According to the Canadian Real Estate Association (CREA), monthly home sales were down 4.6 per cent in March 2019 compared to the same month of last year to the lowest level since 2013. It was also almost 12% below the 10-year average for March.
“It will be some time before policy measures announced in the recent Federal Budget designed to help first-time homebuyers take effect,” said Jason Stephen, CREA’s President. “In the meantime, many prospective homebuyers remain sidelined by the mortgage stress-test to varying degrees depending on where they are looking to buy.”
British Columbia (-22.9 per cent), Alberta (-5.7 per cent) and Ontario (-1.9 per cent) registered a drop in sales compared to March of last year, while Québec (+2.6 per cent) showed an increase.
The average price for all residential properties sold in Canada in March 2019 was $481,745, down 1.8 per cent from the same month last year. Excluding the Greater Vancouver and Greater Toronto markets, the two most active and expensive markets in Canada, the national average price drops to just under $383,000.
To learn more : CREA’s official press release