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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

VIDEO: RCMP Emergency Response Team at known drug house in Chilliwack

Armed officers respond to reports of shots, bring in ERT, K-9 unit and spike belt

Maple Ridge woman fights WorkSafe BC over police widow’s pension

Dalila Vroom says husband, Const. Rob Vroom, died as a result of PTSD from time with Abbotsford PD

BC Cancer Foundation launches COVID-19 response fund

Abbotsford resident encourages support of cancer research and care

Abbotsford Hospital COVID-19 outbreak over, a new one reported at business

New World Technologies is site of ‘very small’ outbreak, says Dr. Bonnie Henry

Solidarity demonstration planned for Abbotsford on Friday

People gathering to protest police brutality and systemic racism in downtown Abbotsford

If Trudeau won’t stand up to Trump, how will regular people: Singh

Trudeau did not directly answer a question about Trump’s actions amid protests

Facing changes together: Your community, your journalists

The importance of accurate, ethical reporting is critical – perhaps as never before

Drive-thru window smashed after suspect receives burger without mustard

Greater Victoria Wendy’s staff call police after man allegedly rips Plexiglas barrier off window

Abbotsford Airshow launching virtual Aerospace Camp

Online S.T.E.M. open to students aged 10 to 15, starts later this summer

Aldergrove man, 60, can ‘finally afford to retire’ after winning $24M in lottery

Ron Cumiskey plans to use the hefty Lotto 6/49 winnings to stay close to home and his daughters

Murder charge upgraded in George Floyd case, 3 other cops charged

Floyd’s family and protesters have repeatedly called for criminal charges against all four officers

Highway 1 closed north of Yale after body found on highway

Coroners Service reportedly on the scene, next Drive BC update at noon

Teen cashier praised after paying grocery bill for Aldergrove woman

Otter Co-op’s Brooklyn Roberts asked to pay Tamara Smith’s $44 grocery bill after debit card declined

As two B.C. offices see outbreaks, Dr. Henry warns tests don’t replace other measures

Physical distancing, PPE and sanitizing remain key to reduce COVID-19 spread

Most Read