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During the pandemic, Canada's real estate market thrived despite tight inventory due to record-low interest rates, driving increased activity and demand. This resulted in higher sales and commissions for sellers and their agents. However, a significant shift has occurred since March 2022, with interest rates spiking to ten times their previous levels, while home prices have only slightly changed.
Toronto saw the most significant increase in home values for those who purchased during the early part of 2020, with an average appreciation of $280,700 over three years. The city's average home price surpassed $1 million around mid-2021 and has continued to rise, resulting in an average two-year increase of over $118,000. Vancouver also experienced substantial growth, with price increases of over $261,000 in three years and $111,000 in two years, making it one of the top-performing cities in the analysis.
Read the full article on: REAL ESTATE MAGAZINE
