Mortgage pre-approval in Canada is typically valid for 90 to 120 days — most lenders offer a 90-day window, though some extend to 120 days. The pre-approval includes both the commitment amount and a rate hold, meaning the lender locks in a specific interest rate for the duration of the pre-approval period. If you don't find a home and firm up on an offer within that window, the pre-approval expires and you'll need to apply again. For GTA buyers in a competitive market where the right home can appear suddenly, understanding this timeline helps you plan your search effectively.
Pre-approval validity is one of the practical details that buyers often don't ask about upfront. This guide covers how long pre-approvals last, what the rate hold means, what happens when a pre-approval expires, and how to handle timeline pressures. For context on getting pre-approved in the first place, see how to get mortgage pre-approval in Canada.
Typical Pre-Approval Validity Windows
| Lender type | Typical validity period | Rate hold included |
|---|---|---|
| Major banks (TD, RBC, BMO, CIBC, Scotiabank) | 90–120 days | Yes, for the same period |
| Credit unions | 60–90 days | Varies by institution |
| Monoline lenders (via broker) | 90–120 days | Yes |
| Alternative (B) lenders | 30–90 days | Varies |
The rate hold is one of the most valuable parts of a pre-approval. If you lock in a rate of 4.5% today and rates rise to 5.2% before you find a home, your pre-approval rate protects you — as long as you firm up within the validity window. If rates fall below your pre-approval rate, most lenders will allow you to access the lower rate at time of commitment.
What the Rate Hold Actually Covers
A rate hold guarantees a specific rate for a specific product (e.g., 5-year fixed at 4.5%) for the duration of your pre-approval. What it doesn't do:
- It doesn't guarantee you'll be approved for the specific property you choose — the lender still needs to approve the property
- It doesn't lock in your maximum purchase amount if your income, debts, or credit change
- It doesn't obligate you to use that lender — you can switch lenders before the mortgage funds
The rate hold is conditional on your financial situation remaining as documented at pre-approval. A job change, new car loan, or significant credit card balance increase can void the rate hold and require re-underwriting. See also does mortgage pre-approval guarantee a mortgage for what can go wrong between pre-approval and closing.
What Happens When Pre-Approval Expires
When your pre-approval expires, you need to reapply. This means:
- A new credit bureau pull (another hard inquiry on your credit)
- Updated income documents (recent pay stubs, updated bank statements)
- Re-qualification at whatever the current stress test rate is at that time
- A new rate hold at current market rates (which may be higher or lower than your expired rate)
Renewal is straightforward if your employment, income, and debt load haven't changed. The practical cost is primarily the new hard credit pull and the time to re-submit documents. If rates have risen since your original pre-approval, you won't get your old rate back — you'll get whatever the current rate is at renewal.
Managing Your Search Timeline
In the GTA, where desirable properties in neighbourhoods like Leslieville, the Danforth, or Willowdale sell within days of listing, 90 days is a real constraint. Common buyer mistakes:
- Getting pre-approved too early (before seriously searching) and letting it expire before finding a home
- Getting pre-approved too late and not having the commitment letter ready when the right property appears
The right timing: get pre-approved when you're actively searching — when you've defined your criteria, budget, and target neighbourhoods, and you're prepared to make an offer within 90 days. If your search extends past 90 days, the renewal process is simple enough that it's not worth rushing into an unsuitable property to beat the clock.
What buyers often miss is that a pre-approval expiry doesn't mean starting from scratch. Most of your documents remain valid or need only minor updates. Your mortgage broker can often renew your pre-approval with a single phone call and a few fresh documents.
If you're actively searching, browse GTA listings on Condohill to get a realistic sense of what's available in your price range before you commit to a pre-approval timeline.
FAQ
Can I extend my mortgage pre-approval?
Yes. Most lenders will renew or extend a pre-approval if it expires before you've found a home. Contact your broker or lender before expiry, update your income documents and bank statements, and the lender will issue a new pre-approval. You'll receive a new rate hold at current rates, which may differ from your original rate.
Does my pre-approval rate hold if I find a home close to expiry?
Yes, as long as you have a firm, unconditional Agreement of Purchase and Sale submitted to the lender before the pre-approval expiry date. Once the lender formally approves the specific property and commits to advancing the mortgage, the rate is locked. If your conditional period extends past the pre-approval expiry, contact your lender to confirm how they handle the rate hold in that situation.
What if rates drop below my pre-approval rate?
Most lenders will honour a lower rate if rates fall before your mortgage funds. Confirm this with your lender or broker at pre-approval — some automatically apply the lower rate at commitment, while others require you to request it. This is more common with major bank pre-approvals than with some monoline lenders.
Does pre-approval expiry hurt my credit?
A pre-approval expiry itself doesn't hurt your credit. The only credit impact is the hard pull required when you reapply. Multiple mortgage hard inquiries within a 14–45 day window are typically treated as a single inquiry by credit bureaus, so shopping pre-approvals around renewal time has minimal impact on your score.
Should I get pre-approved before starting my home search?
Yes. In the GTA, offers move quickly, and sellers expect pre-approved buyers. Getting pre-approved before your search confirms your budget, signals seriousness to sellers and agents, and means you're ready to move when the right property appears. Time your pre-approval to when you're genuinely ready to make an offer within the 90-to-120-day window.