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When is the right time to buy?

Getting the keys is only half the homebuying strategy: RBC

Published Sep 25, 2026  •  3 minute read

The right time to buy is when it makes sense for you and your financial situation.  photos ROYAL LEPAGE

Sixty-four per cent of Canadians say the perfect time to buy a home doesn’t exist, RBC’s latest Home Ownership Poll reveals. So, when should prospective homebuyers take the leap?

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“I wouldn’t try to time the housing market perfectly. Rather, ask yourself if you’re ready to buy in today’s market, does this home fit your family’s needs and can your budget comfortably balance your future goals alongside it,” says Brad Evjen, senior mortgage specialist at RBC.

Forty-five per cent of Canadians planning to buy within the next two years believe now is the right time, but 75 per cent also say economic uncertainty is making them more cautious, according to the poll.

“The right time to buy is when it makes sense for you and your financial situation,” Evjen says. “Start by getting a clear picture of what you can comfortably afford, including not just the purchase price and down payment but how the ongoing costs of home ownership will fit into your budget and longer-term goals.”

A mortgage pre-approval can give you a better understanding of your borrowing power before you start seriously looking. Market conditions and interest rates matter but are only part of the equation. Evjen’s best piece of advice?

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Do your research and start the conversation early with a mortgage advisor who can look at your full financial picture and help you determine what makes sense for you.

Ongoing mortgage payments should be considered alongside rates, affordability and down payments when first buying or renewing a mortgage, he notes. “Ultimately, it comes down to what that mortgage means for your monthly cash flow. A rate or down payment is important but neither tells the whole story on its own.”

Rather, it’s important to understand what your mortgage payments will look like alongside other expenses and financial priorities and ensure you’re leaving yourself enough room to comfortably manage both the expected and unexpected costs that come with owning a home.

The same advice applies at renewal. After all, your financial situation and priorities may have changed since you first took out your mortgage. “Rather than focusing solely on getting the lowest rate, in my experience, having more options and choice in how you manage your budget has given my clients the most peace of mind.”

It’s important to not stop financial planning when you sign your mortgage, Evjen reminds. “A mortgage is a long-term financial commitment and whether it’s for 15 years or 30 years, it really comes down to a few surprisingly small changes. Your life isn’t going to stand still over that period; a bit of advice from a trusted specialist can have a major positive impact,” he says.

“Your income, expenses and priorities can change and there may be other goals you’re working toward at the same time. That’s why it’s important to continue checking in on your finances and make sure your mortgage is still working within your overall plan.”

Evjen points to renewals as a good example. “One of the biggest pieces of advice I give homeowners is to start that conversation early. Don’t wait until your mortgage is about to come due. Give yourself time to look at your cash flow, your other financial obligations and what you want the next few years to look like. The more

information you have, the more options you can consider and the more confident you can be in the decision you’re making.”

Whether purchasing a first home or preparing for renewal, long-term homeownership requires building financial resilience for whatever comes next, an expert warns.

“Mortgage protection insurance is optional coverage that can help pay off or pay down the balance of your mortgage if you pass away, are unable to work due to an injury or illness or are diagnosed with a critical illness,” says Fernando Heleno, senior director of Creditor & Travel Products at RBC Insurance.

Life insurance can help pay off or pay down your mortgage balance if you die. Disability insurance can help cover your mortgage payments for a period if you become disabled and are unable to work due to illness or injury. Critical illness insurance can help pay down or pay off your mortgage if you’re diagnosed with a covered critical illness, including cancer, heart attack and stroke.

“Depending on your insurance needs, you may be able to combine life with disability insurance or life with critical illness insurance to create a plan that suits you and your family,” Heleno says. “Understanding the benefits and terms of each type of mortgage protection insurance is important.”

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