{"id":29679,"date":"2024-06-03T06:00:00","date_gmt":"2024-06-03T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=29679"},"modified":"2024-06-10T13:38:05","modified_gmt":"2024-06-10T17:38:05","slug":"how-home-prices-have-changed-since-2022","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/how-home-prices-have-changed-since-2022\/","title":{"rendered":"Soaring Canadian Interest Rates and Their Ripple Effect: How Home Prices Have Changed Since 2022"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Between March 2022 and July 2023, the Bank of Canada (BOC) increased interest rates ten times, elevating its benchmark rate from 0.25% to 5% in what has been one of the most aggressive monetary policy tightening campaigns. Over the past six rate decisions, it has maintained the policy rate steady at 5%, with its next update scheduled for Wednesday, June 5, 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In light of these changes, we examined major real estate markets across Canada, including the Greater Toronto Area (GTA), to observe how home prices have changed since February 2022, the month before the BOC\u2019s first rate increase.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"https:\/\/www.zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter <\/em><\/strong><\/a><strong><em>to get real estate market insights, news, and reports straight to your inbox<\/em>.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Related: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/where-home-prices-peaking-this-spring-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Here\u2019s Where Home Prices Are Peaking The Most This Spring in Canada<\/strong><\/a><strong>&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image alignfull size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"508\" height=\"1024\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/06\/interest-rates-may-2024-508x1024.png\" alt=\"\" class=\"wp-image-29691\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/06\/interest-rates-may-2024-508x1024.png 508w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/06\/interest-rates-may-2024-149x300.png 149w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/06\/interest-rates-may-2024-768x1549.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/06\/interest-rates-may-2024-761x1536.png 761w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/06\/interest-rates-may-2024-1015x2048.png 1015w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/06\/interest-rates-may-2024.png 600w\" sizes=\"auto, (max-width: 508px) 100vw, 508px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Where Are Real Estate Prices Dropping Across Canada?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zoocasa.com\/brock-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Brock<\/a> had the steepest decline, with average home prices falling from $1,168,477 to $800,000, a 31.8% drop. <a href=\"https:\/\/www.zoocasa.com\/oshawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Oshawa<\/a> and <a href=\"https:\/\/www.zoocasa.com\/clarington-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Clarington<\/a> also saw significant decreases, with property values dropping by 26.5% and 25.7% respectively. Overall, 64% of cities in Ontario, including <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>, <a href=\"https:\/\/www.zoocasa.com\/pickering-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Pickering<\/a>, <a href=\"https:\/\/www.zoocasa.com\/burlington-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Burlington<\/a>, <a href=\"https:\/\/www.zoocasa.com\/vaughan-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vaughan<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/ajax-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Ajax<\/a>, experienced decreases exceeding 20%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> and <a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Mississauga <\/a>experienced smaller price declines of 5% and 8% but still hovered around the million-dollar mark. <a href=\"https:\/\/www.zoocasa.com\/kitchener-on-real-estate\">Kitchener-Waterloo<\/a> had the second-largest percentage decrease at 22.2%, followed by <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London-St Thomas<\/a> at 22.6%.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, lower home prices due to higher interest rates create potential opportunities for buyers.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cHigh mortgage rates have put downward pressure on home prices. In many major Canadian markets, home prices are either lower today or similar to what they were in 2022 before the rate increases began. This has led to opportunities for savvy buyers, that have had the luxury of time to negotiate on their side, as the market activity slowed,\u201d said Carrie Lysenko, CEO of Zoocasa.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Related: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/top-canadian-cities-to-buy-real-estate-in-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Top Canadian Cities to Buy Real Estate in 2024<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Affordability Attracts Buyers on Canada\u2019s Coasts and Prairies, Boosting Home Prices&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Across Canada, the four most affordable cities\u2014<a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate?utm_campaign=&amp;utm_source=google&amp;utm_medium=cpc&amp;utm_adgroup=&amp;utm_content=694322236007_c&amp;utm_term=new%20homes%20calgary&amp;utm_loc_interest_ms=1001801&amp;utm_loc_physical_ms=9000945&amp;gad_source=1&amp;gclid=CjwKCAjwx-CyBhAqEiwAeOcTdY7yd6dRyVcYYVTJZb0CqTsnWQjARJbLB_YtUPYU8UQdHT-J95W6oxoCYCcQAvD_BwE\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary,<\/a> <a href=\"https:\/\/www.zoocasa.com\/saint-john-nb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saint John<\/a>, <a href=\"https:\/\/zoocasa.com\/edmonton-ab-real-estate?utm_campaign=&amp;utm_source=google&amp;utm_medium=cpc&amp;utm_adgroup=&amp;utm_content=694313998496_c&amp;utm_term=mls%20edmonton&amp;utm_loc_interest_ms=1001808&amp;utm_loc_physical_ms=9000945&amp;gad_source=1&amp;gclid=CjwKCAjwx-CyBhAqEiwAeOcTdazlw5_8_6AyVhA0TSxYWjZMDJN17sYqdlDe7GnbeRylMxqTXXm_7BoCc-QQAvD_BwE\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Regina<\/a>\u2014have seen price increases, likely due to Canadians seeking affordability.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alberta, known for its accessible housing prices, experienced the highest interprovincial migration from 2022 to 2023 according to <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/pub\/91-215-x\/91-215-x2023002-eng.htm\" target=\"_blank\" rel=\"noreferrer noopener\">Stats Canada<\/a>. Conversely, Ontario saw a notable shift, with 41,929 residents relocating to other parts of Canada within the same period. This trend highlights the dynamic nature of interprovincial migration, driven by Ontario having one of the highest cost of living rates in the country.