RSS

What Affects Your Mortgage Rate in Alberta—And How to Get the Best One

One of the most common questions I hear from Edmonton homebuyers is straightforward but crucial: "What mortgage rate can I get?"

The answer is rarely simple. Your mortgage rate isn't just a number pulled from a rate sheet—it's the result of numerous factors, many of which you can influence to your advantage.

As a mortgage broker and real estate agent working with Edmonton families every day, I've seen firsthand how understanding these factors can save you thousands—sometimes tens of thousands—over the life of your mortgage.

Let's break down what really determines your mortgage rate in Alberta and how you can position yourself to get the best possible deal.

Beyond the Headlines: Mortgage Rate Fundamentals

When you see "mortgage rates" in the news, those are typically posted rates or averages. Your actual rate will be personalized based on your financial profile and property details.

Here's what lenders in Alberta are really looking at when determining your rate:

1. Credit Score: The Foundation of Your Rate

Your credit score is arguably the single most influential factor in determining your mortgage rate. In Canada, scores typically range from 300 to 900.

Here's how credit scores generally affect Alberta mortgage rates:

  • 740+: Access to the best rates and most favourable terms

  • 680-739: Still competitive rates, but might miss some of the premium offers

  • 600-679: Higher rates, more limited lender options

  • Below 600: Significantly higher rates, possibly limited to alternative lenders

Edmonton Insight: Alberta has one of the highest average consumer debt levels in Canada. This means maintaining a strong credit score can really help you stand out to lenders and secure better rates.

How to improve it:

  • Pay all bills on time (set up automatic payments)

  • Keep credit card balances below 30% of their limits

  • Don't apply for new credit before seeking a mortgage

  • Check your credit report for errors (you'd be surprised how common they are)

2. Down Payment Size: More Than Just Entry Cost

Your down payment affects your rate in several ways:

Conventional vs. High-Ratio Mortgages:

  • Less than 20% down requires mortgage default insurance (CMHC, Sagen, or Canada Guaranty)

  • While insurance adds a premium to your mortgage amount, it actually often results in lower interest rates because the lender's risk is reduced

How much difference does it make?

  • 5% down: Higher rates + insurance premium (can be up to 4% of mortgage amount)

  • 10% down: Slightly better rates + lower insurance premium

  • 15% down: Even better rates + lowest insurance premium

  • 20%+ down: No insurance required, but potentially slightly higher rates than insured mortgages

Edmonton Insight: With Edmonton's relatively affordable housing market compared to cities like Toronto or Vancouver, reaching that 20% down payment is more achievable. However, I've seen many clients successfully use a 10-15% down payment strategy to balance upfront costs with long-term interest savings.

3. Employment Type and Income Stability

Lenders love predictability. Your employment situation significantly impacts your rate options:

Best rates typically go to:

  • Permanent, full-time employees with 2+ years at the same employer

  • Government employees, teachers, healthcare workers, and other stable professions

  • Professionals with established practices (doctors, lawyers, accountants)

Higher rates often apply to:

  • Self-employed individuals (especially with less than 2 years of documented income)

  • Commission-based employees with fluctuating income

  • Contract workers or those with multiple part-time jobs

  • Recently changed careers or industries

Alberta-specific consideration: Given our province's economic ties to the resource sector, some lenders may look more favourably on public sector employment or diversified income sources that aren't directly tied to oil and gas.

4. Property Type and Location

Not all properties are created equal in a lender's eyes:

Properties that typically qualify for the best rates:

  • Single-family detached homes in established Edmonton neighbourhoods

  • Newer townhomes in good condition

  • Condos in financially healthy buildings (adequate reserve funds, no special assessments)

Properties that may face rate premiums:

  • Rural properties outside the Edmonton metropolitan area

  • Condos in buildings with known issues or small (less than 10 units)

  • Income properties or multi-family dwellings

  • Properties needing significant repairs

  • Unique or custom homes that might be difficult to resell

For example, I recently helped a client secure financing for a condo in downtown Edmonton. Due to the building's special assessment history, many lenders declined the property entirely, while those who would consider it added a 0.25% rate premium.

