Is this the right time to buy a home?

Tracy Head • October 4, 2025

Who has your best interests at heart?

Buying a home can be either an incredibly exciting experience or a very stressful time. Or it can be a combination of both.

Part of the challenge can be committing to the decision to move forward with buying a home. How do you know if you are ready? How do you know if this is the right time to buy?

I love working with first-time home buyers. I particularly love when they reach out well ahead of time to do their research and get their ducks in a row.

I have been working with one such young lady. She has been watching for the right home to pop up. She fell in love with one of the listings that she viewed and moved forward with an offer.

She reached out to her investment advisor to make arrangements to move the funds she needed for her deposit from her investments to her bank account. Oddly he did not reply to her three phone calls nor multiple emails. She was forced to walk into his office to deal with this.

When she got there he essentially told her she was foolish for buying a home. She should leave her funds in her investments and continue to save with him. She agonized for a few days and ultimately collapsed her offer.

He told her that this house, over the long run, was going to cost her $1,000,000. The purchase price was $650,000. The total of the purchase price plus interest over the long run seemed like an astronomical sum.

He persuaded her that she would be better off continuing to rent and that at the end of the same time period she would have over $1,000,000 in her investment account.

That’s all well and good in theory. In the meantime she still needs a place to live. And there are no guarantees as to what investments will do over time, nor what property values will do.

I did some math to see what this actually looked like long term. We have to make some assumptions that the financial advisor is good at what he does and that her investments will do well over the long term.

As a rule real estate appreciates over time and rent increases over time. That being said, here is the math I did.

Making some assumptions that the mortgage rate stays the same and your rent never increases:

$2400 rent per month x 360 months (30 years) = $864,000
$2833 per month mortgage payment x 360 months = 1,019,880 (monthly payments / I suggest you go bi-weekly to pay off quicker)

At the end of 30 years renting you have nothing to show for the $864,000 you’ve paid out.

At the end of 30 years paying your mortgage you will have a home free and clear – normally real estate increases in value over time so in theory it will be worth way more than what you’ve paid.

If you wait another year to buy $2400 x 12 = $28,800 towards someone else’s mortgage.

Here’s the wild card. If you choose to rent and choose to invest in a portfolio instead of buying, even if your portfolio is worth $1,000,000 at the end of the same time frame you need to subtract the $864,000 you paid in rent.

This leaves you with a net gain of $136,000.

If you had purchased a home, your payments of $1,019,880 would be offset by the value of the home you purchased. In this case, assuming no change in value, you now have a home worth $650,000 paid off.

The wild card to run these comparisons is how much you need to invest monthly to accumulate the $1,000,000. Either way, you are making this payment on top of your rent payment. Another wild card of course is what property values and investment portfolios do over time.

We know rent will continue to increase and mortgage rates will change but I think it warrants looking at this from another perspective. I am not a proponent of aggressive scare tactics so was disappointed in how this advisor handled his conversation with her.

Some people are more cautious with their financial plans and I appreciate that. Being certain about your long-term goals will help you navigate the path forward that suits your own situation. Make sure you have trusted people in your corner as you make these big life decisions.

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Tracy Head

Mortgage Broker

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House in foreground with a large wildfire and thick smoke burning on the hillside behind it

When Wildfires Interrupt Your Home Purchase: What Every Buyer Needs to Know

By Tracy Head • August 10, 2026

For many Canadians, buying a home is one of life's most exciting milestones. You've found the perfect property, negotiated an accepted offer, arranged financing, and started picturing where the furniture will go. Then, almost overnight, Mother Nature throws a curveball. A wildfire starts nearby. As someone who has spent many years helping Canadians navigate home financing, I've seen firsthand how quickly a wildfire can change what seemed like a straightforward transaction. The good news is that many purchases still close successfully—but it's important to understand how these situations can affect everyone involved. One of the most important concepts in a real estate contract is something called force majeure . While the exact wording varies depending on the contract, a force majeure clause generally recognizes that extraordinary events beyond anyone's control—such as natural disasters—may temporarily prevent one or more parties from fulfilling their contractual obligations. If evacuation orders are issued, government offices close, roads become inaccessible, or lawyers, lenders, appraisers, or buyers simply cannot complete the necessary steps to transfer ownership, a force majeure clause may allow the closing date to be postponed until those circumstances have passed. It doesn't automatically cancel the sale, but it can provide valuable flexibility during an unpredictable situation. This is one of the reasons it's so important to stay in close communication with your mortgage broker, REALTOR®, lawyer, and lender. Everyone needs to understand what's happening so adjustments can be made if necessary. One issue that catches many buyers by surprise is home insurance. Most lenders require proof of insurance before they will release mortgage funds. During wildfire season, insurance companies sometimes place temporary restrictions or even stop issuing new policies altogether for homes located in high-risk areas. If you've waited until the last few days before possession to arrange your insurance, you could suddenly discover that coverage isn't immediately available. Without insurance, your lender may be unable to advance your mortgage funds, potentially delaying your closing. My advice is simple: purchase your home insurance as early as your insurer will allow. Having coverage arranged well in advance greatly reduces the chance of running into last-minute surprises if wildfire conditions change. It's one of those tasks that's easy to move to the bottom of the list until it suddenly becomes the most important item on it. Wildfires can also create a ripple effect that extends well beyond the property you're purchasing. Imagine you're buying a home in one community because your current home has sold and is scheduled to close first. Everything is carefully timed. Then a wildfire threatens your existing neighbourhood. Perhaps your buyers are unable to obtain insurance. Maybe their lender won't fund the mortgage until conditions improve. Or perhaps the buyers simply cannot complete the purchase because of evacuation orders. If the sale of your current home is delayed, you may no longer have the funds available to complete the purchase of your next home. That can create a chain reaction affecting multiple transactions, sometimes involving several families. These situations are stressful, but they also highlight why real estate professionals, lenders, and lawyers work so hard together when unexpected events occur. Everyone's goal is usually the same - to find a practical solution that allows the transaction to move forward once circumstances permit. If you're buying or selling during wildfire season, don't be afraid to ask questions. Understand how your contract addresses unforeseen events. Arrange your insurance early. Keep your financing documents up to date. Most importantly, stay in regular contact with your mortgage broker and the rest of your professional team. Wildfires are unpredictable. Preparation isn't. While none of us can control the weather, we can control how prepared we are when unexpected challenges arise. A little planning today may make all the difference tomorrow, helping ensure that when the smoke clears, you're still on track to receive the keys to your new home.

