Home sales in Canada fell in March, while prices were up 11.2 per cent compared with a year earlier, Canadian Real Estate Association said Tuesday.
The association said home sales in March were down 16.3 per cent compared with the same month last year when they hit an all-time record.
On a month-over-month basis, seasonally adjusted home sales in March were down 5.4 per cent.
TD Bank economist Rishi Sondhi said part of the decline in March probably reflected buyer fatigue to some degree following several months of robust activity, as buyers pulled forward their purchases ahead of higher rates.
The Bank of Canada raised its key interest rate target by a quarter of a percentage point at the beginning of March and by an additional half of a percentage point last week. The moves drove
prime rates at commercial banks higher, since they use the central bank's key rate as reference when setting variable mortgage rates.
Rates for five-year fixed-rate mortgages have also risen in recent weeks as the yields of five-year government of Canada bonds have climbed higher.
"And, with the Bank of Canada set to hike rates aggressively, home sales are likely to trend even lower moving forward," Sondhi wrote in a report.
"This should help balance the market and weigh on home price growth. Indeed, our forecast anticipates significant softness in average home price growth in the second half."
The drop in sales came as the number of newly listed homes fell 5.5 per cent on a month-over-month basis in March.
CREA said the decline in new listings was led by Greater Vancouver, the Fraser Valley region in B.C., Calgary and the Greater Toronto Area.
The actual national average home price was $796,068 in March, up from $715,696 in the same month last year. The association said excluding Greater Vancouver and the Greater Toronto Area, two of the most active and expensive housing markets, cuts $163,000 from the national average price for March this year.
Royal LePage said according to its home price survey that the national aggregate home price was up 25.1 per cent year-over-year in first quarter at $856,900, the highest gain on record since the company began tracking prices.
Royal LePage CEO Phil Soper said the real estate firm anticipated a strong first half of the year, with a moderating of real estate markets thereafter.
"The first quarter of the year was so strong, however, that we are bumping up our 2022 outlook," Soper said in a statement.
"And, home prices will continue to climb in the months ahead as a result of our relentless low supply-high demand imbalance."
Royal LePage is now forecasting that the aggregate price of a home in Canada will increase 15.0 per cent in the fourth quarter of 2022, compared with the same quarter in 2021. The outlook compared with an earlier forecast that called for a 10.5 per cent increase.
In a separate report, Canada Mortgage and Housing Corp. said the seasonally adjusted rate of housing starts came in at 246,243 units, compared with 250,246 in February.
The drop came as the pace of urban starts slowed by two per cent to 220,708 in March. The annual rate of starts for apartments, condos and other types of multiple-unit urban projects fell five per cent to 154,876, while the pace of single-detached urban starts rose eight per cent to 65,832.
Rural starts were estimated at a seasonally adjusted annual rate of 25,535 units.
The six-month moving average of the monthly seasonally adjusted annual rates of housing starts was 252,497 in March, down from 253,296 in February.
This report by The Canadian Press was first published April 19, 2022.
A Canadian man who is trapped in Lebanon with his family says they are anxiously waiting for seats on a flight out of the country, as a barrage of Israeli airstrikes continues.
A 21-year-old Yazidi woman has been rescued from Gaza where she had been held captive by Hamas for years after being trafficked by ISIS.
Parts of icy Antarctica are turning green with plant life at an alarming rate as the region is gripped by extreme heat events, according to new research, sparking concerns about the changing landscape on this vast continent.
A 21-year-old man who was charged with attempted murder in the shooting of a Toronto police officer this week was out on bail at the time of the alleged offence, court documents obtained by 愛污传媒 Toronto show.
Nearly 30 years after a six-year-old girl disappeared in Western Arkansas, authorities have identified a suspect in her abduction through DNA evidence.
Prosecutors have charged a Michigan man with killing and dismembering a janitor he met on the dating app Grindr.
