The Canadian housing market has seen a significant surge in demand and home sales since the start of the pandemic. According to the Canadian Real Estate Association (CREA), home sales have increased by 76.2% year over year. The pandemic has driven many people to seek larger living spaces to accommodate remote work and lockdown measures.



This increased demand for housing has led to a significant rise in home prices. The average home price in Canada was $716,828 in March 2021, a 31.6% increase from the same time the previous year.



This rise in home prices has raised concerns about the affordability of housing for many Canadians, particularly in major urban centers such as Toronto and Vancouver, where prices have soared well above the national average. This has left many Canadians unable to find a home within their budget. Low-interest rates have made it easier for some Canadians to enter the housing market, but they have also contributed to the rise in prices.