During the pandemic, the tight inventory markets across Canada experienced was offset by interest rates at all-time lows, which made for more activity and demand. Over that time, sellers and their agents enjoyed higher sales and commissions.

Today, it’s a very different story. Since March 2022, interest rates have soared to 10 times what they were, with home prices slightly shifting.

So, what are these homes bought during the pandemic worth now? Zoocasa looked into this very question by comparing CREA’s August 2020, 2021, and 2022 prices to 2023 national and major city home prices, along with interest rate fluctuations at each period.

Source: Zoocasa

The national benchmark

Over the assessed three-year period, homes went up just over $179,000, yet only $51,200 was since 2021. This plummeted to under $3,000 since last year. So, 2020 saw the largest increase, and CREA says the national average home price is now $750,100.

Biggest increase: Toronto homes in 2020, Vancouver close behind

Those who bought in Toronto during the first part of 2020 saw the most appreciation in value during the three years, at an average of $280,700. Around mid-2021, the average home price broke $1 million and has climbed ever since. Those who bought during that year will have seen an average bump of over $118,000, the largest two-year increase of all cities Zoocasa analyzed. 

Vancouver was next-highest in growth, with three and two-year price increases of over $261,000 and $111,000, respectively.

Source: Zoocasa

Halifax-Dartmouth makes waves

Over the past year, those who bought in the Halifax-Dartmouth area during 2022 enjoyed a larger value boost in their home than anywhere else in Canada. With the city’s prices averaging about $531,000 – which is up nearly 10 per cent or over $46,000 – one-year home value boosts there have exceeded every other Canadian market, including Vancouver and Toronto.

Declining home values in Victoria and other markets

Though Victoria enjoyed more than a $218,000 home price jump since 2020, it fell about 2 per cent ($18,400) over the past year, from over $906,000 to $888,000. Those who bought then can still look forward to solid appreciation over the long term, though, since higher interest rates will shrink the buyer pool.

Victoria wasn’t alone in 2022 price declines, as Edmonton, Winnipeg and Barrie and District fell too. The only market that experienced decreased values over the past two years was Regina, where the average price went down by about $1,100 in 2021 and $10,000 last year. All hope wasn’t lost for 2021 buyers who sold a year later, though, as the city’s average home price went up by $9,000.