Why a Mortgage Pre-Approval Is Essential: Élodie’s Story

Élodie spotted a condo she really liked while walking through the city. She immediately called the broker listed on the sign to get more information.

Unfortunately, the broker informed her that an offer had just been accepted. However, he mentioned another similar condo on a nearby street that might interest her. Élodie agreed to meet him that same evening.

After a few more visits, she had a true crush! A beautiful condo listed at $422,000, which is the current median price for a condo in the Greater Montreal Area in 2025. Élodie made an offer on the spot, which was accepted on the condition that she provide a mortgage approval within the next 10 days.

She contacted her bank to apply for a mortgage loan. That’s when she discovered she didn’t have the necessary funds for the down payment. Worse, a credit card in her name had a $20,000 balance overdue for six months. Élodie had been the victim of fraud. Her loan was denied.

A Costly Mistake

Élodie was convinced she could buy without a down payment and had no idea her credit had been compromised. Her credit report was now damaged, and she would need to invest time and energy to restore her financial situation.

She had to cancel her offer. When she shared her story with friends, they couldn’t believe she had gone through the process without getting a mortgage pre-approval. One of them immediately recommended that she contact us.

A Tailored Solution

During our meeting, we found a solution for her down payment with help from her family and a cash-back program. We also referred her to a credit specialist to help her recover quickly.

After all that stress, Élodie resumed her search for her dream condo — this time with a pre-approval in hand, ready to move forward with confidence.

Key Takeaways

The Montreal real estate market is active in 2025, with a 3.7% annual increase in the median condo price. In neighbourhoods like Plateau-Mont-Royal, prices can reach $485,000, while more affordable options are still available in areas like Montréal-Nord or Saint-Léonard, where condos sell for under $250,000.

In this context, a mortgage pre-approval is not just a formality — it’s a necessity. It allows you to:

• Avoid unpleasant surprises related to your credit
• Act quickly in a competitive market
• Strengthen your credibility with sellers

Need Help?

This is another great example of a situation that could have been avoided if Élodie had taken the time to consult a Planiprêt expert. Don’t hesitate to contact us to discuss your real estate project.

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