If you’re aiming to buy in 2026, you need to act now. The term homebuying isn’t a distant dream—it’s a project. The sooner you plan, the fewer surprises you’ll face.
- Get your finances in order
- Check your credit report. Fix errors, pay down high-interest debts.
- Build or boost your down payment savings. The more you contribute early, the less pressure later.
- Track your income and expenses. Know exactly how much you can afford (including taxes, insurance, maintenance).
- Talk to a mortgage broker or lender and get pre-approved. This gives you a reality check on budgets and interest rate expectations.
- Learn your local market
- Study recent trends in your city or desired neighborhood. In many Canadian markets, prices are flat or dipping now.
- Watch for listings, turnover, and how long homes sit on market.
- Note where new construction is happening and how many listings are available.
- Compare different regions (urban vs suburban, close to transit, growth nodes).
- Understand mortgage rules and incentives
- Stay current on stress test rules (you’ll need to qualify at a higher rate than your contracted rate).
- Use programs like the First Home Savings Account (FHSA) or Home Buyers’ Plan if you qualify.
- Keep tabs on changes in federal or provincial policies. For example, recent federal budgets proposed increasing the Home Buyers’ Plan limits.
- Consider fixed vs variable mortgage trends and what might make sense in your case.
- Plan your timeline and buffer
- Set target dates: when you’ll have down payment ready, when you’ll start looking at homes, when you’ll apply for mortgage.
- Factor in delays: inspections, appraisals, approvals.
- Keep an emergency reserve. Even after you buy, unexpected costs will arise (roof repairs, plumbing, etc.).
- Build a team and network
- Connect with a real estate agent who knows your target area.
- Talk with home inspectors, contractors, insurance brokers.
- Network with people who recently bought. Ask what surprised them.
- Use the team to spot issues early (zoning, renovation restrictions, utility capacity).
- Be ready to act (but don’t rush)
- When your finances and team are in place, you can move quickly if an attractive home appears.
- But don’t force a purchase if the deal doesn’t make sense.
- Watch for price bottoms. Some forecasts expect modest price recovery or stabilization in 2026.
- Stay flexible. Market conditions can change.
You’ll benefit more from consistent, steady preparation than from last-minute scrambling. If you focus now on finances, market knowledge, and building your team, you’ll reduce risk when 2026 arrives.
