Average price of March home sales rose compared to a year ago: CREA

The Canadian Real Estate Association says the number of home sales in March rose 1.7 per cent compared with a year ago.

 

The increase came as the average price of a home sold last month amounted to $698,530, up two per cent from March 2023.

 

On a month-over-month basis, CREA says home sales in March were up 0.5 per cent.

In its updated outlook for the year, CREA says it now expects 492,083 homes to trade hands this year, a 10.5 per cent increase from 2023.

 

The national average home price is also forecast to climb 4.9 per cent on an annual basis to $710,468 in 2024.

 

In its forecast released in January, CREA had expected a 10.4 per cent increase in home sales this year and a 2.3 per rise in the average home price for 2024.

 

 

This article was first reported by The Canadian Press