5. Amortization Period

Your amortization period—the total length of time to pay off your mortgage—also affects your rate:

  • 25 years or less: Typically offers the best available rates

  • 30 years: Often comes with a slight rate premium (0.10-0.20% higher)

With Edmonton's housing market being more affordable than many Canadian cities, a 25-year amortization is often manageable for many borrowers, helping them secure better rates.

6. Fixed vs. Variable and Term Length

Your choice between fixed and variable rates and the term length significantly impacts your rate:

  • Variable rates are typically lower than fixed rates but come with more uncertainty

  • Shorter fixed terms (1-2 years) usually have lower rates than longer terms

  • 5-year fixed terms are Canada's most popular and often priced competitively

  • 7-10 year terms come with the highest rates but offer long-term stability

For a deeper comparison of fixed versus variable options in our local market, see my article on Fixed vs. Variable Rate Mortgages in Edmonton.

7. Relationship with Financial Institutions

Your banking relationship can influence your rate:

  • Having investments, multiple products, or business accounts with a financial institution often leads to better mortgage rates

  • Some credit unions and local Alberta lenders offer relationship pricing

  • First-time homebuyers often qualify for special programs and rates

Alberta-Specific Factors That Affect Your Rate

Beyond the standard factors, several Alberta-specific considerations can influence your mortgage rate:

Resource Economy Influence: Alberta's economic ties to the oil and gas industry can affect how lenders view employment stability in certain sectors.

Condo Market Considerations: Edmonton's condo market has faced challenges in recent years, with insurance and special assessment issues causing some lenders to be more cautious with condo financing.

Property Tax Impact: Edmonton's property tax rates differ from other major Canadian cities and need to be factored into debt service ratios, which can affect the rate you qualify for.

How to Get the Best Possible Mortgage Rate in Edmonton

Now for the part you've been waiting for—how to get the best rate possible:

1. Improve Your Application Strength

  • Boost your credit score: Pay down credit card balances, don't miss payments, and correct any errors on your report.

  • Save a larger down payment: Even increasing from 5% to 10% can make a difference.

  • Reduce your debt load: Pay down high-interest debts before applying.

  • Document your income thoroughly: Especially important for self-employed or commission-based earners.

2. Work with a Mortgage Broker

As an independent mortgage broker with access to multiple lenders, I can:

  • Shop your application to numerous lenders instead of just one bank

  • Match your specific situation to lenders who specialize in your profile

  • Negotiate on your behalf using the leverage of multiple options

  • Access broker-exclusive rates not available directly to consumers

My clients typically save 0.25-0.50% compared to posted bank rates—which can mean tens of thousands of dollars over your mortgage term.

3. Look Beyond the Rate

Sometimes the lowest rate doesn't mean the best mortgage. Other factors to consider:

  • Prepayment privileges: The ability to make extra payments without penalties

  • Portability: Taking your mortgage with you if you move

  • Penalty calculations: Some low-rate mortgages have extremely costly break penalties

  • Refinance options: Flexibility for accessing equity later

I recently worked with an Edmonton couple who chose a mortgage with a rate 0.10% higher than the absolute lowest offer, but with much more favourable prepayment terms—saving them over $12,000 when they needed to break their mortgage early due to a job relocation.

4. Time Your Application Strategically

  • Rate holds: Most lenders offer 90-120 day rate holds, protecting you if rates increase while you're house hunting

  • Market timing: I keep clients informed about economic trends affecting rates

  • Renewal planning: Start shopping 4-6 months before your current mortgage matures

Common Rate Questions from Edmonton Homebuyers

Q: Should I wait for rates to drop before buying? A: Timing the market perfectly is nearly impossible. In Edmonton, when rates drop, we often see home prices increase as more buyers enter the market. Focus on what you can afford now, and consider that you can always refinance later if rates improve significantly.

Q: How much difference does 0.25% really make? A: On a $400,000 mortgage with a 25-year amortization, 0.25% equals approximately $50 per month or $15,000 over the life of your mortgage. Small rate differences add up significantly over time.

