As we navigate through the market’s ongoing rebalancing since this year, we’ve ventured into new territory, or more positively, what I like to refer to as “new opportunities.”

What has not changed though is that for first-time homebuyers, the 1 million dollar threshold continues to carry significant importance. In Canada, this threshold is crucial because when you purchase a property valued under 1 million, you can make a down payment of as little as 5%, compared to the requirement of 20% for properties over 1 million.

To put this into perspective, during the first quarter of this year, when I was searching for properties priced at 1 million and below for many of my first-time homebuyer clients, options were quite scarce, to say the least. However, more recently, the availability of properties in this price range has substantially increased. Especially in the form of 2bed condos.

Those who found themselves priced out of the market earlier this year are now discovering a broader array of options in our current market. Nevertheless, it’s essential to note that the rising interest rates have started to impact higher monthly mortgage payments. Therefore, regardless of your budget, it’s always a prudent decision to consult with your mortgage representative to assess your buying capacity, affordability, and the structure of your monthly payments.