In a recent article published in La Presse titled “First-time buyers are not in such a rush,” Véronique Caron, a mortgage broker at Multi-Prêts Hypothèques, shares her analysis of real estate trends in the context of declining policy interest rates.
Despite the reduction, Caron and other professionals observe that prospective buyers are taking a more measured approach. Rather than rushing, they prefer to wait and ensure they secure better conditions. “We have never stopped doing mortgage pre-approvals and pre-qualifications,” notes Caron. However, she observes a recent shift in behaviour: “Clients are no longer just curious—they are moving forward with their projects.”
A key point raised in the article is that buyers prefer to wait in order to qualify for a property that truly matches their expectations, rather than lowering their budget. “Buying a home is a life project. Clients prefer to wait for rates to drop so they can find a home that really suits them,” she explains.
This cautious approach goes hand in hand with a better understanding of available financial tools, such as the First Home Savings Account. With the current rate decline, a gradual recovery in the market is expected this fall.
“The available tools encourage first-time buyers to enter the purchasing process,” she adds. In addition, some renters are realizing that, given high rental prices, becoming a homeowner is becoming a more attractive option.
Finally, it is important to note that the recent rate cuts could also ease annual mortgage payments for existing homeowners, providing an additional incentive for some buyers to take action.
To make informed decisions and seize the best opportunities in the market, consulting a mortgage broker is recommended to guide you through your real estate plans.