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
Armed men belonging to the Gran Grif gang killed at least 70 people, including three infants, as they swept through a Haitian town shooting automatic rifles at residents, a spokesperson for the United Nations' Human Rights Office said on Friday.
At least two people are dead and others are injured after a fire ripped through a century-old building near Montreal's City Hall, sources told Noovo Info.
The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage. '$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,' said Ligeng Guo.
The federal Fisheries Department says it is concerned about a "pattern" of violence and threats toward its enforcement officers after two tense incidents off southwestern Nova Scotia last month.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
More than half of the 205 firearms lost by the Royal Canadian Mounted Police since 2020 have been recovered, but two machine guns remain missing.
A 21-year-old man who was charged with attempted murder in the shooting of a Toronto police officer this week was out on bail at the time of the alleged offence, court documents obtained by 愛污传媒 Toronto show.
Armed men belonging to the Gran Grif gang killed at least 70 people, including three infants, as they swept through a Haitian town shooting automatic rifles at residents, a spokesperson for the United Nations' Human Rights Office said on Friday.
Iran鈥檚 supreme leader on Friday praised the country鈥檚 recent missile strike on Israel and said it was ready to do it again if necessary, state TV reported.
Prosecutors have charged a Michigan man with killing and dismembering a janitor he met on the dating app Grindr.
UN peacekeepers are staying in their positions on Lebanon鈥檚 southern border despite Israel鈥檚 request to vacate some areas before it launched its ground operation against Hezbollah militants, the UN peacekeeping chief said Thursday.
An Israeli airstrike on a West Bank cafe that the military said targeted Palestinian militants also killed a family of four, including two young children, relatives told The Associated Press on Friday.
A 21-year-old Yazidi woman has been rescued from Gaza where she had been held captive by Hamas for years after being trafficked by ISIS.
Prime Minister Justin Trudeau is set to announce funding to support French-speaking African countries and initiatives to promote the French language in the Francophonie.
Defence Minister Bill Blair says Israel has the right to defend itself in 'a calibrated and proportional way' following Iran鈥檚 ballistic missile attack against Israel on Tuesday.
A federal inquiry into foreign interference plans to hear from senior Global Affairs Canada officials Friday.
When an Ontario doctor refused to sign off on a mammogram for 38-year-old Sidra Lone, the mother of four says she was left with no choice but to lie.
Staff at Saskatoon's Royal University Hospital are calling for systemic changes just two days after its emergency room was more than three times above its capacity.
An Ontario child has died after coming in contact with a rabid bat, a health official confirmed on Wednesday.
For humans, flashing a smile is an easy way to avoid misunderstanding. And, according to a new study, bottlenose dolphins may use a similar tactic while playing with each other.
Alphabet's Google is testing showing check marks next to certain companies on its search results, a company spokesperson said on Friday, in a move aimed at helping users identify verified sources and steer clear of fake websites.
A hacking group tied to Russian intelligence tried to worm its way into the systems of dozens of western think tanks, journalists and former military and intelligence officials, Microsoft and U.S. authorities said Thursday.
The jury has been sent to deliberate its verdict in Jacob Hoggard's sexual assault trial Friday afternoon after lengthy instructions from the judge.
Legendary singer Paul Simon has said he is 'optimistic' about being able to return to performing live after losing most of his hearing in his left ear.
A painting discovered by a junk dealer in the basement of an Italian villa six decades ago is actually the work of Pablo Picasso and could sell for millions, according to experts.
Canada's airlines have failed in their challenge of air passenger protection rules that the federal government implemented in 2019.
The Competition Bureau says it's obtained a court order as part of an investigation into potential anti-competitive conduct by the Canadian Real Estate Association.
The Vatican Bank has fired two employees whose recent wedding violates a newly-introduced ban on marriages between staff.
A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
Toilet paper shortages in stores across America are giving folks nightmarish reminders of the pandemic era. But the lack of toilet paper isn鈥檛 a direct result of a major port strike Tuesday. It鈥檚 because of panic buying.
