The Canadian Real Estate Association reported that the average price of Canadian homes stood at $646,809, nearly twice the U.S. median home price in March of $375,000. Both Canadian and U.S. average home prices have jumped approximately 30 percent from 2020. Inflation, a yearslong supply-demand imbalance and low interest rates have fueled high price appreciation over the last several years. With recent mortgage rate increases, the market is already shifting.