Q: Will I get a better rate if I go directly to my bank? A: Rarely. Banks can only offer their own products, while brokers can shop multiple lenders to find you the best fit. Even if you have a great relationship with your bank, it's worth comparing options through a broker.

Next Steps: Getting Your Personalized Rate Assessment

Mortgage rates are highly individualized, and online calculators or rate comparison sites rarely show you what you'll actually qualify for.

For a personalized assessment of your potential mortgage rate based on your specific financial situation and Edmonton's current market conditions, book a consultation or give me a call.

I'll provide a comprehensive review of your options, explain which factors you can improve to get a better rate, and help you develop a strategy to secure the most favourable mortgage for your needs—whether you're ready to buy now or planning for the future.

This article was last updated on May 13, 2025, to reflect current Edmonton market conditions and mortgage regulations. Information may change, so always consult with a qualified mortgage professional for the most up-to-date advice.

Read

What Does a Mortgage Pre-Approval Really Mean in Edmonton?

I hear it all the time from excited first-time homebuyers: "Good news, Zenon! I got pre-approved for a mortgage online in just 10 minutes!"

My response is usually: "That's a great start—now let's get you actually pre-approved."

As a mortgage broker and real estate agent working with Edmonton families, I've seen countless buyers confused about what a mortgage pre-approval truly means (and doesn't mean). This confusion can lead to serious disappointment when it comes time to make an offer on your dream home.

Let's clear things up and talk about what a real pre-approval involves, why it matters in Edmonton's current market, and how to make sure yours is solid.

Pre-Qualification vs. Pre-Approval: They're Not the Same Thing

First, let's clear up perhaps the biggest misunderstanding:

Pre-qualification: A quick assessment based on self-reported information about your income, debts, and assets. Often done online or in a brief conversation, with no documentation verification. This gives you a rough idea of what you might qualify for.

Pre-approval: A more thorough process where a lender verifies your financial information, pulls your credit report, and provides a conditional commitment for a specific loan amount and rate.

Many online mortgage calculators or quick forms offer "pre-approvals" that are actually just pre-qualifications. They're a starting point, not a finish line.

What a Proper Edmonton Pre-Approval Actually Includes

A thorough pre-approval process should include:

  1. Full income verification: Paystubs, T4s, NOAs (Notices of Assessment), and possibly a letter of employment

  2. Credit check: A formal pull of your credit report and score from both major Canadian credit bureaus

  3. Down payment verification: Documentation showing you have the funds (and where they came from)

  4. Debt analysis: Review of your current obligations, including those that might not show on your credit report

  5. Property assessment considerations: Discussion about the types of properties you're considering (as some have different financing requirements)

  6. Stress test calculation: Confirming you qualify at the higher of the Bank of Canada benchmark rate (currently 5.25%) or your contract rate plus 2%

  7. Written pre-approval document: A formal letter stating the amount you're approved for, the rate being held, and the conditions that must be met

Any "pre-approval" that doesn't include these elements isn't giving you the full picture of your buying power.

Documents You'll Need for a Solid Edmonton Pre-Approval

To save time and get the most accurate pre-approval, gather these documents before meeting with your mortgage broker:

For Salaried Employees:

  • Last 2-3 pay stubs

  • T4 from the previous year

  • Last 2 years' Notices of Assessment

  • Letter of employment (confirming position, salary, and length of employment)

For Self-Employed Individuals:

  • Last 2-3 years of T1 Generals (full tax returns)

  • Last 2-3 years of Notices of Assessment

  • Financial statements for your business (if applicable)

  • Articles of incorporation (if applicable)

For Everyone:

  • 90 days of bank statements showing your down payment

  • Statements for any investments or RRSPs being used

  • Details of any other properties owned

  • Information about existing debts not showing on your credit report

Having these ready will speed up the process and lead to a more accurate assessment of what you can truly afford in Edmonton's housing market.

