The bank failures created a surge in the price of bonds due to the Fed stabilizing the market by creating liquidity for SVB. Bond prices are inversely correlated with bond yields. Bond yields have dropped significantly on both sides of the border, making expectations of a turnaround for mortgage rates likely.  As mortgage rates fall, property values are expected to rise.
When mortgage rates fall, it will make it easier for borrowers to qualify (stress test) for a bigger mortgage.  As property values increase, it will make it less risky for lenders to take on new borrowers with renewals or purchases.