Our 3.99% 6-Mo Fixed is the lowest mortgage rate available in Canada.

To shop or not to shop (for a home).

Interest rates just went up again. How will it affect home prices?

After declining for much of last year, Canadian home prices are still increasing nationally. Let's look at some numbers to see where they may go from here.

Add (a home) to cart? How to decide if the timing's right.

It's been a wild ride for housing markets in the last year — the central bank's rate-hike pause in February brought buyers back to increase demand and prices in many regions. Yet, the higher rates also discouraged sellers from listing, waiting to see what prices would do or to avoid increased mortgage payments with a move.

Last year, Canada hit an all-time peak for home prices in March 2022, up roughly 45% from pre-pandemic levels. Fast forward to June 2023, and average national home prices (using the MLS® Home Price Index measure) are down only 4.5% year-over-year.

June saw a national price increase of 2.0% from last month. But with the Bank of Canada resuming rate hikes this summer, markets appear to be balancing (varying with the area) — more sellers are finally listing (perhaps to get a higher sale price in now) as demand slows. According to CREA, this dynamic may serve to moderate further home price growth over the next few months.