CANADA Home sales and average prices fell in March

Home sales and average prices fell in March


- Advertisment -

Both the average selling price and the number of homes sold declined in March compared to February’s level, according to the Canadian Real Estate Association. (Evan Mitsui/CBC)

Canada’s red-hot real estate market showed signs of cooling down in March as both the number of homes sold and the average selling price declined from the previous month’s level.

The Canadian Real Estate Association, which represents more than 100,000 realtors across the country, reported Tuesday that on average, homes sold on the Multiple Listings Service went for $796,000.

That’s down about three per cent from the all-time high of $816,720 the previous month, and a noteworthy change in direction after the unprecedented tear that Canadian home prices have been on for the better part of two years now.

“While the market remains historically very active, March definitely saw a slowdown compared to February in terms of both activity and price growth,” CREA chair Jill Oudil said. “One month does not make a trend, so we’ll have to wait and see if this is the beginning of the long-awaited cooling off of this market.”

Average selling prices were down, as was the actual volume of homes sold. Total sales came in 5.6 per cent lower in March than they did in February. They were also down by 16 per cent from the all-time high clocked in the same month a year earlier.

Though down from February’s level, the average selling price is still up by more than 11 per cent compared to where it was a year ago. But that pace of increase is slowing, too. March’s annual increase is about half the 20 per cent annual gain clocked in February.

More to come

Latest news

Bate Middleler and Massey Gray address transphobic perceived comments

(CNN)Bate Middleler and Massey Gray have each responded to some recent criticism His comments...

Richmond police say they thwarted a potential July 4 mass shooting

close Video Fox News Flash top headlines for July 6 Fox News Flash top headlines are here....

The Penguins signed backup goalie Casey DeSmith to a 2-year contract extension

closer Video Here are the top headlines from Fox News Flash. See what's clicking on...
- Advertisement -

Canada may approve first COVID-19 vaccine for youngest children this month: feds

Vaccines for COVID-19 became available for children under 5 years of age in the US in June. (Sean...

Poll shows most Americans say life is starting to return to pre-pandemic normality

Most Americans say their lives are at least close to normal before the pandemic, according to a recent...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you