A pre-approval requires a lender to review your income, debts and down payment source under rules CMHC helps set for insured mortgages, and it results in a maximum purchase price and an estimated payment, not a guarantee, since the final approval still depends on the specific property you choose and its appraisal.
Once pre-approved, the practical next steps follow in order: finding a buyer's agent through a written buyer's agency agreement, identifying your down payment source, whether savings, a Home Buyers' Plan withdrawal up to $60,000 or a First Home Savings Account, and only then beginning to view homes seriously.
Skipping pre-approval to start touring listings near the Saskatoon benchmark of $444,700 usually just means falling for a house you cannot actually finance. Get your hand-reviewed valuation from Joel Dyck.