Canadian housing market sees resurgence as prices hit bottom but lack of inventory creates caution for sellers

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After a sluggish year in the Canadian housing market, realtors are seeing signs of activity returning. With average prices dropping 19% from their peak in February 2022 and many edging towards purchasing again, realtors are seeing a mix of people moving to relocate for work or growing their families, along with first-time homebuyers keen to not let lower prices pass them by. Although many first-time buyers are finding it harder to qualify for mortgages, they are still adjusting their expectations in order to make a purchase. Many are seeing the pause on interest rates as a chance to find the right opportunity without rushing into a decision.

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