Under the influence of emotion, it's easy to rush in headfirst, especially when you think you've found THE right property.
However, the best strategy is to prepare adequately. Evaluate your needs, ask yourself the right questions, and most importantly, trust professionals to guide you every step of the way.
Here are the 5 most common mistakes to avoid in 2026 if you wish to buy your future house or condo:
1️⃣ Failing to get pre-approval before your search
This is the number one mistake, especially among first-time buyers!
If you don't take the time to get pre-approved for your mortgage, you risk:
- Visiting properties that are above your budget.
- Wasting time.
- Missing out on a great opportunity.
To avoid disappointment, make an appointment with a mortgage broker to find out your borrowing capacity.
2️⃣ Underestimating the costs surrounding the purchase of a house
In addition to the purchase price, a real estate transaction incurs several other additional costs:
- Welcome tax
- Notary fees
- Inspection fees
- Municipal taxes and school taxes
- Home insurance
- Mortgage insurance (if applicable)
- Moving costs
We advise you to set aside approximately 5% of your total budget to avoid unpleasant surprises.
3️⃣ Buying on an impulse
In 2026, patience is your best ally! Buying under pressure or out of fear of not acquiring your dream home can push you to make bad decisions.
Even though a decrease in bidding wars is observed, some sectors are still in very high demand (Montreal, South Shore, and North Shore). It is therefore necessary to take your time and keep your goals in mind. Do not buy without evaluating the fair value of the neighborhood. You risk paying too much. A real estate broker will know how to guide you with accurate and local data.
💡Our advice: Identify the essential characteristics (3-5) for your future property.This list must be realistic and based on your needs, not your wants.
4️⃣ Skipping the inspection
In recent years, some buyers have not taken the time to have the house they wanted to buy inspected. In 2026, this practice must be banned (OUT for the new year 🙅🏻♀️)! You must be informed about the condition of your house.
Without an inspection, you might discover certain major problems that could be very costly.
It is a minimal expense compared to the price of a new roof or a French drain that needs to be redone.
5️⃣ Failing to educate oneself on personal finance
Acquiring a house is a major financial decision.
Many buyers make the mistake of not taking the time to sit down and analyze their financial situation. Without this, your dream home can become a financial burden:
- Suffocating mortgage payments.
- Debts accumulated after the purchase.
- The inability to manage unforeseen circumstances (repairs, job loss, rate increases).
You should :
- Doing your financial assessment.
- Establishing your monthly budget.
- Specify your financial goals (property purchase, savings, retirement, debt reduction, etc.).
Ignorance is expensive; financial education is therefore essential! Surround yourself with experts, such as a financial planner, if you have difficulty in this area.
By avoiding these mistakes, we wish you success in finding the right property at the right price in 2026.
👉🏻 Team up with a competent real estate broker! He/She will know how to negotiate, inform you, and guide you through every step of your project.
