Buying a Home
Making Offers
First-Time Homebuyers
10 Things Canadian Home Buyers Should Look for in a Buyers' Market
A buyer’s market doesn’t automatically mean it becomes easier to find your dream home. What it means is you’ll have more leverage when negotiating, and the opportunity for some big wins when purchasing your dream home.
Niamh GyulayContent Marketing Specialist @ Pine
6 min read
After years of frenzied bidding wars, waived inspections, and homes selling $200K over asking, the pendulum has swung. For years, the Canadian housing market has been a system of bidding wars, properties selling for way over asking price, and numerous other hallmarks of a sellers’ market (read: homebuyers being gouged). In 2026, the housing market, against all odds, is turning a corner: it’s turning into a buyers’ market. In a buyers' market, inventory is up, competition is down, and for the first time in a long time, you actually have leverage. However, if you don’t know how to use your leverage properly, you may as well buy at peak sellers’ market.
Here's what to look for when the market is finally on your side:
1. Days on Market (DOM)
The first number to check isn't the price, it's how long the listing has been sitting. A home that's been on the market for 60-120 days tells a story. Whether there’s something fixable wrong with the house, or the seller overshot the asking price… the reason could be anything, and this could motivate the sellers in a serious way to sell as soon as possible.
In a buyers' market, don't be afraid of DOM, use it. A stale listing gives you room to negotiate on price, closing conditions, and inclusions. Ask your agent to filter by DOM and pay special attention to anything over 45 days.
2. Price Reduction History
Most MLS platforms let you see the original list price alongside the current asking price. If a home started at $950K and is now at $849K, the seller has already demonstrated flexibility and may have more to give.
This history also signals how realistic the sellers are about current market conditions. Multiple price cuts with no offers can mean you're looking at a deal, or it can mean there's an issue the price can't fix. Dig deeper before assuming it's the former.
3. A Recent Home Inspection
In the frenzy years, buyers routinely waived home inspections to win. In a buyers' market, that's no longer necessary. Make a full home inspection a non-negotiable condition of your offer.
A qualified inspector will check the roof, foundation, electrical, plumbing, HVAC, insulation, and more. In Canada's climate, pay particular attention to signs of ice damming, water infiltration in basements, and the age of the furnace and water heater. A $500 inspection can save you from a $50,000 surprise a couple years down the line.
4. The Title and Condo Status Certificate (If Applicable)
For condos, always request and review the status certificate before making an offer, or make your offer conditional on reviewing it. This document tells you everything: the health of the reserve fund, any pending special assessments, the corporation's financial statements, and existing liens.
A reserve fund that's underfunded is a red flag. It means a large special assessment that can run you tens of thousands of dollars could land on your lap after you close.
5. Neighbourhood Trajectory, Not Just Current State
You're not just buying a home, you're buying into a neighbourhood over a 5-20 year horizon. In a buyers' market, you may be tempted to stretch geographically for more house per dollar. Before you do, research the area's trajectory.
Look for: new transit infrastructure, school district ratings, walkability scores, and city zoning plans. A neighbourhood with a new LRT stop or upzoning for mixed-use development will compound your investment differently than one that's static.
6. Utility Costs and Energy Efficiency
Ask for 12 months of utility bills. In Canada, heating costs alone can add thousands per year depending on the home's age, insulation quality, and heating system. An older home with oil heat and single-pane windows will cost dramatically more to run than a newer build with a heat pump.
Look for the EnerGuide label if available. If the home has an older furnace, get a quote on replacement, and use it as a negotiating chip.
7. Soft Inclusions to Negotiate
In a balanced or hot market, sellers strip houses bare, taking every appliance, light fixture, and curtain rod. In a buyers' market, you can ask for more.
Don't hesitate to request inclusions like: all appliances, window coverings, light fixtures, patio furniture, or even a snow blower or other property care items. These add real value and sellers who are motivated will often say yes.
8. Closing Flexibility
A buyers' market gives you negotiating room beyond price. One of the most valuable concessions is a flexible closing date. If you need 90 days to close while your current lease expires, ask for it. If you want a faster close to lock in your mortgage rate, push for that instead. Although, getting pre-approved with Pine would prevent you from needing to rush to lock in at any rate.
Sellers in a buyers' market often need to move and may be carrying two mortgages. Understanding their timeline and accommodating it when it works for you can build goodwill with the seller and get you a better overall deal.
9. Pre-Sale Appraisal and Comparable Sales
Just because a seller is willing to negotiate, doesn't mean their starting price is grounded in current reality. Pull recent comparable sales (comps) ideally sold in the past 60-90 days within a tight radius, and understand what the property is actually worth.
Your agent should provide a Comparative Market Analysis (CMA). If you're making a significant offer, a pre-sale appraisal (around $300-500) can give you independent confirmation of fair market value and additional ammo at the negotiating table.
10. Your Mortgage Pre-Approval and the Fine Print
Last but not least: know exactly what you can borrow before you fall in love with something. In Canada, the mortgage stress test requires you to qualify at the higher of your contracted rate plus 2%, or a minimum qualifying rate. This affects your maximum purchase price more than most buyers expect.
With Pine, pre-approval takes moments, and can be processed in as little as one day. Locking in rates has never been more prudent, or easier for the buyer.
Also pay attention to: fixed vs. variable rate tradeoffs given current Bank of Canada policy, prepayment privileges, and portability if you might move before the term ends. Pine always has your best rate, for your lifestyle, budget, and home. Check out our Mortgage Page to learn more about today’s rates, and other products that could be right for you.
The Bottom Line
A buyers' market is a rare window, and historically, they don’t reliably last long. The advantage you have right now is both financial and psychological. You can take your time, do your due diligence, and make a fully informed decision without the panic of a competing offer breathing down your neck.
Use that space wisely. The right home at the right price with the right conditions isn't just available right now, it's attainable.
Always consult a licensed real estate agent and lawyer before making a purchase decision. Market conditions vary significantly by city and neighbourhood.
