First-Time Home Buyer’s Guide For Edmonton, Alberta

Your 10-Step roadmap to buying your first home

1. Assess your financial readiness and set a realistic budget
2. Save for a down payment
3. Get pre-approved for a mortgage
4. Find the right real estate agent
5. Choose the right neighbourhood in Edmonton
6. Tour homes and narrow down options
7. Make an offer
8. Arrange a home inspection and final conditions
9. Understand closing costs
10. After you move in

1. Assess your financial readiness and set a realistic budget

Start by reviewing your finances and setting a realistic budget. But don’t worry—you don’t need to figure this all out alone. Your REALTOR® can connect you with trusted mortgage brokers who’ll help you:

• Use affordability calculators to estimate your budget.
• Understand your monthly payment options.
• Factor in property taxes, insurance, utilities, and maintenance.

Consider including a 5-10% buffer in your budget and assessment as there are always more costs and things you often forget to factor in. For example, fees or deposits required for utilities if you’re a first time customer, installation fees for internet, small renovations that you might need.

2. Save for a down payment

Your down payment influences what kind of home you can buy and whether you’ll need mortgage insurance.

In Edmonton, the minimum down payment is:

• 5% for homes under $500,000.
• 10% on the portion of a home’s price between $500,000–$1,499,999.99.
• 20% for homes $1,500,000 or higher.

For example, buying a $400,000 home in Edmonton requires a minimum down payment of $20,000.

If your down payment is less than 20% of the purchase price, you’ll need to get mortgage loan insurance. This insurance protects the lender in case you default on your payments. While it adds to your overall mortgage cost, it allows you to qualify with a smaller down payment and can help you access better interest rates.

The cost of mortgage loan insurance is based on the size of your down payment and total loan amount. This cost is typically added to your mortgage and repaid through your monthly payments.

If you put down 20% or more, you won’t need mortgage loan insurance. That means a lower overall cost, but lenders generally require a higher interest rate because the loan is considered higher risk (no mortgage loan insurance required). While it requires more money upfront, a larger down payment can help reduce your monthly payments and save you money on interest in the long run.

Need a trusted mortgage broker? Work with Vaughn Leroux & Team.

Government incentives for first-time home buyers in Alberta:

You might qualify for one or more of these programs:

• The First-Time Home Buyers’ Tax Credit (HBTC)
• The Home Buyers’ Plan
• The First-Time Home Buyer Incentive
• The GST/HST New Housing Rebate

3. Get pre-approved for a mortgage

Getting pre-approved helps you:

• Know your price range
• Lock in a mortgage rate for 90–120 days
• Open the door to stronger negotiations during the buying process and stay competitive

Types of mortgages:

• Fixed-rate: Interest rate stays the same for the term.
• Variable-rate: Rate can change based on the market.

Alternatives to a mortgage for first-time home buyers:

• Rent-to-own
• Seller financing
• Lease options
• Personal loan
• Line of credit

Work with a mortgage broker or bank to find the best option for your situation. Getting pre-approved by a lender is a great first step—it helps you shop with confidence and shows sellers you’re serious.

4. Find the right real estate agent

Choosing the right REALTOR® is one of the most important decisions you’ll make in your home-buying journey—and for first-time buyers, it’s especially important to have someone in your corner who knows the process inside and out.

Common first-time buyer questions:

• “How much does it cost to work with a REALTOR®?”
  As a buyer, your agent’s commission is generally included in the purchase price. If you ever have questions about how commissions work, your agent will always walk you through it.
• “Can’t I just find homes on my own?”
  You can, but why go it alone when you could have a licensed expert helping you spot red flags, streamline the search, and protect your interests every step of the way?
• “What does a REALTOR® actually do for me?”
  We’re glad you asked 👇

Your REALTOR® will:

• Listen to your needs, budget, and lifestyle
• Find properties matching your must-haves
• Schedule and attend showings
• Provide expert market insights
• Write competitive, strategic offers
• Negotiate on your behalf
• Connect you with trusted professionals
• Help you avoid costly mistakes

At Royal LePage Noralta, we’re committed to more than just closing deals. We are local agents who genuinely care about helping you find the right home—one that fits your life, your goals, and your budget.

