Canada’s housing market has shifted in recent months, and for the first time in a while, buyers are regaining some leverage. With higher interest rates slowing demand and inventory increasing in many cities, we’re seeing a market that offers something we haven’t seen in years – opportunity.

At Homewise, we work with buyers across the country every day, and one thing is clear: While headlines focus on challenges, there are also real advantages for those who know where (and how) to look.

Why a slower market creates opportunity

During red-hot markets, bidding wars, limited inventory and fast closings made it incredibly difficult for many Canadians – especially first-time buyers – to compete. But in today’s environment, we’re seeing a shift:

• More listings mean more choice
• Homes are sitting on the market longer, giving buyers room to negotiate
• Sellers are more motivated, especially those who bought a new home and need to sell quickly

These factors combine to create a window of opportunity – particularly for buyers who have done their homework and are financially prepared.

5 ways to find deals in today’s market

1. Look at listings that have been sitting. Homes that have been on the market for 30-plus days can present a golden opportunity. Sellers may be open to negotiating on price, conditions, or even covering some closing costs to get the deal done.

Tip: Don’t ignore listings that have been around for a while – there’s often less competition and more flexibility.

2. Be strategic with your offers. In slower markets, conditional offers are making a comeback. You’re more likely to succeed with offers that include financing or inspection conditions, allowing you to protect yourself and move at a more comfortable pace.

This is especially valuable for first-time buyers who want to make sure their investment is sound.

3. Consider properties that need cosmetic updates. Many buyers still want move-in-ready homes. That’s fair – but if you’re willing to take on some cosmetic upgrades, you can get into a better neighbourhood or larger property for less, simply because others overlook the opportunity.

A fresh coat of paint and some minor upgrades can add value quickly and affordably – especially if you secure a better deal upfront.

4. Explore emerging neighbourhoods. With more time to evaluate, buyers can take a step back and explore neighbourhoods that may not have been on their radar during the peak market. Look for:

• Upcoming transit expansions
• New developments or infrastructure projects
• Communities with increasing amenities and walkability
• These are often future value areas where prices are more attractive today and appreciation potential is high.

5. Get pre-approved and know your budget. In any market, the most prepared buyers are the most successful. A mortgage pre-approval not only gives you a clear sense of what you can afford – it also shows sellers that you’re serious.

At Homewise, we help Canadians get pre-approved online in just minutes, comparing many lenders to find the best fit based on your goals – not just your rate. With rates varying significantly between lenders, shopping around is more important than ever, especially at renewal.

The mindset shift: From fear to opportunity

Yes, interest rates are higher than they were in 2021. But with more room to negotiate and fewer bidding wars, buyers can now focus on value rather than urgency. Prices have softened in many markets, and this correction – paired with higher inventory – is offering a different kind of affordability.

It’s about playing the long game. A smart purchase today, even at a slightly higher rate, can be refinanced later when rates drop. In the meantime, buyers may find they paid significantly less for the home than they would have during peak market conditions.

Final thought

Real estate is cyclical, and this current slowdown is part of a normal (and healthy) cycle. While every market has its challenges, this one offers buyers something they’ve been missing for years: Options.

If you’re prepared and have the right guidance, this could be the best time in years to find a home – and a deal – that sets you up for long-term success.