A smiling couple holding a small set of house keys over an open palm

Your Mortgage Is Approved... Now What? The Final Steps Before You Get the Keys

By Tracy Head • July 24, 2026

One of my favourite phone calls to make is telling a client, "Congratulations! Your mortgage has been approved." It's a huge milestone and one worth celebrating. But many buyers are surprised to learn that there are still several important steps between receiving that approval and standing in the doorway of their new home with keys in hand. The final few weeks before possession can be busy, emotional, and occasionally overwhelming. Having a plan makes the process much smoother. Stay in touch with your mortgage broker. Even after financing is approved, your broker is still working behind the scenes with your lender and your lawyer to make sure everything is ready for closing. If anything changes with your employment, income, debts, or banking before possession day, let your broker know immediately. It is always better to have a conversation early than to discover a problem at the last minute. Watch for communication from your lawyer or notary. Your lawyer will contact you to schedule your signing appointment, usually several days before your possession date. Don't wait until the last minute to book this appointment, especially during busy times of the year when legal offices are handling many transactions. Your lawyer will also provide a statement showing exactly how much money you need to bring to closing. This includes your down payment (if it hasn't already been paid), closing costs, legal fees, property tax adjustments, and other applicable expenses. Be sure to ask your lawyer what form of payment they require. Most will request a bank draft or certified funds, and you'll want to allow yourself enough time to obtain those from your financial institution. Get your down payment ready. One of the most common causes of unnecessary stress is scrambling to move funds at the last minute. If your down payment is coming from investments, an RRSP through the Home Buyers' Plan, another financial institution, or the sale of another property, make sure those funds are available well before your lawyer's deadline. Some investments require several business days to redeem, and transferring money between institutions can take longer than many people expect. Arrange your insurance. Your lender will require proof that the home is insured before they release your mortgage funds. Contact your insurance broker early so there is plenty of time to arrange coverage beginning on your possession date. Book the movers sooner rather than later. Professional movers often book weeks—or even months—in advance, particularly during the busy spring and summer moving season or at month-end. Whether you're hiring movers or borrowing your friend's pickup truck, having a moving plan in place early will save you a lot of stress. Transfer your utilities. Nothing takes the excitement out of moving day quite like discovering the electricity hasn't been connected. Arrange to transfer or activate services such as electricity, natural gas, water, internet, television, garbage collection, and any security monitoring before possession day. Some providers require advance notice, so don't leave these calls until the final week. Update your address. Changing your address is one of those jobs that's easy to forget until important mail starts arriving at your old home. Take time to update your address with: Canada Post Your employer Banks and credit card companies Insurance providers CRA Your driver's licence and vehicle registration (according to your province's requirements) Medical providers Subscription services Family and friends A simple checklist can prevent a surprising number of headaches later. Don't underestimate the emotions. Buying a home is one of the largest financial decisions most Canadians will ever make. Even when everything is going perfectly, it's completely normal to experience a wide range of emotions. Excitement. Anxiety. Second-guessing. Relief. Even a little panic. I've seen first-time buyers worry they've forgotten something important. I've seen families leaving homes where they raised children feel unexpectedly emotional. I've seen retirees excited about a fresh start while also grieving the chapter they're leaving behind. These feelings are all perfectly normal. A home purchase isn't just a financial transaction—it's a life transition. Give yourself permission to feel both excited and sentimental. Both can exist at the same time. The finish line is worth it. The days leading up to possession often feel like a whirlwind of paperwork, packing boxes, phone calls, and checklists. But before long, you'll be unlocking your front door, carrying in that first box, and beginning a brand-new chapter. As mortgage brokers, we're proud to help clients secure financing. But we're just as proud to help guide them through the entire journey—from the first conversation about affordability to the moment they finally receive the keys. After all, mortgage approval isn't the end of the process. It's the beginning of your next adventure.