Buying or selling in 2026? How to prepare

Buying or selling in 2026? How can you get ready for next year’s market? The Canadian housing market is always evolving, and as we look ahead to 2026, you might be starting to think about your next big move. Whether you want to buy your first home, purchase a larger property, or sell your current place, preparation is key. Buying or selling a home is one of the biggest financial decisions you’ll make! The earlier you start planning, the smoother the process will be. Here’s what you should do ahead of time if you’re hoping to buy or sell in the new year.

Tips for buyers

Build up your down payment

In Canada, the minimum down payment requirements depend on the price of the home you want to buy. Homes under $500,000 require just five per cent, while homes between $500,000 and $1 million require 10 per cent on the first $500,000 and 10 per cent on the rest. A home over $1 million needs 20 per cent on the entire amount. However, you don’t need to stick with the minimum requirements! Saving more than the minimum can put you in a better financial position. This is especially true if you can reach that 20 per cent contribution, which allows you to avoid mortgage default insurance.

Review your credit and financial picture

As a buyer, your first step should be to get a clear picture of your finances. Review your credit score, and see if you should make any improvements before applying for a mortgage. A strong credit score usually means better mortgage options and lower interest rates! You should also be looking at your budget. How much can you afford in monthly mortgage payments? Keep in mind that lenders will look at your debt-to-income ratio as well. If you have outstanding debts, now is the time to pay those off!

Secure your pre-approval

A mortgage pre-approval is perhaps the most important step you can take during the homeownership process. It tells you how much you may qualify for in mortgage financing, and where you stand in the market. It also tells sellers that you’re a serious buyer, which can give you a big advantage. Talking to a mortgage broker ahead of time will help you understand this process, as well as which lenders might be the best fit for you.

Tips for sellers

Examine your home’s condition

Before you list your home, you need to take an honest look around. Are there any outstanding repairs you’ve been putting off? Is your roof still in good shape? Do the windows and doors need any attention? Buyers will notice all of these things, and how it will affect the functionality of the property. Addressing any necessary items ahead of time will help your home stand out!

Declutter before viewings

First impressions matter. As much as you may love your current decor and home personalizations, that doesn’t mean potential buyers will share your taste. A clean, uncluttered home is essential before scheduling open houses or viewings. It is best to provide a clean slate, so potential buyers can imagine themselves living in the home. Take some time to declutter closets, repaint walls in neutral colours, and put away any personal items. In addition, some small updates can also make a big impact without requiring a full renovation. Replacing old light fixtures or refreshing cabinet hardware, for example, are simple but effective projects to take on.

Know your home’s value

Before you list your home, you need to talk to your real estate agent about what your home is worth in the current market. Overpricing your home can cause your property to sit on the market for a long time. However, underpricing can mean missing out on the full value of your home. Your real estate agent will play a critical role in helping you set the right asking price that balances reality with earning potential!

If 2026 is the year you plan to buy a property or sell your home, start preparing now! Buyers should focus on strengthening their finances, saving their down payment, and getting a pre-approval. Sellers should prioritize repairs, decluttering, and setting the right listing price. Whether you’re a buyer or a seller, surrounding yourself with the right professionals will make the process far less stressful! Be sure to reach out to a mortgage broker if you are a future home buyer. We will help you get ready to step into the market with confidence in 2026.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.