Study Real Estate

THE CANADIAN PRESS

OTTAWA–The Canadian Real Estate Association says the number of existing homes sold last month was down from March 2008 but continued an upward trend that began in February.

Sales of existing homes listed with the MLS service totalled 35,225 units across Canada in March.

That's 13.5 per cent below actual sales in March 2008 but CREA says that's the smallest year-over-year decline in six months.

The association also notes that, on a seasonally adjusted basis, March sales were seven per cent higher than in February, which was 10.3 per cent above the remarkably low figures for January.

The association says the number of transactions in March was 18 per cent higher than in January, when activity was the lowest in a decade.

The average house price in Canada fell to just under $289,000 – down 7.7 per cent from March 2008 – also the smallest year-to-year decline in six months.