Many first-time buyers are finding it harder to qualify for mortgages, but still want to make a purchase, so they are compensating by adjusting their expectations, said Gilbert.
Over in Vancouver, Coldwell Banker Prestige Realty agent Tirajeh Mazaheri has also seen a resurgence in buyers. “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.Despite such sentiment, she doesn’t see the market returning to the frenzied pace of 2021, largely because of the lack of properties available.
For Forsey, there is no rush to buy a home, but she admits the pause on interest rates is giving her family some confidence in its decision to look for a new place.