Why Pre-Approvals Sometimes Fall Through

One of the most heartbreaking situations I see is when buyers find their perfect Edmonton home, make an offer based on their pre-approval, and then discover they don't actually qualify when it comes time to finalize the mortgage.

Common reasons pre-approvals fall through:

  1. The property doesn't meet lender requirements: Some lenders have restrictions on certain property types, like condos with special assessments or homes needing major repairs.

  2. Income wasn't properly verified: Commission, bonuses, or overtime income might not be calculated the way you expected.

  3. Credit issues were discovered later: Sometimes issues appear when a more thorough check is done.

  4. Down payment sources weren't properly documented: "Gift" funds from family need proper documentation.

  5. Debt-to-income ratios changed: If you took on new debt after pre-approval (like a car loan or increased credit card balances).

I recently worked with a client who was "pre-approved" by their bank for a $450,000 purchase. When they found their dream home and submitted the final application, the bank would only approve $380,000 because they hadn't initially accounted for the client's student loan payments. This is exactly the kind of situation a thorough pre-approval helps avoid.

How to Strengthen Your Pre-Approval

Want to make sure your pre-approval holds up when you find your dream home? Here's how to strengthen it:

  1. Work with a broker who specializes in Edmonton's market: We understand local conditions and which lenders work best for different scenarios.

  2. Be completely transparent about your finances: Hiding information only sets you up for disappointment later.

  3. Get pre-approved before house hunting: Not after you've already fallen in love with a property.

  4. Maintain financial stability during your home search: Avoid job changes, large purchases, or taking on new debt.

  5. Consider getting pre-approved with multiple lenders: Different lenders have different criteria and products.

  6. Ask for a rate hold: Most pre-approvals include a 90-120 day rate guarantee, protecting you if rates increase.

What a Pre-Approval Doesn't Tell You

Even the most thorough pre-approval has limitations:

  • It doesn't guarantee your final approval (though it makes it much more likely)

  • It doesn't mean the specific property you choose will be approved

  • It doesn't account for other housing costs like property taxes, condo fees, or utilities

  • It doesn't necessarily reflect what you can comfortably afford (just what a lender will allow)

That's why I always sit down with clients to discuss not just what they can borrow, but what monthly payment makes sense for their lifestyle and financial goals.

Beyond the Pre-Approval: Your Next Steps

Once you have a solid pre-approval in hand:

  1. Connect with a realtor: Share your pre-approval details so they can help you find properties that align with your approval.

  2. Set a realistic budget: Just because you're approved for $500,000 doesn't mean you should spend that much.

  3. Research neighbourhoods: Edmonton has diverse communities with different price points and amenities. Use my detailed neighbourhood search to begin your house hunt here.

  4. Begin your property search: With confidence knowing exactly what you can afford.

  5. Keep your financial situation stable: Until your purchase is complete.

Get a Reliable Edmonton Pre-Approval Today

If you're starting your home buying journey in Edmonton, a thorough pre-approval is your essential first step. It gives you clarity about what you can afford, strengthens your negotiating position, and helps avoid disappointment down the road.

I offer comprehensive pre-approval consultations that go beyond the numbers to help you understand your options and develop a plan tailored to Edmonton's unique market.

You can book your pre-approval consultation directly through my calendar, or give me a call to get started. There's no obligation, and you'll walk away with a clear understanding of your buying power in today's Edmonton market.

Don't settle for a quick online calculator result when making the biggest purchase of your life. Let's make sure your home buying journey starts on solid ground.

This article was last updated on May 13, 2025, to reflect current Edmonton mortgage qualification requirements and market conditions. Information may change, so always consult with a qualified mortgage professional for the most up-to-date advice.

Read

Fixed vs. Variable Rate Mortgages in Edmonton: What's Right for You?

When I sit down with Edmonton homebuyers, one question inevitably comes up: "Should I go with a fixed or variable mortgage rate?" It's a question that deserves careful consideration, especially given Alberta's unique economic landscape.

As a mortgage broker and real estate agent working with Edmonton families every day, I've guided clients through this decision hundreds of times. There's no one-size-fits-all answer, but I can help you understand what might work best for your situation.

