Rates and prices do not always move in opposite directions. A rate drop that draws more buyers back into a market this tight can push the benchmark price up faster than the rate saves you on a monthly payment, erasing the advantage you waited for.
What you control is your down payment, your amortization and your own timeline, not the Bank of Canada's next decision. A pre-approval locks your rate for a window while you shop, so you are protected either way during that period.
Run the numbers on today's rate before betting on tomorrow's. Get your hand-reviewed valuation from Joel Dyck.