A method and system is provided for minimizing delays in a magnetic ranging method. Delays are minimized by establishing synchronicity between triggering of a three-axis magnetometer and energization of a solenoid assembly deployed in the borehole being drilled and the first borehole, respectively. Synchronicity enables measuring various components of the alternating magnetic field created by energization of the solenoid assembly by the magnetometer, the moment the solenoid assembly is energized. The recorded components are used for computation of steering data for drilling the second borehole relative to the first borehole. The steering data can be determined at the surface or downhole.