For some time now, you've been browsing real estate websites, reading articles, and asking friends about their home-buying experiences. In short, the idea of purchasing your first new home is tempting you. But when is THE best time to take action? Félix Cotte, a real estate consultant with over 30 years of experience, provides some insights.

WHEN TO BUY... according to your situation

Generally speaking, buying is almost always more advantageous than renting unless you're benefiting from an extraordinarily low rental rate, such as from a friend. Therefore, it's usually always a good time to buy.

However, it's crucial to think about purchasing when you can truly afford it. "Too often, people start visiting properties only to realize later that they won't get approved by the bank," says Félix Cotte. Thus, being pre-approved is essential before beginning your search.

Bank pre-approval also provides an advantage during negotiations, demonstrating your seriousness to developers. A mortgage broker can guide you through this initial stage by accurately assessing your credit and informing you about various municipal programs available for first-time homebuyers.

WHEN TO BUY... during construction phases

Buying in pre-sale often guarantees the best price, especially if you're not in a hurry. "Contractors need to achieve 30% to 60% pre-sales before starting construction," explains Félix Cotte. Being among the first buyers, especially of key units, offers significant advantages.

These units trigger the start of construction. To better understand your position, ask simple questions about the sales targets necessary to launch construction.

Besides attractive pricing, buying early allows you to choose from the best units regarding size, sun exposure, and amenities such as terraces.

Conversely, buying towards the end of a project can enable you to acquire more luxurious condos at lower prices. "Units remaining at the end typically represent the developer's profit margin, so they are eager to sell these," Félix Cotte explains. This creates opportunities to find great deals on upscale units like discounted penthouses.

WHEN TO BUY... during the year

Although February to April is popular, coinciding with lease renewals, it may not necessarily be the best time to buy. Opt for quieter periods such as mid-summer or early winter when there's less traffic in sales offices. "Like the automotive industry, certain times of the year are more favorable to buyers," Félix Cotte concludes.

Ultimately, successfully buying real estate often boils down to timing!