Welcome to the August Issue!
As the dog days of summer begin winding down (technically running from July 3 to August 11), have you ever wondered where that saying came from?
The phrase dates back to ancient Greek and Roman civilizations and refers to Sirius, also known as the Dog Star. Its appearance in the sky coincided with the hottest days of the year, leading people to associate it with scorching temperatures. Today, the phrase has lost its astronomical meaning and simply refers to those hot, humid days that leave us feeling a little slower than usual.
And there’s actually science behind that! When temperatures climb, your body works harder to regulate its temperature. That extra effort uses more energy, which explains why we often feel tired, sluggish, and less motivated during the hottest weeks of summer.
From Browsing to Buying: When Should You Get Prequalified or Pre-approved?
If buying a home is even a possibility for you over the next year, understanding the difference between a pre-qualification and a pre-approval is one of the smartest places to start.
Here’s a quick breakdown of the questions I get asked most often.
What is a pre-qualification?
A pre-qualification is an initial review of your finances that provides an estimate of how much home you may be able to afford. We’ll discuss your income, debts, down payment, mortgage options, and answer any questions you have-without requiring extensive documentation.
It’s a great first step if you’re just beginning to think about homeownership.
What is a pre-approval?
A pre-approval goes much further.
You’ll provide documentation to verify your income, assets, and debts, along with completing a credit check. This gives you a much more accurate picture of what you qualify for and demonstrates to sellers that you’re a serious buyer.
Does a preapproval guarantee financing?
Not quite.
A pre-approval is based on you-not the property. Once you’ve found a home, the lender still needs to approve the property itself, confirm the purchase price fits within lending guidelines, and sometimes order an appraisal before issuing final mortgage approval.
When should I get prequalified?
As soon as buying a home starts crossing your mind.
If you’re wondering whether you’re financially ready or how much you could comfortably afford, a pre-qualification gives you valuable information before you start browsing listings.
When should I get pre-approved?
When you’re ready to actively begin house hunting-typically within the next one to four months.
Having a pre-approval in place gives you confidence when making offers and allows you to move quickly when you find the right home.
Should I work with a mortgage broker or my bank?
You have both options.
Working with a mortgage broker means one application can be compared across multiple lenders, helping you find the mortgage that’s the best fit for your situation. It often saves both time and money-and in most cases, there is no cost to you.
How long does the process take?
A pre-qualification can often be completed in less than 30 minutes.
A pre-approval generally takes anywhere from an hour to a couple of days, depending on how quickly documents are provided.
Do I get a rate hold?
A pre-qualification does not include a rate hold.
Most pre-approvals include one, typically for 90 to 120 days, protecting you if interest rates increase while you’re shopping. If rates decrease during that time, you’ll usually receive the lower available rate instead.
What documents will I need?
Typically you’ll need:
- Government-issued ID
- Income verification (pay stubs, employment letters, etc.)
- Proof of your down payment
- Information on your debts and monthly obligations
How long are they valid?
A pre-qualification remains useful as long as your financial situation doesn’t change significantly.
A pre-approval is generally valid for 90-120 days, depending on the lender.
If you’re thinking about buying-even if it’s still months away-I’d be happy to help you determine which option is right for you.
🦟 Stop the Swarm: Easy Ways to Keep Summer Bugs Away
Summer is meant for enjoying patios, BBQs, and evenings outside-not battling insects.
Here are a few simple ways to keep common backyard pests under control.
Mosquitoes
- Eliminate standing water around your home.
- Keep grass trimmed.
- Use mosquito coils or Thermacell repellents.
- Make a natural spray using water, vodka, and eucalyptus oil.
Ants
- Use liquid ant bait to eliminate the colony.
- Seal entry points around your home.
- Trim branches and plants touching your house.
- Homemade borax bait can also be effective (keep away from pets and children).
Wasps
- Remove nests early using a dish soap and water mixture or commercial wasp spray.
- Peppermint and lemongrass oils can help discourage nesting around your home.
- Wasp traps are another effective solution.
Asian Lady Beetles
Although they resemble ladybugs, these invasive beetles can become a nuisance.
- Chrysanthemums naturally repel them.
- General-purpose insecticides work well outdoors.
- Indoors, a shallow pan of soapy water placed beneath a lamp can help trap them.
Have another trick that works? I’d love to hear your favourite summer bug remedies!
Canadian Housing Market Update
Canada’s housing market continued showing encouraging signs of stabilization in June 2026.
National home sales increased 0.5% from May, marking the third consecutive monthly increase. At the same time, new listings declined by 1.3%, creating a healthier balance between buyers and sellers.
The national MLS Home Price Index remained unchanged from the previous month-the first time prices have stopped declining since January 2025-although benchmark prices remain 3.6% lower than one year ago.
Insert Table 1 Here
Regional Highlights
Housing markets continue to vary significantly across the country.
The Prairie provinces remain some of Canada’s strongest seller’s markets, while Ontario continues to favour buyers and British Columbia remains well supplied with inventory.
Insert Table 2 Here
Housing Starts
Construction activity cooled in June, with housing starts falling 6% to an annualized pace of 238,971 units.
Ontario, Alberta, and British Columbia accounted for most of the decline, while Quebec and several Prairie provinces posted stronger building activity.
Sales-to-New-Listings Ratio
The Sales-to-New-Listings Ratio (SNLR) remains one of the best indicators of market balance.
- Above 60% generally favours sellers.
- Between 45% and 65% is considered balanced.
- Below 45% favours buyers.
Alberta continues to sit comfortably in seller’s market territory with an SNLR of 61.8%, while Ontario remains the country’s only clear buyer’s market.
Key Takeaways
- Home sales have now increased for three consecutive months, suggesting the market is stabilizing.
- The national benchmark home price was unchanged in June after more than a year of monthly declines.
- Price softness remains concentrated in British Columbia, Alberta, Ontario, and Nova Scotia.
- Housing construction slowed, particularly in Ontario, Alberta, and British Columbia.
- Prairie provinces continue to experience tight housing markets supported by relatively limited inventory.
Just for Fun
With Tell a Joke Day coming up on August 16, here are a few favourites to brighten your day.
Why was the picture sent to jail?
Because it was framed.
What’s worse than raining cats and dogs?
Hailing taxis.
What did the cupcake say to the frosting?
I’d be muffin without you.
Thanks for Reading!
Thank you for taking a few minutes out of your day to catch up on this month’s newsletter.
Whether you’re planning to buy your first home, renew your mortgage, refinance, or simply have questions about today’s market, I’m always happy to help.
Have a wonderful August, enjoy the rest of your summer, and I’ll see you again next month!