TORONTO--The average price of a Canadian resale home rose 6% in March from last year, a decline from the more torrid pace seen over the last several months, as the pricey Vancouver market's share of national sales declined, the Canadian Real Estate Association said.
The average national price for resale houses reached 401,419 Canadian dollars ($365,125), according to monthly sales data from the national umbrella group for Canadian realtors. In recent months the average price had been up 8%-10% year-over-year.
The MLS Home Price Index, which is weighted to offset the effect of changes in the mix of sales activity, rose 5.19% on a year-over-year basis in March, up slightly from the 5.05% gain recorded in February.
"Year-over-year price growth picked up among all property types tracked by the index," CREA said.
Sales rose by 1% from February to March on a seasonally adjusted basis, building on the monthly gain of 0.6% in the previous month, but leaving activity closer to the low reached in January 2014 than to the most recent peak reached in August 2013, it said.
"Sales rose in more than half of all local housing markets in March, led by gains in a number of large urban markets in British Columbia, Alberta, and Ontario," CREA said.
"While activity in BC's Lower Mainland posted a monthly decline, sales there remained well above year-ago levels," it said.
"Sales in many housing markets continue to recover from winter's deep freeze," said CREA President Beth Crosbie said in the release.
The slowing in sales in West Coast housing markets reflects the fact that national and local housing trends can diverge, she said.
The number of newly listed homes edged up 0.5% nationwide from February to March, while the Canadian housing market remains in balanced territory overall, CREA said.