CREA Reports Increase in Average Home Sales Prices in March Compared to Previous Year

The Canadian Real Estate Association reports that home sales in March increased by 1.7 percent compared to last year.

The average price of a home sold last month was $698,530, marking a two percent rise from March 2023.

Month-over-month, CREA notes a 0.5 percent increase in home sales for March.

CREA’s updated forecast anticipates 492,083 home sales this year, reflecting a 10.5 percent surge from 2023.

The national average home price is expected to climb by 4.9 percent annually to reach $710,468 in 2024.

Previously, CREA had forecasted a 10.4 percent rise in home sales and a 2.3 percent increase in average home price for 2024.