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Canadian home sales up 76% year-over-year, set new March record

Home sales on record pace

The Canadian Real Estate Association says home sales hit an all-time record in March as supply slowly returned to the overheated market.

Sales across the country amounted to 76,259 last month, up 76.2 per cent from 43,283 during the same period last year.

On a month-over-month basis, sales in March were up 5.2 per cent compared with February. The average price of a home sold in Canada during March was $716,828, up 31.6 per cent from $544,824 the same time last year.

The number of new listings reached 105,001, a more than 50 per cent increase from 69,665 last March. As supply started rebounding, the national sales-to-new listings ratio eased back to 80.5 per cent in March compared with a peak level of 90.9 per cent set in January.



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