Houses are seen on Squamish Nation land in North Vancouver, on Tuesday, February 22, 2022.
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 actual national average home price was $796,068 in March, up from $715,696 in the same month last year.
In a separate report, Canada Mortgage and Housing Corp.
The drop came as the pace of urban starts slowed by two per cent to 220,708 in March.