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CREA says home sales fell in March compared with February as pandemic took hold

Last Updated Apr 15, 2020 at 7:55 am PDT

A real estate sale sign is shown in a west-end Toronto neighbourhood Saturday, March 7, 2020. Canadian home sales in March nose-dived compared with February as the COVID-19 pandemic took hold and caused both buyers and sellers to retreat. THE CANADIAN PRESS/Graeme Roy
Summary

Home sales across Canada fell in March as the COVID-19 pandemic set in

CREA says home sales in March were down 14.3 per cent compared with February

Compared with a year ago, home sales in March were up 7.8 per cent, CREA says

OTTAWA — Canadian home sales in March nose-dived compared with February as the COVID-19 pandemic began to take hold and caused both buyers and sellers to pull back.

The Canadian Real Estate Association says home sales in March were down 14.3 per cent compared with February, on a seasonally adjusted basis.

Restrictions on physical distancing and the closure of non-essential businesses began in the middle of March in a bid to slow the spread of COVID-19.

Compared with a year ago, home sales in March were up 7.8 per cent — though CREA noted that figure contrasted with a year-over-year gain of close to 30 per cent in February.

The national average price for a home sold in March was just over $540,000, up 12.5 per cent from a year ago.

Excluding the Greater Toronto Area and Greater Vancouver, two of the country’s most active and expensive housing markets, the average price was about $410,000.