Understanding the Basics: Fixed vs. Variable Rates

Let's start with the fundamentals:

Fixed-Rate Mortgage: Your interest rate (and monthly payment) stays the same for the entire term of your mortgage, typically 2-5 years.

Variable-Rate Mortgage: Your interest rate fluctuates with the prime rate, which is influenced by the Bank of Canada's policy decisions. When the prime rate changes, so does your mortgage rate.

Now, let's dive deeper into how these options play out specifically in Edmonton's housing market.

Current Rate Trends in Edmonton

As of May 2025, Edmonton mortgage rates are showing interesting patterns:

  • Fixed rates: Currently available around 4.5-5.5% for 5-year terms

  • Variable rates: Currently around prime (5.95%) minus 0.5-1.00%, so approximately 4.95-5.45%

Note: These rates can vary based on your credit score, down payment amount, and other factors. Contact me for personalized rate information.

How Alberta's Economy Impacts Your Mortgage Choice

Edmonton's housing market doesn't always follow national trends. Here's what makes our situation unique:

Energy Sector Influence: Alberta's economy remains significantly tied to oil and gas. When energy prices rise, our local economy often strengthens, which can lead to higher interest rates to control inflation.

Employment Stability: Your industry matters. If you work in a sector with stable employment (like government, healthcare, or education), you might be better positioned to handle the uncertainty of a variable rate. If you're in a more volatile industry (like oil and gas or construction), the predictability of fixed rates might be more appealing.

Real Estate Market Resilience: Edmonton's housing market has historically been less volatile than Toronto or Vancouver, giving some homeowners more flexibility in their mortgage choices.

The Case for Fixed Rates in Edmonton

Why many Edmonton homebuyers choose fixed rates:

  1. Predictability in uncertain times: Fixed payments make budgeting straightforward, especially important in Alberta where economic fluctuations can sometimes be more pronounced.

  2. Protection against rate increases: If you believe interest rates will rise over your term (which many economists are currently forecasting), locking in now could save you money.

  3. Peace of mind: For many first-time homebuyers, the security of knowing exactly what your payment will be for the next 5 years is worth a slight premium.

I recently worked with a young couple who both work in education. Despite the slightly higher initial rate, they chose a fixed mortgage because they valued the certainty it provided as they planned their family budget.

The Case for Variable Rates in Edmonton

Why some Edmonton homeowners opt for variable rates:

  1. Historical savings: Over long periods, variable rates have typically saved borrowers money compared to fixed rates.

  2. Lower penalties: If you need to break your mortgage before the term ends, variable-rate penalties are generally much lower than fixed-rate penalties.

  3. Conversion flexibility: Most variable mortgages allow you to convert to a fixed rate at any time without penalty if rates start rising significantly.

One of my clients, an experienced investor purchasing his third rental property in the Mill Woods area, chose a variable rate specifically because of the lower penalties, as he anticipates possibly selling within 3 years.

Edmonton-Specific Factors to Consider

Real Estate Investment Climate: Edmonton's rental market remains strong, with average cap rates higher than in many Canadian cities. If you're buying an investment property, the initial savings of a variable rate might help your cash flow projections.

Edmonton Housing Affordability: Our city remains relatively affordable compared to many Canadian markets. This can give homeowners more buffer in their monthly budget to absorb potential rate increases with a variable mortgage.

Local Refinancing Trends: I've noticed Edmonton homeowners tend to refinance or move approximately every 3-4 years. If you fit this pattern, the lower penalties of a variable rate could save you thousands.

Making Your Decision: 5 Questions to Ask Yourself

  1. What's your risk tolerance? Be honest about how much uncertainty you can handle in your monthly payments.

  2. How long do you plan to stay in the home? Shorter timeframes might favour variable rates due to lower penalties.

  3. What does your financial buffer look like? Could you handle a 1-2% increase in your interest rate without financial strain?

  4. What are economists forecasting? While predictions aren't guarantees, they can provide valuable context.

  5. What's happening in your industry? Consider your job security and income stability when evaluating mortgage options.

For a more detailed analysis of your specific situation, we can always schedule a call to go over your options. As a licensed real estate agent and a mortgage advisor, I provide you a dual advantage perspective that most agents can’t provide.

