{"id":22262,"date":"2023-05-25T06:00:00","date_gmt":"2023-05-25T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=22262"},"modified":"2023-05-24T16:16:57","modified_gmt":"2023-05-24T20:16:57","slug":"rate-increases-across-canada-may-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/","title":{"rendered":"The Bank of Canada&#8217;s Interest Rate Pause: Assessing Real Estate Prices Since Last Year&#8217;s Hikes"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The dominant story of the Canadian real estate market throughout 2022 was the impact of rising interest rates. The lending rate was just 0.5% in February, but after six increases throughout the year by the Bank of Canada it ended up at 4.25%. There was a further increase in January 2023 to 4.5%, but the Bank has held steady since then.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As rates have changed, so have prices. The record price highs seen early in the year were impacted by the rate hikes, but as 2023 has gone on those have slowly started creeping up again. To find out how prices have changed since rate hikes began, we analyzed data for major provinces and cities across Canada, as well as the GTA.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Home Prices Across Canada Have Changed Since February 2022<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"566\" height=\"1024\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-118-8-566x1024.png\" alt=\"\" class=\"wp-image-22266\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-118-8-566x1024.png 566w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-118-8-166x300.png 166w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-118-8-768x1391.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-118-8-848x1536.png 848w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-118-8.png 600w\" sizes=\"auto, (max-width: 566px) 100vw, 566px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Canada\u2019s most expensive provinces have had the largest price dips since rate hikes began. British Columbia\u2019s price has fallen by $113,000, while Ontario has suffered the largest dip at $174,300, declines of 10.51% and 16.12% respectively.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/land-transfer-tax-ontario-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Ontario Cities Ranked by Land Transfer Tax: The Good, The Bad, and the Ugly<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, the four most affordable provinces have all felt price increases. Interest rate hikes have not hit these provinces as hard, as the much more affordable home price has meant the cost of a mortgage wouldn\u2019t have as steep of an increase as it would in British Columbia or Ontario. Newfoundland and Labrador\u2019s average home price has increased by $11,400, up 4.3% since rate hikes began. Alberta has stayed relatively flat in that time, with a price difference of just $200, with the average price now at $473,700.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"505\" height=\"1024\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-124-5-505x1024.png\" alt=\"\" class=\"wp-image-22267\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-124-5-505x1024.png 505w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-124-5-148x300.png 148w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-124-5-768x1558.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-124-5-757x1536.png 757w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-124-5-1010x2048.png 1010w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-124-5.png 600w\" sizes=\"auto, (max-width: 505px) 100vw, 505px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Looking at some of the major cities across Canada provides another perspective. Using data provided by the Canadian Real Estate Association (CREA), we took a more in-depth look at some of the major cities across Canada to see if prices reflected the numbers of their provinces.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ontario has been hit the hardest, with the top five cities with the greatest declines all being in the province. The largest of those declines are in <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> and <a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton<\/a>&#8211;<a href=\"https:\/\/www.zoocasa.com\/burlington-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Burlington<\/a>, with prices falling by $189,300 and $191,900 respectively. <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London<\/a>&#8211;<a href=\"https:\/\/www.zoocasa.com\/st-thomas-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">St. Thomas<\/a> has had the greatest percentage decline of 21.51% to a price of $654,100, down $166,400. Despite Alberta remaining relatively steady, <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary<\/a>\u2019s increased popularity and more affordable housing has contributed to the price increases the city is seeing. Home prices have risen by $15,100 since February 2022, while <a href=\"https:\/\/www.zoocasa.com\/st-john-s-nl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">St John\u2019s<\/a>, another of Canada\u2019s most affordable cities, has felt price increases of $10,600.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"957\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-125-5-750x957.png\" alt=\"\" class=\"wp-image-22268\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-125-5-750x957.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-125-5-235x300.png 235w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-125-5-768x980.