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

Greens choose Rosslander to represent them in next federal election

Tara Howse is the former chair of Rossland’s Sustainability Commission

Le Roi Foundation hits $1 million milestone

Foundation supports causes from Rossland to Trail and the Beaver Valley

Teck will continue to fight U.S. judgement

U.S. Supreme Court denied hearing Teck’s appeal last week

TACL celebrates a new van

New vehicle improves mobility at Trail Association for Community Living

Commercial truck caught dumping waste into river near Trail

Greater Trail RCMP report the company owner has been identified

VIDEO: ‘Avengers: Endgame’ to be re-released with new footage

‘Avatar’ holds global box office record at $2.788 billion, while ‘Endgame’ stands at $2.743 billion…

B.C. teen killed by falling tree near Victoria

Second youth also injured in freak incident during field trip at Camp Barnard near Sooke

Elias Pettersson wins Calder Trophy as NHL’s top rookie

Vancouver forward first Canuck to win award since Pavel Bure in 1992

FVRD chair calls B.C. incineration plan for Philippines waste ‘disturbing’

Metro Vancouver ‘uniquely capable’ of safely disposing of waste coming back to Canada, say officials

VIDEO: Acknowledging skeptics, finance minister vows to build Trans Mountain project

Bill Morneau said he recognizes ‘huge amount of anxiety’ in Calgary over future of oil and gas sector

Channel your inner pirate in epic Canada-wide treasure hunt

200 treasure chests hidden among trails and waterways, lots of prizes to be claimed

Shovels could be in the ground on Trans Mountain by September, CEO says

Ian Anderson points to weeks likely required for NEB to reinstate 2016 regulatory record

Scorpion gives birth after hitching ride in B.C. woman’s luggage

A Vancouver woman inadvertently brought the animal home from a trip to Cuba

RCMP allows officers to grow beards

Members can now wear beards and goatees, as long as they’re neatly groomed

Most Read