The Hybrid Approach: A Popular Edmonton Solution

Many of my clients are finding value in a middle-ground approach: splitting their mortgage between fixed and variable portions. For example, keeping 60% in a fixed rate for stability while putting 40% in a variable rate to take advantage of potential savings.

Most major Canadian lenders offer this option, and it can provide the best of both worlds for homeowners who are torn between the two choices.

Next Steps: Getting the Right Advice for Your Situation

Choosing between fixed and variable rates isn't just about today's interest rate difference – it's about aligning your mortgage with your financial situation, risk tolerance, and future plans.

Rather than trying to "time the market" (which is nearly impossible even for experts), focus on what makes the most sense for your personal circumstances.

If you'd like to discuss your specific situation and get personalized advice on which mortgage type might be best for you in today's Edmonton market, book a consultation or give me a call. I'm happy to run through different scenarios and help you understand all your options.

Remember, the "right" mortgage is the one that helps you sleep well at night – whether that's the certainty of fixed rates or the potential savings of variable rates.

This article was last updated on May 13, 2025, to reflect current Edmonton market conditions and mortgage regulations. Information may change, so always consult with a qualified mortgage professional for the most up-to-date advice.

Read

What's the Minimum Down Payment to Buy a Home in Edmonton?

If there's one question I hear almost daily in my office, it's this: "Zenon, how much do I actually need to save for a down payment in Edmonton?" It's a great question—and the answer isn't as straightforward as you might think.

As both a mortgage broker and real estate agent here in Edmonton, I've helped lots of first-time buyers navigate this crucial first step. Let's break down exactly what you need to know about minimum down payments in our local market, without the fluff or confusing jargon.

The Basic Down Payment Rules in Canada

First, let's get the fundamentals straight. In Canada, your minimum down payment depends on the purchase price of the home:

  • For homes under $500,000: You need a minimum of 5% down

  • For homes between $500,000 and $999,999: You need 5% on the first $500,000, and 10% on the portion above $500,000

  • For homes $1 million or more: You need a minimum of 20% down

Let me put this into real Edmonton terms.

What This Means for Edmonton Home Buyers

The average home price in Edmonton currently sits around $380,000 (as of my latest market analysis). At this price point, your minimum down payment would be $19,000 (5% of $380,000).

But let's look at different property types you might be considering:

Starter Condo in Edmonton ($250,000)

  • Minimum down payment: $12,500 (5%)

Typical Semi-Detached in a Family Neighbourhood ($450,000)

  • Minimum down payment: $22,500 (5%)

Newer Single Family Home in a Desirable Area ($650,000)

  • Minimum down payment: $25,000 (5% of first $500,000) + $15,000 (10% of remaining $150,000) = $40,000 total

Luxury Home in Windermere or Keswick ($1,200,000)

  • Minimum down payment: $240,000 (20%)

Don't Forget About CMHC Insurance

Here's something crucial that many first-time buyers overlook: If your down payment is less than 20% of the purchase price, you'll need mortgage default insurance (commonly called CMHC insurance, though there are other providers like Sagen and Canada Guaranty).

This insurance protects the lender—not you—if you default on your mortgage. The premium gets added to your mortgage amount and typically ranges from 2.8% to 4% of your mortgage, depending on your down payment size.

Let's use our $380,000 average Edmonton home as an example:

  • With 5% down ($19,000), your CMHC premium would be approximately $13,680

  • With 10% down ($38,000), your CMHC premium would drop to about $9,120

  • With 15% down ($57,000), your CMHC premium would be around $6,840

  • With 20% down ($76,000), you would pay $0 in CMHC premiums

This is why putting down 20% can save you thousands of dollars in the long run. But don't panic if that's not realistic for you—most first-time buyers in Edmonton don't start with 20% down.