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/Group-125-5.png 1100w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">As Ontario has had the largest dips across the country, we took a closer look at major markets in the GTA using data provided by the Toronto Regional Real Estate Board (TRREB).<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/gta-condo-price-growth-q1-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Surging Condo Prices: Toronto Region\u2019s Q1 Growth Revealed<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Every city in the GTA has seen some form of price decline. <a href=\"https:\/\/www.zoocasa.com\/markham-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Markham<\/a> was the least impacted, with a decline of $15,243, just a 1.06% drop to $1,418,021. The only other city not to suffer a drop of over $100,000 was Toronto, where the average price fell by $98,194. Four cities have had declines of over $200,000 &#8211; <a href=\"https:\/\/www.zoocasa.com\/ajax-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Ajax<\/a>, <a href=\"https:\/\/www.zoocasa.com\/brampton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Brampton<\/a>, <a href=\"https:\/\/www.zoocasa.com\/essa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Essa<\/a> and <a href=\"https:\/\/www.zoocasa.com\/brock-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Brock<\/a>, with Brock being hit the hardest. Prices fell in the city by $273,350, a decline of 25.85%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the declines since rate hikes began, prices have been on the rise again during 2023 in Toronto. <a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-april-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">Home prices increased by 4% on a monthly basis from March to April<\/a>. As markets have settled and buyers and sellers have adjusted to the impact, more homes have started moving, while the short supply means that demand outweighs the available supply, resulting in home prices steadily increasing.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free<\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em> weekly newsletter<\/em><\/strong><\/a><strong><em> to get Canadian real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re looking to get into the real estate market, why not give us a call? We can help find the perfect home for you this summer!&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Ready to find your dream home?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The dominant story of the Canadian real estate market throughout 2022 was the impact of rising interest rates. The lending rate was just 0.5% in February, but after six increases throughout the year by the Bank of Canada it ended up at 4.25%. There was a further increase in January 2023 to 4.5%, but the [&hellip;]<\/p>\n","protected":false},"author":119,"featured_media":22270,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[1111,1107,1160,181],"tags":[],"class_list":["post-22262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","category-infographics","category-market-insights","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Bank of Canada&#039;s Interest Rate Pause: Assessing Real Estate Prices Since Last Year&#039;s Hikes | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Learn about the impact of the Bank of Canada&#039;s recent interest rate pause on real estate prices. Discover how buyers and sellers have adapted to market changes, and explore the current state of the housing market since the initial rate hikes last year. Gain insights into the fluctuations in prices and their implications for homeowners and prospective buyers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Bank of Canada&#039;s Interest Rate Pause: Assessing Real Estate Prices Since Last Year&#039;s Hikes | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Learn about the impact of the Bank of Canada&#039;s recent interest rate pause on real estate prices. Discover how buyers and sellers have adapted to market changes, and explore the current state of the housing market since the initial rate hikes last year. Gain insights into the fluctuations in prices and their implications for homeowners and prospective buyers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-25T10:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-24T20:16:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/The-Bank-of-Canadas-Interest-Rate-Pause-Assessing-Real-Estate-Prices-Since-Last-Years-Hikes-Thumbnail.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Daniel Crook\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/05\/The-Bank-of-Canadas-Interest-Rate-Pause-Assessing-Real-Estate-Prices-Since-Last-Years-Hikes-Thumbnail.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daniel Crook\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/\"},\"author\":{\"name\":\"Daniel Crook\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/2a4b65285e841ed26e0f85235df85c59\"},\"headline\":\"The Bank of Canada&#8217;s Interest Rate Pause: Assessing Real Estate Prices Since Last Year&#8217;s Hikes\",\"datePublished\":\"2023-05-25T10:00:00+00:00\",\"dateModified\":\"2023-05-24T20:16:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/\"},\"wordCount\":674,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Canada\",\"Infographics\",\"Market Insights\",\"Toronto Real Estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/\",\"name\":\"The Bank of Canada's Interest Rate Pause: Assessing Real Estate Prices Since Last Year's Hikes | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-05-25T10:00:00+00:00\",\"dateModified\":\"2023-05-24T20:16:57+00:00\",\"description\":\"Learn about the impact of the Bank of Canada's recent interest rate pause on real estate prices. 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