This article below is a good summary of what is happening under the surface of the Canadian residential real estate market. Banks are providing extraordinary flexibility for mortgae holders struggling to make rising payments, due to the rise in mortgage rates over the past year.
Distressed sales are not coming to market as banks extend amortization periods. This is keeping the number of active and new listings lower than they might otherwise be. Homeowners under financial pressure are being assisted with relief, at least for now...
See: Canadian banks' flexibility is putting a floor under home prices
I continue to advise my buyer clients to properly budget and to buy a home that they can comfortably and sustainably afford. Buying within one's means, allows one to live in, stay in and enjoy a home for the long-term.
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