5. Choose the right neighbourhood in Edmonton

Location is everything when it comes to real estate, and choosing the right neighbourhood can make or break your homeownership experience. Edmonton offers diverse communities, each with its own character, amenities, and price points. The neighbourhood you choose will affect not just your daily life, but also your home’s future value and resale potential.

Take time to visit different areas at various times of day and week to get a true feel for what living there would be like. Your REALTOR® can provide insights into neighbourhood trends, upcoming developments, and which areas align best with your lifestyle and budget.

Things to consider:

• Commute time to work or school
• Proximity to public transit
• Safety and crime rates
• Walkability and green space
• School zones
• Future development plans

Popular neighbourhoods for first-time buyers:

Why these made the list:

• Strong mix of affordability, value, and lifestyle
• Good access to amenities, schools, and transit
• Room to grow (literally and financially)
• Excellent options for both condos and detached homes
• Welcoming communities with long-term appeal

6. Tour homes and narrow down options

Consider how long you plan to stay, what kind of space you need, and how much maintenance you’re comfortable with.

Common options:

• Condo – Low maintenance, good for urban living
• Townhouse – Some outdoor space, shared walls
• Detached house – Full ownership, more responsibility

Questions to ask yourself when purchasing a home:

• How much space do I need?
• Will this home still work for me in 5–10 years?
• Am I planning to start a family, work from home, or rent out part of the home in the future?
• Am I okay with shared walls?
• Do I want to renovate or move-in ready?
• What’s the history of the home? (Ask about insurance claims or permits for renovations)
• How much are average utility bills?

If you’re looking at a condo or townhouse, you need to consider:

• How much are the condo fees or Homeowners Association (HOA) fees? How often are they increased?
• Are there bylaws for pets, shared property, fences, or short-term rentals?
• When was the last special assessment?
• Is there a condo board? Is the condo association managed by a company?

When visiting homes, look for:

• Structural issues (cracks, water stains)
• Functionality of plumbing, windows, and electrical
• Overall layout and potential for upgrades

Your REALTOR® will help you:

• Make a competitive offer
• Include key conditions (financing, home inspection)
• Negotiate with the seller

7. Make an offer

You’ve found “the one”—here’s what happens next.

Your REALTOR® will help you draft a formal offer to purchase. This is where strategy, timing, and market knowledge matter most. A well-structured offer can make all the difference in a competitive market.

Your offer will include:

• Purchase Price: Based on market value, comparable sales, and your budget—your REALTOR® will guide you in submitting a competitive yet fair number.
• Deposit Amount: Typically between 1%–5% of the purchase price. This shows you’re serious and is held in trust until closing.
• Conditions: These protect you and are common in most first-time buyer offers:
  • Financing approval
  • Home inspection
  • Condo document review (if applicable)
• Possession Date: This is the day you officially take ownership. Your agent will coordinate a timeline that works for you and aligns with the seller’s plans.

How long are offers conditional?

In the Edmonton area, it’s typical to see 7–10 days for conditional offers. During this time, you’ll:

• Finalize mortgage approval
• Arrange your inspection
• Review any applicable condo documents

Your Noralta agent will help coordinate every step—and answer all the questions that pop up along the way.

A few extra tips from Team Noralta:

• Don’t skip the home inspection. It’s worth every penny to know what you’re buying (and what you might need to budget for).
• Be ready to act quickly. Good homes move fast—being pre-approved and prepared puts you ahead.
• Trust the process. Emotions can run high. Your agent is there to keep things on track and advocate for your best interest.

