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.