THEN AND NOW
Many will remember the Canadian housing market going into a deep freeze during the start of the COVID-19 pandemic in March 2020 with the market rebounding a few months later by summertime. In fact, the market would go on to notch record highs in that year and the following year (2021) thanks to historically low interest rates.
I myself had bought a single-detached house during the summer of 2020 and noticed that homes were being snapped up quickly, with people bidding competitively and paying several hundreds of thousands of dollars over the seller’s asking price in some cases by the end of that first pandemic year. My wife and I were lucky that we didn’t have to go thru several rounds of failed bids.
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