The market has been sluggish since last year, when prospective buyers started putting off plans to purchase homes as the Bank of Canada aggressively hiked interest rates eight consecutive times.
“We’ve started getting calls where buyers are just like ‘I think I’ll just adjust what I want, but I don’t want to miss my opportunity.” “Maybe they can’t get the square footage they thought they could get because they can’t qualify for as much but they still really want to get a good deal,” she said.
She spotted a condo listed for $699,000 garner 11 offers and a house listed for $2.8 million snag five bids last month.“Everyone who wasn’t pre-approved is getting themselves pre-approved because people want to jump on buying something because they’re worried that prices are going to start going way too high again,” said Mazaheri.
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