How Canadian Homebuyers Can Move Forward, Even in Uncertain Times

With talk of recession making headlines and mortgage rates still higher than many hoped for, it's no surprise that some Canadians are hitting pause on their homebuying plans. According to BMO’s recent Real Financial Progress Index, nearly three-quarters of respondents say they’re concerned about an economic downturn — a noticeable jump from just last month.

Even more telling? About two-thirds of prospective buyers are waiting for mortgage rates to drop, with 38% saying they won’t consider buying until rates hit 3% or lower — a level well below what’s currently on offer.

But here’s the thing: market conditions are always changing. And while caution is understandable, hitting the brakes completely might not be your only (or best) option. There are still strategic ways to move forward in today’s market.

1. Look at Shared Ownership Differently

Nearly half of Canadians say they’d consider buying a home with someone other than a romantic partner — think close friends, siblings, or even extended family. This kind of shared equity arrangement isn’t just creative; it can significantly reduce the upfront financial burden while still allowing you to build wealth through homeownership.

2. Use the Market to Your Advantage

Higher rates have cooled the market in many areas, giving buyers more room to negotiate. That could mean a lower purchase price, more favourable conditions, or even incentives from sellers or developers that weren’t available a year ago.

3. Leverage Flexible Mortgage Strategies

Strategic financing strategies allow you to adapt as rates shift. By refinancing, or prepaying and reborrowing at lower rates when possible, you can gradually reduce your effective rate — without needing to time the market perfectly.

4. Talk to a Pro Early

Whether you’re looking to buy now or just want to be prepared, speaking with a mortgage professional can help you make sense of your options. Every buyer’s situation is different — and the right strategy starts with understanding yours.

The market may be uncertain — but your plan doesn’t have to be. Let’s build it together. 📬 Reach out anytime or visit chadeliason.ca for tips and my easy-to-use online application.