The COVID-19 pandemic, and the resulting provincial school and economic lockdowns, have been a unique time for the Canadian housing market. As people remained indoors amid mandated stay-at-home orders, the concept of home became more than just a roof over our heads, expanding to include the workplace, school, workout space, and entertainment centre.
This has driven unprecedented sales and price growth over the course of 2020 and 2021; according to the Canadian Real Estate Association (CREA), national sales spiked 235% between April 2020 and March 2021, pushing the average home price up by 44%. New buying trends that accounted for lockdown lifestyle needs emerged, such as the desire for at-home office space, green space, and accessibility to delivery services. As more people worked remotely, housing demand boomed in smaller cities and towns, fueling urban flight.