this post was submitted on 21 Aug 2023
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Housing prices skyrocketed here in Ontario when people escaped the big cities, and rushed to buy houses in smaller cities and towns. This caused a huge supply problem, as there weren’t enough houses for sale to meet demand, so bidding wars erupted.
It was a period of utter lunacy and mania for both buyers and sellers. I think we reached almost 100% price increase over pre Covid.
Once everyone had bought that wanted to buy, the market slowed down and houses went for under asking or sat on the market unsold. I don’t think anyone cared about the interest rate.