Five Years Later: How Pandemic Trends Still Shape Canadian Real Estate
Remember when "working from home" meant answering a few emails in your pajamas for an afternoon? Fast forward five years, and for many Canadians, the home office is as permanent as the kitchen table.
While pandemic fads like Dalgona coffee and TikTok dance challenges have faded, the real estate trends sparked by COVID-19 are still very much alive. Here’s how the market has changed — and why it still matters today.
2020: The Great Pause
When lockdowns hit, everything froze—including the housing market. Open houses disappeared overnight, and REALTORS® scrambled to figure out virtual tours and e-signatures. It was a moment of "adapt or disappear," and the industry adapted fast.
By late summer, buyers returned in full force, craving more space, home offices, and backyards. Cities emptied out as Canadians traded downtown condos for suburban lawns.
Fun Fact: April 2020 saw the steepest monthly sales drop on record — and then the sharpest rebound just months later.
2021: The Year of FOMO
If you tried buying a home in 2021, you probably still have flashbacks of bidding wars and bully offers. Low interest rates fueled a frenzy, and even small towns saw skyrocketing prices.
Atlantic Canada, in particular, became the poster child for affordable and spacious living, as more Canadians prioritized lifestyle and remote work possibilities.
2022: Inflation Enters the Chat
Just as the frenzy peaked, inflation reared its head. Interest rates climbed rapidly, and the market shifted from record-breaking to reflective.
Buyers became cautious, sellers adjusted expectations, and "wait and see" became a popular strategy. The conversations moved from "How fast can we close?" to "Does this really make sense long-term?"
2023: The Market Grows Up
After the chaos, 2023 delivered something that had been missing for a while — balance.
Prices softened, negotiations returned, and conditions like home inspections and financing clauses reappeared in offers. Buyers sought more than just square footage; they wanted quality of life, stability, and community.
Remote work continued to drive demand beyond city cores, but people prioritized walkability, amenities, and a sense of belonging.
2024: Back in Business
With the Bank of Canada cutting interest rates throughout 2024, buyers re-entered the market. Sales picked up, confidence returned, and while prices remained relatively stable, competition intensified in sought-after areas.
Listings improved but stayed below long-term averages, keeping the market competitive but healthier. The days of rushed, sight-unseen purchases are largely gone, replaced by strategic, informed decision-making.
Today’s Takeaway: The Canadian housing market isn’t "booming" or "busting" — it’s evolving. Buyers are smarter, sellers are savvier, and REALTORS® have sharpened their skills to match.
Lessons That Stick
Five years after COVID-19 first disrupted daily life, some trends have proven to be more than temporary:
Home is multifunctional: Offices, gyms, schools, and sanctuaries are now built into our spaces.
Suburbs and small towns are thriving: Affordability and lifestyle remain top priorities.
Technology is essential: Virtual tours, online signings, and digital marketing are here to stay.
Flexibility is key: The ability to pivot, whether in career or location, has become a core value.
Sure, new challenges are always on the horizon — rising political tensions, global uncertainties, and evolving economic conditions. But one thing remains clear: Canadian real estate is resilient, adaptable, and still full of opportunity for those who move thoughtfully.
Bottom line?
Today’s market rewards strategy, patience, and good advice. If you are thinking about buying, selling, or investing, now is the time to lean into expertise and make your next move with confidence.
