Buying a home in 2026 requires thorough financial preparation due to a competitive market and shifting rates. Key steps include assessing your financial situation, saving strategically for down payments and closing costs, improving your credit score, obtaining mortgage pre-approval, working with a local real estate agent, and reviewing local taxes and insurance. Being well-prepared enables confident, swift action when the right property appears.

Canada's rental market shows rising vacancy rates, reaching 5.1% nationally, with bachelor units at 8.3%. Calgary leads with 7.3% vacancy. Average rent rose slightly but new lease rents fell by 1%. Housing completions increased 22.3%, with apartment starts up nearly 10%. Population declined by over 100,000 in 2025, easing shortages but raising vacancies in immigrant-heavy areas. Turnover rose to 25.8%, while average resident stay lengthened. Operating costs increased faster than income, pressuring landlords amid cooling market fundamentals.

The new CMHC housing affordability index includes both owners and renters, expanding beyond major metros to provide a fuller picture across Canada. It covers cities like Calgary, Edmonton, Halifax, Montreal, and Ottawa, revealing that affordability challenges have spread nationwide since 2020. Rental affordability varies by region and is generally more stable than homeownership affordability, which is more affected by market changes.

Rents in Metro Vancouver, once among the highest in Canada, are declining due to increased supply and decreased demand, partly from a population drop and economic uncertainty. New rental completions are at a four-decade high, and landlords offer incentives like free months or upgrades to attract tenants. Renters can negotiate by showing market rates and good tenant history, with some successfully lowering rents by being willing to move.