticton shooter vandalized

Ex-wife of man who is accused of murdering four people had her house vandalized

Survivor of near-drowning in B.C. lake viewing life through new eyes

“If I died that day, the baby wouldn’t know his dad,” said 31-year-old Mariano Santander-Melo.

‘Beyond the call’: Teen in police custody gets birthday surprise by B.C. Mountie

Unusual celebration started when Staff Sgt. Paul Vadik went to visit the teen in his Coquitlam cell

Thunderstorms forecast across B.C.

Environment Canada has issued a thunderstorm watch for B.C.’s central Interior

Most Read