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Blog by Mario Felicella - Sutton Group Westcoast Realty

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Home sales rise but prices starting to come down

Sales of existing homes rose 2.5% in March from the previous month, while prices declined 0.5% year over year, the Canadian Real Estate Association said.

On a seasonally unadjusted basis, sales were up 1.6 per cent from March 2011 levels, the smallest increase since April last year. The number of newly listed homes were down 0.3 per cent in March from February.

“Activity in March was up from the previous month in two-thirds of all local markets, with Toronto, Calgary, and Edmonton contributing most to the national increase,” CREA said.

The national average home price declined 0.5 per cent in March from a year earlier to $369,677.

“The slight decline in the national average price points to a tug of war between Toronto and Vancouver from the standpoint of their sales mix compared to last year,” said CREA chief economist Gregory Klump. “Average prices are up from year-ago levels in most large urban centres.”

Source: Financial Post