Over the past few years, Canada has experienced another major real estate boom—much like the record-breaking growth seen in 2016. This time, the surge in home values was driven by the pandemic, with low interest rates and increased demand pushing property prices higher across the country. As someone who’s been in the mortgage industry since 2010, I’ve seen market shifts, but the growth since 2019 has been one of the most significant yet.

I’ve always found it fascinating how real estate can quietly build wealth in the background. When I bought my first home, I didn’t think much about equity—it just felt like paying rent but to myself. But fast forward a few years, and it was incredible to see how much value had built up.

The Canadian Housing Market’s Growth

Since 2019, homeowners across the country have gained an average of $147,000 in equity. That’s roughly $29,400 per year. I know a few friends who were shocked when they checked their home value—one even joked that their house was earning more than they were!

Even with the ups and downs of mortgage rates, the overall trend has been positive. Some areas, of course, have seen bigger jumps than others, but owning a home in Canada has clearly been a solid investment.

Provincial Highlights: Where Homeowners Are Seeing the Most Growth

One thing I love about Canada is how different each province feels—and that extends to the housing market too. Some of the biggest gains have been in places like Ontario and BC, but I’ve been hearing more and more stories from people in Alberta and Quebec as well.

Ontario: I grew up hearing that owning a home in Toronto was out of reach. But even with rising interest rates, people kept buying, and prices climbed. Some of my clients who bought just before the pandemic are now sitting on significant equity.

British Columbia: Vancouver has always been a unique beast when it comes to housing. I remember visiting family there and thinking, “How does anyone afford this?” But despite the high prices, equity has grown, and it’s rewarding for those who stuck with it.

Alberta: Calgary, in particular, has seen more people moving in from other provinces. I’ve worked with a few clients who relocated from Vancouver and were thrilled by what they could buy in Alberta. Their home values have since appreciated significantly.

Quebec: Montreal’s steady growth has been impressive. I’ve heard from homeowners in the suburbs who bought during the early stages of the pandemic and are now seeing significant equity gains. One couple I spoke to shared how they purchased a home just outside Montreal in 2020, and by 2023, their property value had risen by over $100,000.

How to Use Your Home Equity Wisely

I always tell my clients—equity is a tool, not just a number. During the pandemic, when rates were at historic lows, many Canadians refinanced or took out home equity lines of credit (HELOCs) to invest back into their properties. It was a smart move for those who managed their finances carefully.

I remember working with a couple in Surrey who used their home equity to build a rental suite. Fast forward two years, and that rental income now covers half of their mortgage. That’s how powerful equity can be when used strategically.

Here are a few ways to leverage your equity:

Renovations – Upgrade your home and increase its market value.

Debt Consolidation – Use equity to pay off high-interest debt.

Investing in Real Estate – Consider purchasing a second property or rental unit.

However, I always caution clients—accessing equity should align with your long-term financial goals. I’ve seen situations where tapping into equity made sense, but I’ve also seen people borrow more than they needed and regret it later. If you’re unsure, it’s worth sitting down and running the numbers carefully.

Affordable Homeownership: New Programs for First-Time Buyers

I remember how intimidating it was buying my first home. Every dollar counted, and I didn’t know where to start. These days, I find myself telling clients about programs that can make the process a little easier:

First Home Savings Account (FHSA): This new program excites me the most. I wish something like this had been around when I was starting out. You can save up to $8,000 per year, and the money grows tax-free. I tell my younger clients to jump on this—it’s a no-brainer if you’re planning to buy a home.

Home Buyers’ Plan (HBP): I’ve seen this help a lot of people. Being able to pull $35,000 from an RRSP for a down payment can make all the difference.

First-Time Home Buyer Tax Credit: It’s not a huge amount, but every little bit helps. I always tell people to take advantage of it if they qualify.

Looking Ahead: The Future of Home Equity and Affordability

One thing I’ve learned is that the housing market never stands still. The pandemic brought historically low rates, and people rushed to pay down their mortgages faster than ever. I know several clients who knocked years off their mortgage during that time, which boosted their equity even more.

As rates start to come down again and new programs like the FHSA gain traction, I feel optimistic about the future. I always say that understanding the market is key—when you know your options, you can make better decisions.