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Why Prepared Buyers Win: Get Mortgage-Ready While Others Wait

Why Prepared Buyers Win: Get Mortgage-Ready While Others Wait

The housing market has been anything but predictable over the last few years—and early 2025 is no exception.

Just as things looked like they were rebounding late last year, home sales took a sudden turn. In February, national sales dropped nearly 10% in a single month. In Toronto, that drop was closer to 30%.

But here’s the thing: the fundamentals haven’t gotten worse. In fact, they’ve improved. Interest rates have come down significantly. Inventory has grown. And average home prices are actually softening.

What’s holding people back? Uncertainty.

Concerns around tariffs, job stability, and the overall economy have many would-be buyers hesitating—even though rates are finally at the level most said they were waiting for. According to a 2024 BMO survey, 72% of aspiring homeowners planned to enter the market once the overnight rate hit 2.75%. That milestone has now been reached.

For smart buyers, this hesitation presents a rare window. Less competition means more room to negotiate, fewer bidding wars, and more motivated sellers.

But timing the market is tricky. When confidence returns—and it will—activity can ramp up fast. We saw it in 2020: buyers who were prepared during the pandemic uncertainty were able to move quickly, locking in low rates and securing deals before prices soared in 2021.

So what does that mean for you today?

Now is the time to get pre-approved.

If you’ve been thinking about buying, this is your moment to prepare—not necessarily to rush, but to be ready. Pre-approval lets you:

• Know exactly what you can afford

• Lock in a rate while they’re still low

• Act quickly when the right property hits the market

This isn’t about fear—it’s about readiness. Waiting until confidence returns might mean facing more competition and higher prices.

By getting your mortgage strategy in place now, you’ll be ahead of the curve—ready to act when others are just getting started.

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