10 Things to Do If You Plan to Buy Real Estate in 2026

Are you planning to buy real estate in 2026? If so, one of the best things you can start doing is preparing now. Whether you’re a first-time homebuyer or a seasoned investor, being sufficiently prepared to make an offer on a home will not only make your experience smoother, but can set you up for financial stability down the line. 

Here are ten steps you can take to set yourself up for success:

The first thing you should do is review your finances in order to get a clear picture of your financial situation. Look at your debts, savings, and income in order to determine what kind of price range you can afford. You can also begin paying down any high-interest debts you have, as lenders will look at your debt-to-income ratio when you apply for a mortgage.

Being aware of your local market trends will help you set realistic expectations when it’s time to buy a property. Take a look at the available inventory and see how quickly it’s selling, as this can help you determine if you’re in a buyer’s or seller’s market. A local real estate agent with experience in your area can also help give you an idea of local market trends.

It’s never too early to start saving for your down payment. The average home price in Canada is expected to drop about 6.5% this fall, so now may be a good time for buyers who have previously been priced out of the market. 

In Canada, the minimum down payment required depends on the purchase price of the property. For $500,000 and under, a minimum of 5% down payment is needed; for $500,000-$1 million, 5% of the first $500,000 of the purchase price and 10% for the remainder; and $1.5 million or more requires a 20% down payment. If your down payment is less than 20% of the home, you will likely need to buy mortgage loan insurance.

For first-time homebuyers, there are government programs that can help you purchase your first home. For example, the Home Buyers’ Plan is a federal program that allows first-time homebuyers to borrow up to $60,000 from their Registered Retirement Savings Plan for their home purchase.

There is also the First Home Savings Account (FHSA) that allows funds to be withdrawn from the account tax-free. Some life insurance policies can also help cover costs if you have the correct type of coverage. Start researching your options now so that you know what's available to you when you're ready to buy.

Your credit score plays an important role in the mortgage rate you’ll receive. Higher scores will show lenders that you’re financially reliable, which can help you qualify for better terms and lower rates. Online tools from Equifax or TransUnion can help you monitor your credit reports.

Continue to make your bill payments on time and try not to take on any new big debts before buying a home. Ideally, your credit utilization should be below 30%. Try to make any improvements you can with your credit score, as even small changes can make a big difference when applying for a mortgage.

If you’re ready to jump into the market, get pre-approved for a mortgage early. A mortgage pre-approval will help you get a better sense of how much you can borrow for a home and will show sellers that you’re a serious buyer. Before applying, consider reducing your debts and improving your credit score in order to increase your chances of receiving a higher pre-approval amount. Don’t forget to also shop around for different quotes, as staying with your primary bank often means you’re missing out on a better deal somewhere else.

The purchase of a home includes more than the sale of the home itself. You’ll need to factor in moving costs, closing costs, and other extra expenses that will pile on.

Take a look at some of our articles that outline costs you should expect:

While it may be too early for you to actually start looking for a home, it’s never too early to research neighbourhoods and head to open houses in areas that interest you. It’s also a good idea to see what’s on the market and at what price, that way you can have a more clear idea of what to expect when you’re ready to put in an offer.

A knowledgeable agent can make the buying process much smoother and can help you negotiate the best terms for your purchase. A good agent will also help you with any resources you need, such as companies to perform inspections, cleanings, repairs, etc. 

If you feel like 2026 is the right time for you to buy a property, start your research and planning now so that you’re informed and confident when the time comes for you to buy.