If you have put your home search on hold because you are waiting for mortgage rates to fall significantly, there is one question worth considering:

Will waiting actually put you in a better position to buy?

Mortgage rates may decline over time, but there is no guarantee they will fall as quickly — or by as much — as buyers hope.

And rates are only one part of affordability.

Lower rates do not necessarily mean a better buying opportunity

If mortgage rates fall, monthly borrowing costs may improve.

But other things can change at the same time.

More buyers may return to the market. Competition can increase. Sellers may become less negotiable. And the home you want may cost more.

Today's market, by comparison, is giving many buyers something they have not always had: choice, time and negotiating room.

That can have real value.

Rather than asking only, “Will mortgage rates be lower next year?”, a better question may be:

“Will I be in a meaningfully stronger financial and purchasing position if I wait?”

Look at the whole purchase, not just the rate

A small change in mortgage rates is only one number in a much larger equation.

Purchase price, down payment, monthly payment, property taxes, strata fees, closing costs and your own financial comfort all matter.

The lowest mortgage rate is not necessarily the best mortgage either. Fixed and variable options, term length, prepayment privileges, penalties and flexibility can all affect what makes sense for you.

This is where a good mortgage professional can be invaluable.

There may be opportunities in today's market

When buyers have more choice, they can often take more time to compare properties, review documents carefully and negotiate with greater confidence.

That doesn't mean you should buy simply because the market is quieter.

It does mean that waiting for a particular interest rate could cause you to overlook an opportunity that works well for you today.

Sometimes negotiating a better purchase price can have as much — or more — impact than waiting for a modest change in borrowing costs.

Preparation matters more than prediction

No one can tell you exactly where mortgage rates will be six or twelve months from now.

What you can know is:

• what you comfortably qualify for today;

• what your monthly payment would be;

• how much cash you need for your down payment and closing costs;

• what homes are available within that budget; and

• how buying now compares with waiting.

And qualifying for a certain amount does not mean you need to spend it.

The goal should always be a purchase that works comfortably within your finances and longer-term plans.

So, should you wait?

Sometimes, absolutely.

Waiting may make sense if it allows you to build a larger down payment, reduce debt, improve your income stability or become more certain about where and what you want to buy.

But if the only reason you are waiting is because you are convinced mortgage rates will be significantly lower soon, it may be worth revisiting that assumption.

There is no perfect interest rate and there is rarely a perfect market.

The better strategy is to understand what you can comfortably afford, know what opportunities exist today and compare the advantages of buying now with the possible benefits of waiting.

Then you can make the decision based on your life and your finances — rather than trying to predict where rates will go next.

As expected, the Bank of Canada held its overnight lending rate at 2.25% today, marking the fifth consecutive rate hold.

While this announcement does not change much for current mortgage holders, it does give us something the market has been missing for a while: a little more predictability.

The Bank is still watching inflation, global uncertainty and ongoing U.S. trade concerns closely. For now, there is no strong signal that another rate cut is imminent — but there also does not appear to be immediate pressure to raise rates.

What Does This Mean for Buyers?

For first-time buyers who have been sitting on the sidelines waiting for rates to fall further, it may be time to revisit the conversation.

Five consecutive rate holds have created a more stable lending environment, making it easier to plan around your own finances rather than trying to guess what the Bank of Canada may do next.

Getting pre-approved does not mean you have to buy. It simply gives you a clear understanding of your budget, your monthly payments and what you would feel comfortable purchasing should the right home come along.

In today’s market, being informed and prepared can put you in a much stronger position than trying to perfectly time the next rate announcement.

Buying your first home comes with a lot of new terminology and it’s completely normal to feel unsure about what it all means. From inspections to appraisals, each step plays an important role in helping you make an informed decision. Here’s a simple breakdown of what these terms mean and why they matter when purchasing a home.

Home Inspection

Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains:

“A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.”

If anything comes up during the inspection — such as the age of the roof, the condition of the heating system, or any other concerns — you may have the opportunity to discuss next steps with the seller before the purchase is final.

You won’t be navigating that conversation on your own. Your real estate agent will help you understand the findings, consider your options, and advocate for you throughout any further discussions or negotiations.

Home Appraisal

While the inspection tells you about the current state of the house, an appraisal gives you its value. Bankrate explains:

“When buying or selling a home, an appraisal verifies that the sale price of the home is in line with fair market value. This ensures the homebuyer doesn’t pay more than the home is worth, and the mortgage lender doesn’t lend more than it is worth.”

If you’re using a mortgage to purchase your home, the appraisal is an important step. It helps confirm the property’s value for the lender and offers an added layer of protection for you as the buyer.

If the appraised value comes in lower than the agreed purchase price, your real estate professional will help you understand your options and navigate any next steps, including possible negotiations.

Bottom Line

The inspection and appraisal are two different, but equally important, steps in the home buying process. The good news is, you don’t have to navigate them on your own. With the right guidance, you can move through each stage with clarity, confidence, and support from start to finish.

Announced last Spring, the federal First-Time Home Buyers' (FTHB) GST/HST Rebate is now in effect as of March 2026, offering up to $50,000 in tax relief on new or substantially renovated homes, says the Canada Revenue Agency (CRA). Eligible buyers can receive a full rebate on homes under $1 million and a partial rebate on homes up to $1.5 million, provided the purchase agreement was signed on or after March 20, 2025. The Canada Revenue Agency will now be able to start processing rebate claims.

Please note that the rebate will generally apply to agreements of purchase and sale entered on or after March 20, 2025 and before 2031.

What this means for first-time home buyers:

In simple terms, this rebate can reduce the upfront cost of buying a new home—sometimes by a meaningful amount.

• Less tax to pay:
  Buyers may receive up to $50,000 back, lowering the total purchase cost of a new or substantially renovated home.

• Improved affordability:
  With less cash needed for GST/HST, buyers may find it easier to qualify for a mortgage or stay within budget.

• More options to consider:
  New construction and pre-sale homes—which often felt out of reach—may now be more realistic choices.

What it doesn’t change:

• It only applies to new or substantially renovated homes (not most resale properties)

• Eligibility will depend on price thresholds and buyer qualifications

• It doesn’t replace the need to be well-priced and strategic in today’s market

The takeaway:

For first-time buyers, this is one of the more tangible shifts we’ve seen—it can meaningfully reduce the cost of getting into the market, particularly if you’re open to newer homes.

If you know someone that were first time buyers and purchased a new home for under $1.5million between March 20 2025 and today, you should reach out and make sure they apply for the rebate.