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

Alberni darts player heading to national championships

Jason Bagnell is fundraising for his trip to Nova Scotia

ARTS AROUND: Giant book sale approaches in Port Alberni

This is the last week to drop off all your donations

Port Alberni ‘a safe place to be’ despite crime rate, says RCMP

Criminal offences up in Port Alberni for the first quarter of 2019

Portal Players production touches on residential schools

Sisters chronicles a convent-run residential school in Canada

VIDEO: Alberni Valley celebrates Easter weekend

Port Alberni children enjoy Easter egg hunts and spring activities

‘B.C. cannot wait for action’: Top doctor skips feds, urges province to decriminalize illicit drugs

Dr. Bonnie Henry says current approach in ‘war on drugs’ has criminalized and stigmatized drug users

B.C.’s largest Vaisakhi festival target of threatening Facebook post: Surrey RCMP

Police say they are investigating the posts on Facebook, after local MLA forwarded screenshots

Defence accuses officer of ‘incompetence’ in trial for B.C. man charged with daughters’ murders

Double murder trial for the Victoria father accused of killing his two young daughters continues

Murder on B.C. property didn’t need to be disclosed before sale, court rules

Buyer had tried to break contract after learning a man with ties to crime had been murdered there

B.C. man turned to dating site for pimp operation, court hears

In court the details of how Simon Rypiak lured 4 women into prostitution revealed

Tofino beckons Trudeau for quiet Easter vacation

Environmental group hopes latest Pacific Rim vacation inspires change in prime minister

Should B.C. parents receive money if they make sure their kids are vaccinated?

New survey looks at public opinion around government’s role in forcing immunizations

Many teens don’t know they’re vaping nicotine, Health Canada finds

Canadian Tobacco, Alcohol and Drugs Survey finds youth unaware of nicotine product risk

Most Read