Buying a home is one of the most significant financial decisions ever, and preparation is everything. The earlier you start, the more confident and stress-free the process will be. If you want to buy in 2026, here are 10 smart steps you can take today. These simple tips will help streamline the process, make the experience less daunting, and provide confidence that you’re making the right moves towards your big move.
1. Contact a REMAX Agent
Buying a home isn’t a decision you take lightly, and trying to cut costs by going the DIY route can sometimes backfire. Working with an experienced real estate agent who understands your needs and can guide you through offers, contracts and key decisions will set you up for success. Having a professional agent by your side means having a trusted partner to bounce ideas off, an advocate representing your best interests, and an expert who knows the ins and outs of the local market.
2. Stay Informed on Market Trends
Local market conditions matter a great deal when you’re buying a home. One market may be a buyer’s market with plenty of inventory, while another could be a seller’s market with tense competition. It’s essential to understand the market conditions in your specific area. A real estate agent can review comparables in the neighbourhood you’re eyeing to determine the selling price for similar properties. That knowledge can help the buyer make a realistic offer and provide a sense of their negotiating power, based on real market conditions.
3. Get your Down payment Ready
Saving for a home can be one of the most challenging aspects of the buying process. Now might be a good time to start your search if you’ve set aside your down payment. Average home prices in Canada are expected to decline by about 6.5% this fall, creating opportunities for buyers priced out of the market earlier.
While a 20% down payment is still standard, several financing options are available to help support homebuyers. For example, the Canadian government offers incentives to ease first-time homebuyers’ financial burden, like borrowing money from the Registered Retirement Savings Plan (RRSP) to purchase a home. Additionally, some life insurance policies can help cover costs if you have the correct type of coverage. And if you’re still in the saving stage, REMAX offers a variety of resources to help you build a budget, pay down debt and make steady progress toward your home ownership goals.
4. Research Mortgage Options Early
Securing mortgage pre-approval is a game-changer. It shows the sellers that you are serious about buying and financially prepared to complete the purchase. A mortgage pre-approval is initial evaluation lenders use to estimate how much you may be qualified to borrow for a home. To increase your chances of receiving a higher pre-approval loan amount, consider having a larger down payment, improving your credit score, increasing your income, reducing debt, or adding a co-borrower to your application. A mortgage pre-approval is a crucial step in securing your dream home, so it’s worth planning and preparing for it.
5.Improve your credit score
Your credit score significantly affects how much you can borrow and the interest you’ll receive on your mortgage. A higher score shows lenders that you’re financially reliable, which can help you qualify for better terms and lower rates. Use tools like Equifax or TransUnion to monitor your credit report and track your progress.
The key to maintaining or improving your credit score is to make bill payments on time and try to keep your debt-to-income ratio (DTI) low. Ideally, you want your credit utilization below 30%. Even minor improvements to your credit score can make a big difference when it comes time to apply for a mortgage, so begin building healthy credit habits early.
6. Hold Off on Big Financial Moves
Borrowing more money or taking on new debt can work against you when preparing to buy a home. Hold off on significant financial changes like financing a new car or opening a new credit account, as this can affect your debt-to-income ratio and potentially lower your credit score. Economic stability is an essential factor that lenders look at, so you should keep your spending consistent and avoid unnecessary debt until after your mortgage is finalized. Staying steady with your finances can help ensure your pre-approval remains valid and that nothing jeopardizes your ability to secure a loan.
7. Prioritize Needs Over Wants
Buying a home is exciting, and it’s easy to get caught up in the moment and want a house that has it all. But that excitement can quickly turn into stress if you don’t have clear priorities. Instead, take the time to define what you need versus what you want. A pro tip would be to create a checklist and focus on your non-negotiables, including location, number of bedrooms and overall affordability. This will help you narrow your search and avoid overspending. And remember that you can make additional updates and personal touches once you’ve secured the home.
8.Choose a Location
Choosing where to live is one of the most significant decisions in the home-buying process, and it’s worth taking the time to research your options carefully. Consider distance to work, schools, public transit, and local amenities. Look into crime rates, property values, and development plans to ensure your area aligns with your lifestyle and long-term goals. It’s also worth exploring emerging neighbourhoods that may not be in busy city centers. They often offer better price points while still providing the same quality of life as more established areas.
9.Browse Listings
Once you’ve determined your priorities and preferred neighbourhood, the fun part begins — browsing for your future home. Start by browsing for listings on remax.ca to get a sense of what’s available in your price range. Checking listings regularly helps you understand local market trends and spot good opportunities when they arise. A REMAX agent can help you find listings that match your checklist and keep you informed about new properties as soon as they hit the market. Additionally, an agent can schedule open houses and guide you through the home viewing process.
10. Factor in Closing and Moving Costs
You’ve signed the offer, so what’s next? Closing costs should always be factored into your budget from the very beginning. Some key fees to account for include home inspection, land transfer tax, and legal fees. Once you’ve secured your home, it’s time to plan. Moving is one of the first expenses you’ll encounter after closing, so it’s a good idea to save and budget for related costs, even if you’re planning to handle the move yourself. This is also the perfect time to start setting aside funds for upgrades and personal touches to make your new home truly a space that feels like yours.
The Best Time to Be Prepared is Now
Congratulations on your decision to buy a home! It’s an exciting milestone; preparation is the key to a smooth, confident experience. Every small step counts, whether you’re organizing your finances, improving your credit score, or narrowing down your dream neighbourhood. The earlier you start planning, the more ready you’ll be for the right opportunity. Connect with a REMAX agent today to get expert guidance and confidently start your home-buying journey.