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
Caitlin Clark has been named the WNBA Rookie of the Year in a near-unanimous vote, giving the Indiana Fever back-to-back winners after Aliyah Boston won the honour last season.
Days after being suspended by FIFA, Argentina goalkeeper Emiliano Martinez produced heroics in front of the watching Prince William as Aston Villa sealed another famous win against Bayern Munich.
The claim to Shohei Ohtani's potentially lucrative 50th home run ball grew more complicated this week, with a second fan filing a lawsuit asserting he had possession of the historic baseball.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
One day after a man was stabbed to death in East Vancouver, a 27-year-old woman has been charged with murder.
A Vancouver tenant is at war with his former landlord over what he calls an exorbitant charge for bent blinds.
A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
A 21-year-old man who was charged with attempted murder in the shooting of a Toronto police officer this week was out on bail at the time of the alleged offence, court documents obtained by 愛污传媒 Toronto show.
Police forces in the Toronto area have stepped up their presence in Jewish and Muslim communities as the one-year anniversary of the deadly Oct. 7 terror attack on Israel inches closer.
A DoorDash driver who was caught on camera appearing to spit into an Ontario man鈥檚 drink has been removed from the platform, the food delivery company has confirmed.
Martha Hart, the widow of wrestler Owen Hart, is speaking out after the release of Netflix's 'Mr. McMahon' documentary series, which she says inaccurately portrays her husband's death as an accident.
Authorities say two Calgarians were arrested and charged in "a complex scheme" involving stolen vehicles.
An annual ceremony is bringing together the families and friends of missing and murdered Indigenous people in hopes of raising awareness about the issue.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
The O-Train will be out of service all day on Saturday and for two additional hours on Sunday as part of work to integrate the Stage 2 East extension with the existing LRT line.
There was a decrease in the amount of waste heading to the City of Ottawa's landfill in the two months leading up to the city's new three-item garbage limit.
At least two people are dead and others are injured after a fire ripped through a century-old building near Montreal's City Hall, sources told Noovo Info.
Classes and campus activities at CEGEP de Valleyfield were cancelled Friday morning as a result of a police operation.
Public transport users who regularly use Fabre, d'Iberville and Saint-Michel stations on the Montreal metro's blue line will have to be patient, as the emergency closure of the three stations announced on Thursday evening could stretch out over 'a few days, or even a few weeks.'
Edmonton mayor, Amarjeet Sohi, discusses his Fair Compensation Project with Alberta Primetime host Michael Higgins.
An Edmonton hot tub repairman who was the subject of a previous 愛污传媒 Edmonton report has been charged with fraud.
There'll be a few more leaves knocked off trees today and tomorrow as a low-pressure system makes it's way east across the province.
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
The federal Fisheries Department says it is concerned about a "pattern" of violence and threats toward its enforcement officers after two tense incidents off southwestern Nova Scotia last month.
A 31-year-old man is facing theft and break-in charges in connection to a vandalism incident at the Fredericton Public Library that caused tens of thousands of dollars of damages over the weekend.
The Opposition Tories introduced a motion to get the justice system to take another look at the case of Jordyn Reimer.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
Winnipeg Comiccon will feature a pair of hobbits who helped bring the One Ring to Mount Doom.
RCMP say fraudsters are continuing to ask for gas money before selling fake gold jewelry to people around Saskatchewan.
Saskatchewan Party Leader Scott Moe says if re-elected, his government would introduce a Saskatchewan Home Renovation Tax Credit aimed at making renovations more affordable.
As pressure grows on the oil and gas sector to reduce its emissions, one Calgary-based company is banking on the potential to convert waste gas from oil wells into valuable electricity for nearby communities.
Waterloo Regional Police have laid charges after a car crashed into the side of a Kitchener home at 3:30 a.m.
