A 'heated market' is an understatement when referring to last years real estate sales.
Things have definitely cooled since the OSFI (the Office of Superintendent of Financial Institution) implemented new mortgage guidelines and I can confidently say this is a more familiar and friendlier market.
We're finally back to the days where what your buying ACTUALLY matters and inspections are never waived to secure an offer (it's scary but this was happening).
Although the rules have changed, I wouldn't fear. The banks just need to ensure that your able to handle the financial 'stress' as rates increase and potentially your mortgage payment does also.
I realize this can be frustrating but in reality it's in our best interest (no pun intended) this way we don't get in over our heads financially.
At the end of the day your mortgage is just one of the many expenses that come with living and owning a home.
My best advice is to make sure you meet with your mortgage agent or broker to get pre-qualified before you go house hunting, this is very important so you know where you stand and how much you can budget for.
We'll soon adjust and become comfortable with this new market, the new lending guidelines and it will be all the norm so hang tight, happy shopping and know that I'm here to help with the process or if you have any questions/concerns.