The average house price in Canada fell to just under $289,000 - down 7.7 per cent from March 2008 - also the smallest year-to-year decline in six months.
Robert Kavcic, of BMO Capital Markets, wrote in a separate analysis saying that "the improvement in recent months is an encouraging sign that the Canadian housing market has crossed the halfway point for this downturn."
He noted that the number properties put up for sale fell in March, but the ratio of listings-to-sales remained slightly elevated at 2.2.
"Despite two months of improved sales activity, buyers are still in control of the Canadian real estate market," Kavcic wrote.
"Further price declines and low mortgage rates will ultimately help trigger a recovery, but a reversal in the wave of job losses is one major pre-requisite still outstanding."
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