10/15/2026
Quick question that could save your house hunt: when was your pre-approval issued?
If the answer is June or July, listen up. Rate holds typically last 90 to 120 days, which means early-summer pre-approvals are expiring right now. And the timing matters more than usual, because fixed rates have been climbing on the bond market and the next Bank of Canada announcement lands October 28.
Here’s what happens when a pre-approval lapses: your rate hold disappears, and if you re-apply in today’s environment, you’re likely locking a higher number than the one you’ve been house hunting with. That changes your payment. In some cases, it changes your maximum approval too. We’ve seen buyers discover this at offer time, which is exactly the wrong moment to learn it.
The fix takes two minutes. Check the date on your pre-approval letter. If you’re inside the expiry window, or already past it, get it renewed BEFORE the 28th. Worst case, you’ve refreshed your rate hold for another 120 days. Best case, you’ve protected your buying power through whatever the Bank announces.
Not sure where you stand? DM us your pre-approval date and we’ll tell you exactly what it means, no digging through paperwork required.
Don’t house hunt on an expired number.