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.
With two kids under the age of six living in a two-bedroom, one-bathroom household, Jacquelin Forsey and her husband have long known it would only be a matter of time before their family outgrew their beloved home.
The couple has spent recent months scouring listings and put in at least one failed bid, but Forsey has her fingers crossed that their fortunes will change this spring as economists and brokers predict activity to return to Canada's housing market. "We got a flood of buyers in January, in February and we still are getting more and more and we started seeing multiple offers return and bully offers return," said Michelle Gilbert, a Toronto broker with Sage Real Estate Ltd.
"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. Despite such sentiment, she doesn’t see the market returning to the frenzied pace of 2021, largely because of the lack of properties available.
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