CREA reports home sales down in March, average price up 11.2 per cent from year ago

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.

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