(Ottawa) The Canadian Real Estate Association (CREA) says the number of property sales in March in the country increased by 1.7% compared to last year.
This increase came as the average price of a property sold last month stood at $698,530, up 2% from March 2023.
On a month-over-month basis, CREA says March home sales across the country were up 0.5%.
In its updated outlook for the year, the ACI says it now expects 492,083 properties to change hands this year, an increase of 10.5% from 2023.
The national average price is also expected to rise 4.9% on an annual basis to $710,468 in 2024.
In its forecast released in January, the ACI expected a 10.4% increase in property sales this year and a 2.3% increase in the average price for 2024.
Average price up 7.2% in Quebec
Across Quebec, the average price of a property sold last month was $511,023, up 7.2% compared to March 2023. In Montreal, the increase was 4.8%, with an average price of $531,300.
In Ontario, the average price was $889,033, up 1.4%, while in British Columbia it was $1.02 million, up 6.3%.
In New Brunswick, the average price of a property sold last month was $295,900, up 9.5% compared to March 2023.
The largest increase was recorded in Alberta, at 10.9%, with an average price of $491,962.