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Canadian home prices rose 11% annually in March as sales tumble: CREA – National

The Canadian Real Estate Association says home sales in Canada fell in March, while prices rose 11.2% from a year earlier.

The association says home sales in March were down 16.3% from the same month last year, when they hit an all-time high.

On a month-to-month basis, seasonally adjusted home sales in March fell 5.4%.

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The drop in sales came as the number of newly listed homes fell 5.5% month-over-month in March.

The actual national average home price was $796,068 in March, down from $715,696 the same month last year.

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The association says that excluding Greater Vancouver and the Greater Toronto Area, two of the busiest and most expensive housing markets, reduces the national average price for March of this year by $163,000.

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