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In March, the Canadian real estate market exhibited a mixed performance, starting off sluggishly but gaining momentum towards the end of the month. Data from the Canadian Real Estate Association (CREA) revealed minimal fluctuations in both sales and new inventory throughout March. Although prices experienced a slight decline, they remained relatively stable compared to the previous year. Notably, the latter part of the month saw a surge in activity, with a notable increase in new listings observed at the beginning of April.

Despite a marginal decrease, Canadian real estate prices in March remained relatively steady compared to the previous year. The seasonally adjusted benchmark price for homes fell by 0.3% to $718,400, yet it still registered a 1.1% increase compared to March of the previous year. This indicates a degree of resilience in the market despite the slight dip in prices.

Although there was a modest improvement in existing home sales in March, the overall market performance continued to lag behind historical levels. While seasonally adjusted sales saw a 0.5% uptick, representing a 1.7% year-over-year increase, it's important to note that this improvement comes from a particularly weak base, as last March saw one of the lowest sales volumes on record. New listings, while experiencing a slight pullback in March, saw a significant surge at the beginning of April, hinting at a potential shift in market dynamics. However, it's essential to temper expectations as the initial hype surrounding increased activity may have been overstated, and factors like the timing of Easter could have contributed to fluctuations in market behavior.

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