When Waiting to Buy Real Estate Actually Makes Sense (And When It Doesn't)

Josh Perez • May 6, 2026

Watch the video that inspired this post: When Waiting To Buy Real Estate Actually Makes Sense


The Waiting Game Most Buyers Are Playing

Right now, a lot of people in Ontario are sitting on the sidelines. They're watching the market. They're waiting for interest rates to come down. They're waiting for home prices to drop. They're waiting for the perfect moment — that rare window where everything lines up and buying feels like an obvious decision.

I get it. Buying a home is one of the biggest financial decisions you'll ever make. Of course you want the timing to be right.


But here's the truth: the scenario most people are waiting for — lower rates and lower prices at the same time — almost never happens. And understanding why can completely change how you think about this decision.


Why Rates and Prices Rarely Fall Together

Think about what happens when interest rates drop. Borrowing becomes cheaper. More buyers can suddenly qualify. More people enter the market. And when demand goes up, what happens to prices? They go up too.

This is the trap. You wait for rates to fall so your monthly payment becomes more affordable — but by the time rates drop, the home you had your eye on costs significantly more. The savings on your rate get eaten up by the higher purchase price.


The reverse is also true. When rates are higher, buyer demand tends to soften. Prices stabilize or even pull back. That's actually a window of opportunity — if you can qualify and the payment fits your budget.


The One Thing You Can Control

Here's what I tell every client who's on the fence: you can't rewind the purchase price of a home, but you can change your interest rate later.

If you buy today at a higher rate and rates come down in the future, you can often refinance. Your monthly payment drops. Your cost of borrowing decreases. But the price you locked in on day one? That stays locked in. You don't get to go back and buy the same house for less after prices have risen.

This is a fundamental asymmetry that most buyers don't think about — and it changes the math entirely.


So When Does Waiting Actually Make Sense?

I want to be balanced here, because waiting is absolutely the right call in certain situations. Here's when it makes sense to hold off:

1. You Don't Yet Qualify

If your income, credit, or down payment isn't where it needs to be, waiting while you strengthen your financial position is smart. Rushing into a purchase you're not ready for creates far more risk than waiting a year to get your file in order.


2. Your Life Situation Is Uncertain

A major job change, a potential relocation, or a significant life transition can all be reasons to pause. A mortgage is a long-term commitment, and buying before you have stability can create serious problems down the road.


3. The Payment Doesn't Fit Your Budget

Qualifying for a mortgage and comfortably affording a mortgage are two different things. If the monthly payment would stretch you too thin and leave no room for life's surprises, waiting until your income grows or your down payment increases is the prudent move.


The Three-Question Test

When I sit down with clients who are on the fence, I ask them three simple questions. If the answer to all three is yes, waiting is likely costing them money:


Do you qualify? Has a mortgage professional reviewed your file and confirmed you can get approved?


Does the payment fit your budget? Not just technically, but comfortably — with room to breathe?


Is the market stable? Are prices in your target area holding steady or showing signs of upward movement?

If you can answer yes to all three, the case for buying now is strong. Every month you wait is a month of potential price appreciation you're not capturing — and a month of rent payments that build someone else's equity instead of your own.

"You can refinance your rate. You can't rewind your purchase price. Lock in the asset today, and let time do the rest." — Josh Perez


Get Clarity Before You Decide

The buy-now-or-wait question doesn't have a universal answer. It depends on your income, your savings, your goals, and the specific market you're looking in. What I can tell you is that the answer becomes a lot clearer when you actually sit down and run the numbers.

I've helped over 1,000 people in Ontario navigate exactly this kind of decision. A 30-minute conversation can give you a clear picture of where you stand — and what your best move actually is.


Stop guessing and start planning. Book your free consultation today and let's figure out whether now is your moment — or whether waiting is truly the smarter play.

Josh Perez
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Modern dark-gray suburban house with lit windows, two-car garage, and a driveway at sunset

A Bank Decline Isn't the End: What It Really Means and What to Do Next

By Josh Perez • May 6, 2026
A bank mortgage decline isn't the final answer. Learn why banks say no — and how a mortgage broker in Ontario can unlock approvals you didn't know existed.

Breaking Down the Real Costs of Homeownership

By Josh Perez • May 6, 2026
Don’t Forget About Closing Costs When planning to buy a home, most people focus on saving for the down payment. But the truth is, that’s only part of the equation. To actually finalize the purchase, you’ll also need to budget for closing costs —the out-of-pocket expenses that come up before you get the keys. Closing costs can add up quickly, which is why they should be part of your pre-approval conversation right from the start. Lenders will even require proof that you’ve got enough funds set aside. For example, if you’re getting an insured (high-ratio) mortgage, you’ll need at least 1.5% of the purchase price available in addition to your down payment. That means a 10% down payment actually requires 11.5% of the purchase price in cash to make everything work. Let’s break down some of the most common expenses you should prepare for: 1. Home Inspection & Appraisal Inspection : Paid by you, this gives peace of mind that the property is in good shape and doesn’t have hidden problems. Appraisal : Required by the lender to confirm value. Sometimes this is covered by mortgage insurance, sometimes by you. 2. Legal Fees A lawyer or notary is required to handle the title transfer and make sure the mortgage is properly registered. Legal fees are often one of the larger closing costs—unless you’re also responsible for property transfer tax. 3. Taxes Many provinces charge a property or land transfer tax based on the home’s purchase price. These fees can range from hundreds to thousands of dollars, so you’ll want to factor them in early. 4. Insurance Property insurance is mandatory—lenders won’t release funds without proof that the home is insured on closing day. Optional coverage like mortgage life, disability, or critical illness insurance may also be worth considering depending on your financial plan. 5. Moving Costs Whether you’re renting a truck, hiring movers, or bribing friends with pizza and gas money, moving comes with expenses. Cross-country moves especially can be surprisingly pricey. 6. Utilities & Deposits Setting up new services (electricity, water, internet) can involve connection fees or deposits, particularly if you don’t already have a payment history with the utility provider. Plan Ahead, Stress Less This list covers the big-ticket items, but every purchase is unique. That’s why it pays to have an accurate estimate of your personal closing costs before you make an offer. If you’d like help planning ahead—or want a breakdown tailored to your situation—let’s connect. I’d be happy to walk you through the numbers and make sure you’re fully prepared.