8. Arrange a home inspection and final conditions

“Do I really need a home inspection?” This is one of the most common questions we hear from first-time buyers. The short answer is yes—and here’s why. A home inspection typically costs between $400-$600, but it can save you thousands by uncovering issues that aren’t visible during a casual walkthrough. Think of it as a small investment that protects your biggest purchase.

Many buyers worry about the cost or feel awkward about “questioning” the home they’re about to buy. But remember, you’re making a major financial commitment, and you have every right to know exactly what you’re getting into. The inspection process is standard, expected, and completely normal.

• Hire a certified home inspector.
• Attend the inspection to ask questions. If you can’t attend it, your realtor can attend and work with the home inspector.
• Get final mortgage approval once conditions are met.

9. Understand closing costs

Closing costs in Alberta typically range from 1.5% to 4% of the purchase price. It’s important to budget accordingly so you’re not caught off guard.

Common costs include:

• Legal fees
• Title insurance
• Property tax adjustments
• Home insurance (required before closing)
• Moving expenses
• Utility connection or account setup fees

10. After you move in

Once everything is signed and funds have been transferred, you’ll get the keys to your new home. Time to plan your move and enjoy this new chapter.

• Set up utilities and internet
• Change your address
• Get to know your new neighbourhood

Common mistakes first-time buyers make

❌ Skipping the pre-approval. It’s tempting to start browsing homes right away—but without a mortgage pre-approval, you’re shopping blind. Pre-approval tells you what you can actually afford and strengthens your offer when the right home comes along.

❌ Stretching the budget too far. Buying at the top of your approval limit might land you a dream home—but it can also leave you “house poor.” Leave room for surprise expenses, lifestyle costs, and a bit of breathing room.

❌ Underestimating closing costs. Legal fees, land title fees, inspections, tax adjustments, and moving costs can add up quickly. Budget an extra 1.5%–4% of the purchase price so you’re not scrambling at the finish line.

❌ Forgetting about ongoing maintenance. Even a brand-new home will need care—furnace filters, gutter cleaning, appliance repairs, landscaping… it all adds up. A good rule of thumb is to set aside 1–3% of the home’s value per year for upkeep.

❌ Letting emotions lead the way. Love at first sight is real—but your REALTOR® is here to help you look past the staging and granite countertops to evaluate real value. A wise home choice balances head and heart.

❌ Skipping a proper home inspection. Even if a home looks perfect on the surface, there could be hidden issues—roof problems, electrical concerns, foundation cracks. A licensed home inspector helps you make an informed decision (or walk away if needed).

❌ Not asking questions. There are no silly questions in real estate—only expensive misunderstandings. From condo bylaws to property lines to zoning rules, ask away. Your REALTOR® is your guide, not just your key-opener.

❌ Trying to navigate alone. Online listings are great, but they can’t negotiate on your behalf, spot red flags, or decode fine print. A trusted REALTOR® (hi! 👋) gives you a clear edge in a competitive market—and it’s free for buyers.

What most people forget to ask

When you’re caught up in the excitement of finding your dream home, it’s easy to focus on the obvious things like location, price, and layout. But experienced buyers know that the questions you don’t think to ask can lead to expensive surprises down the road.

When you work with a REALTOR®, you won’t miss these important details. They have the experience and knowledge to ask the right questions at the right time, ensuring nothing falls through the cracks. From the initial search to closing day, they’ve got you covered and will help guide you through every aspect of the buying process.

Glossary of key real estate terms

• Amortization: The total length of time to pay off your mortgage (usually 25 years)
• Appraisal: A third-party assessment of your home’s value
• CMHC Insurance: Mortgage insurance for buyers with <20% down
• Closing Costs: Final legal, administrative, and tax fees paid at possession
• Deposit: Money paid up front to show you’re serious
• Fixed Rate: Interest rate stays the same over the term
• Variable Rate: Interest rate can fluctuate with the market
• Pre-Approval: A lender’s commitment to offer you a mortgage up to a certain amount
• Title Insurance: Protection against issues with property ownership