(OTTAWA) Residential property sales fell in March in Canada, compared to the same month last year, but prices rose 11.2% during the same period, the Canadian Property Association said on Tuesday. building (ACI).
Posted at 11:05 a.m.
Sales were down 16.3% from a year ago when they hit a record high, ACI said.
On a monthly basis, seasonally adjusted residential property sales retreated 5.4% in March.
The drop in the number of transactions came as the number of new listings for sale fell 5.5% on a monthly basis in March.
The national price for homes sold in March hit $796,068, down from $715,696 in the same month in 2021.
Excluding the greater Vancouver and Toronto areas, two of the busiest and most expensive real estate markets, the national average price for the past month is instead around $633,000.