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Saint John experienced the highest increase in property values among all regions, with a 27.5% increase since February 2022. Calgary also saw a significant boost, with property values climbing 15.43%. How high prices will climb in Canada\u2019s most affordable markets is yet to be determined and heavily depends on when the Bank of Canada will start lowering rates. However, even with potential rate decreases, it is unlikely that the growth in home prices will slow down this year, given the strong influx of new residents and the sustained demand for housing and a better quality of life.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Related: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/interest-rate-drop-impact-real-estate-markets-usa\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Here\u2019s What Happened to Real Estate Markets The Last Time Interest Rates Dropped in the US&nbsp;<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image alignfull size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"564\" height=\"720\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/05\/may-interest-rates-2024-GTA.png\" alt=\"\" class=\"wp-image-29687\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/05\/may-interest-rates-2024-GTA.png 564w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/05\/may-interest-rates-2024-GTA-235x300.png 235w\" sizes=\"auto, (max-width: 564px) 100vw, 564px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Analyzing Property Value Declines in the GTA<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">From February 2022 to April 2024, all property prices decreased across the 14 GTA studies analyzed in the study. London-St Thomas faced the largest percentage decrease in property values, dropping 23.92% since March 2023, which equates to a $186,300 decline. Midway through this period, from February 2022 to March 2023, Vaughan saw a 9.9% increase, adding $158,437 to property values. Among all regions analyzed, Toronto experienced the smallest decline at 5%.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Considering these figures, it&#8217;s important to note that despite higher interest rates, this period can reduce competition for homes. Buyers can negotiate better deals, <a href=\"https:\/\/www.zoocasa.com\/blog\/off-season-home-buying-jan-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\">avoid bidding wars<\/a>, and secure properties at more reasonable prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cDespite the high mortgage rates, lower prices may lead to savings across the duration of a homeowner\u2019s total mortgage depending on their lending terms. It\u2019s important to remember that a buyer is usually locking into a rate for just 3-5 years, while the total amount of the mortgage borrowed remains constant over the 25-30 year amortization. It\u2019s best to try and secure a home you love at a price you\u2019re comfortable with and navigate interest rates as they evolve,\u201d Lysenko explains.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re looking to get into the real estate market this year, <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\">give us a call<\/a>! From mortgages to closing costs, one of our experienced real estate agents can guide you through the home-buying process. <\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\"> Have questions about your local market? <\/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\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Between March 2022 and July 2023, the Bank of Canada (BOC) increased interest rates ten times, elevating its benchmark rate from 0.25% to 5% in what has been one of the most aggressive monetary policy tightening campaigns. Over the past six rate decisions, it has maintained the policy rate steady at 5%, with its next [&hellip;]<\/p>\n","protected":false},"author":157,"featured_media":29680,"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_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1114,1112,196,1111,1113],"tags":[],"class_list":["post-29679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-alberta","category-bank-of-canada","category-canada","category-ontario"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Home Prices Have Changed Since 2022 in Canada<\/title>\n<meta name=\"description\" content=\"Over the past six rate decisions, it has maintained the policy rate steady at 5%. Here&#039;s how much home prices have changed since 2022.\" \/>\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\/how-home-prices-have-changed-since-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Home Prices Have Changed Since 2022 in Canada\" \/>\n<meta property=\"og:description\" content=\"Over the past six rate decisions, it has maintained the policy rate steady at 5%. Here&#039;s how much home prices have changed since 2022.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/how-home-prices-have-changed-since-2022\/\" \/>\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=\"2024-06-03T10:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-10T17:38:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/05\/Soaring-Canadian-Interest-Rates-Social.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=\"Angela Serednicki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/05\/Soaring-Canadian-Interest-Rates-Social.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=\"Angela Serednicki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-home-prices-have-changed-since-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-home-prices-have-changed-since-2022\/\"},\"author\":{\"name\":\"Angela Serednicki\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/b162735b027c20ba6e2007c6ae373c22\"},\"headline\":\"Soaring Canadian Interest Rates and Their Ripple Effect: How Home Prices Have Changed Since 2022\",\"datePublished\":\"2024-06-03T10:00:00+00:00\",\"dateModified\":\"2024-06-10T17:38:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-home-prices-have-changed-since-2022\/\"},\"wordCount\":775,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Affordability Reports\",\"Alberta\",\"Bank of Canada\",\"Canada\",\"Ontario\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-home-prices-have-changed-since-2022\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/how-home-prices-have-changed-since-2022\/\",\"name\":\"How Home Prices Have Changed Since 2022 in Canada\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2024-06-03T10:00:00+00:00\",\"dateModified\":\"2024-06-10T17:38:05+00:00\",\"description\":\"Over the past six rate decisions, it has maintained the policy rate steady at 5%. 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