A DoorDash driver who was caught on camera appearing to spit into an Ontario man鈥檚 drink has been removed from the platform, the food delivery company has confirmed.
The Region of Waterloo Is considering extending funding for the hybrid shelter on Erbs Road.
Saskatoon police arrested a homeless person at the scene of an encampment underneath the University Bridge on Friday morning.
The mayor of Loon Lake is appealing to both provincial and federal government leaders for assistance in dealing with rising crime in the village, which has seen an increase in vandalism, theft, and property damage.
As pressure grows on the oil and gas sector to reduce its emissions, one Calgary-based company is banking on the potential to convert waste gas from oil wells into valuable electricity for nearby communities.
A motorcyclist is left with serious, life-altering injuries after a crash on Highway 11 in northern Ontario on Wednesday morning.
Two more Elliot Lake teens have been charged in connection to the break-in at the local arena last week and are accused of causing more than $50,000 in damage.
An outfitter in Kenora, Ont., and two individuals have been fined a total of $9,500 for bear hunting offences, including abandoning a bear they shot and using it as bait to hunt another bear.
According to police, officers responded to the 600 block of Tennent Avenue for a, "report of a possible stabbing" around 9 p.m. on Thursday.
A London, Ont. man, who pleaded guilty earlier this year in a harassment case, has been sentenced to two months in jail for criminal harassment of a Windsor, Ont. family.
Middlesex OPP have shuttered a road between Mount Brydges and Komoka today - Amiens Drive is currently closed between Glendon Drive and Oriole Drive.
The Ministry of Labour is investigating a workplace incident that claimed the lives of two people in Georgian Bluffs, south of Owen Sound.
A Midland woman is facing several charges after police say she bit an officer while being arrested for an alleged armed confrontation.
An Orillia man faces an additional criminal charge as part of an internet child exploitation investigation that included a search of the accused's residence in June and several items confiscated as evidence.
A London, Ont. man, who pleaded guilty earlier this year in a harassment case, has been sentenced to two months in jail for criminal harassment of a Windsor, Ont. family.
Brian Masse, Windsor-West鈥檚 Member of Parliament (MP), stood before the House of Commons on Friday, criticizing the eased hazardous material restrictions at the Ambassador Bridge.
County Road 37 between County road 14 and Mersea road 10, was reported closed around 6:45 a.m. following a crash involving a tractor trailer and a pickup truck.
Politicians are continuing to promote their promises across British Columbia as the provincial election campaign nears its midway point.
One person is dead after a floatplane carrying three people crashed Wednesday evening in a remote inlet on British Columbia's central coast.
A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week 鈥 and authorities have asked the public to stop circulating disturbing videos of the incident.
A father in Kelowna is furious after his 13-year-old daughter was brutally beaten on Gyro Beach. He is calling for criminal charges in the devastating attack, which was caught on video by multiple bystanders.
The officer who shot and killed a forcible confinement suspect in Kamloops two years ago was justified in doing so, according to the Independent Investigations Office of B.C.
WestJet has changed its operations at the Lethbridge Airport, and it means there's now only a single daily flight from Lethbridge to Calgary, down from three flights a day, as offered previously.
Archie's Exotic Pet Rescue has been open about six years and, like many other animal rescues, it has seen a surge in surrenders.
It鈥檚 almost deadline day for Lethbridge residents interested in becoming members of one of the city鈥檚 boards, commissions and committees (BCCs).
An outfitter in Kenora, Ont., and two individuals have been fined a total of $9,500 for bear hunting offences, including abandoning a bear they shot and using it as bait to hunt another bear.
Two more Elliot Lake teens have been charged in connection to the break-in at the local arena last week and are accused of causing more than $50,000 in damage.
The jury has been sent to deliberate its verdict in Jacob Hoggard's sexual assault trial Friday afternoon after lengthy instructions from the judge.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people鈥檚 basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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