Canadian housing market sets all-time record for sales and prices in March

The average price of a Canadian home hit $508,567 in March, a jump of 15.7 per cent compared to the same month a year earlier.

Realtor group the Canadian Real Estate Association said the volume of homes sold set an all-time record.

Sales activity rose 12.2 per cent from one year ago and set a new record for the month. March is typically popular for home sales as the weather warms up, but this year's figure came in 14.2 per cent above the 10-year average for the month.

As has been the case for several months, the national numbers are skewed by hot markets in Toronto and Vancouver.

"If these two housing markets are excluded from calculations, the average is a more modest $366,950 and the year-over-year gain is reduced to 10.4 per cent," CREA said.

If British Columbia and Ontario are stripped out, the picture changes ever more. The average price for houses everywhere else in Canada was $299,591 in March, a number that has declined by one per cent in the past year.

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