Is Now a Good Time to Buy a House in Canada?

Mortgage Basics Table of contents This blog is a collaboration between Zolo and nesto.caIs it a good time to buy a house? Like many other Canadians, you’re not alone if you struggle to answer this question. It’s been an intense few years in the Canadian property market. After a record increase in house prices throughout the pandemic, followed by increases in the Bank of Canada policy rate, Canadians are now more uncertain about buying than ever.For context, the price of a home in Canada rose by almost 27% in 2021. Further price hikes followed at the beginning of 2022 before the end of the year saw home prices decline 12%, not enough to correct the increases seen during the pandemic.While major cities like Toronto and Vancouver saw some of the highest price increases, the strain on property inventory has been a problem throughout the country. Coupled with record-high home prices, to fight inflation, the Bank of Canada began increasing the policy interest rate in 2022 until it reached 5%...