CMHC and the other mortgage insurers underwrite based on verified documents, not self-reported numbers, so a pre-qualification can overstate what you truly qualify for once a lender checks pay stubs, tax returns and existing debt. A pre-approval also runs your file through the mortgage stress test, which pre-qualification typically skips.
In a Saskatoon offer, a seller and their agent will ask which one you have. A pre-qualification carries little weight in a competitive situation, while a pre-approval signals your financing is close to locked in, which matters when a seller is comparing multiple offers.
Joel Dyck connects buyers with lenders who move straight to pre-approval, so an offer is never held up by a financing surprise. Get your hand-reviewed valuation from Joel Dyck.