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The housing market slowdown may be over, as average selling prices have now gone up 4 months in a row | CBC News

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After plunging due to interest rate hikes throughout last year, the average price of a Canadian resale home has now increased for four months in a row.

Posted: May 15, 2023 9:49 AM EDT | Last Updated: 39 minutes ago

After peaking at just over $816,000 in February 2022 — right before the Bank of Canada began its aggressive campaign of rate hikes — Canada's housing market went ice cold for much of last year, as drastically higher mortgage rates made it more expensive to finance the purchase of a home.But after moving essentially sideways until the start of 2023, the market has seemingly resumed its upward momentum ever since.

If numbers from those two markets are stripped out, the national average price drops by more than $144,000, to an average house price of $572,000 in places that are not Toronto or Vancouver.

 

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