Beyond the Minimum: Other Costs to Consider

When saving for a home, remember that your down payment is just one piece of the puzzle. You'll also need funds for:

  • Closing costs: Typically 1.5-4% of your purchase price

  • Legal fees: Usually $1,000-$2,000 in Edmonton

  • Home inspection: Around $400-$600

  • Property tax adjustments: Varies based on the time of year and municipality

  • Moving expenses: Don't forget about these!

I recommend my clients save an additional 2-3% of their purchase price beyond their down payment to cover these expenses.

Current Market Conditions in Edmonton

Edmonton's housing market has remained relatively steady compared to cities like Toronto or Vancouver, which is good news for first-time buyers. Our more reasonable home prices mean down payments are generally more attainable.

That said, competition can be fierce in certain neighbourhoods and price points. Having a larger down payment can sometimes strengthen your offer in a multiple-offer situation, which we're seeing more frequently in desirable areas.

Government Programs That Can Help

If you're struggling to save enough for a down payment, you might qualify for:

  1. Home Buyers' Plan (HBP): This allows you to withdraw up to $60,000 from your RRSP tax-free to use toward your down payment (must be repaid over 15 years).

  2. First Home Savings Account (FHSA): This newer program allows Canadians to save up to $40,000 tax-free toward their first home.

For more details on these programs and how they might apply to your specific situation, check out this page here.

The Bottom Line on Down Payments in Edmonton

While it's technically possible to buy with just 5% down in many parts of Edmonton, I've found that clients who can manage 10-15% often end up with:

  • Better mortgage rates

  • Lower monthly payments

  • More negotiating power

  • Less financial stress overall

That said, waiting years to save 20% might not make sense in all cases, especially if rents and home prices are both rising. Sometimes getting into the market sooner with a smaller down payment can be the right move.

What's Your Next Step?

Every home buyer's financial situation is unique. The "right" down payment amount depends on your income, savings, other debts, and long-term goals.

If you're wondering exactly how much you should save based on your personal circumstances and which Edmonton neighbourhoods might be in your price range, let's talk. I offer free, no-obligation pre-qualification consultations where we can run the numbers together and create a realistic plan for your home purchase.

You can reach me at book an appointment page or call me directly at 403-597-7955. I'm here to help you navigate Edmonton's housing market with confidence, whether you're ready to buy next month or next year.

Remember, buying a home is a marathon, not a sprint. Taking the time to save properly and understand your options will set you up for success in the long run.

This article was last updated on May 13, 2025, to reflect current Edmonton market conditions and mortgage regulations. Information may change, so always consult with a qualified mortgage professional for the most up-to-date advice.

Read

Open House. Open House on Saturday, May 10, 2025 11:00AM - 2:00PM

Please visit our Open House at 521 PATERSON Way in Edmonton. See details here

Open House on Saturday, May 10, 2025 11:00AM - 2:00PM

This stylish home in the vibrant community of Paisley checks all the boxes for modern living. Step into an open-concept main floor with gorgeous vinyl plank flooring, upgraded appliances, and sleek QUARTZ countertops that elevate both form and function. The living room offers a cozy retreat with an elegant electric FIREPLACE, while SMART LIGHT SWITCHES throughout the home add a tech savvy touch fully compatible with devices like Alexa for ultimate convenience. Upstairs, you'll find three spacious bedrooms and an OVERSIZED LAUNDRY ROOM with built-in shelving, perfect for keeping life organized. The backyard is low-maintenance and built for entertaining, featuring a MASSIVE DECK that’s ready for weekend gatherings or quiet evenings under the stars. A fully insulated and drywalled double car garage rounds out the package, offering extra comfort and storage. Enjoy nearby walking trails, a tranquil pond, top-rated schools, and quick access to shops, restaurants, and the airport—all just minutes away!!

Read

FAQ For First Time Home Buyers

Being a first time home buyer does not have to be a scary event you do on your own. We are a trusted source of real estate knowledge in the Edmonton and Area to help you with a smooth home buying process.

Do I need to be working?

The short answer is yes! Some exceptions do apply such as if you are on maternity/paternity leave, retired or semi retired, long term disability etc. I handle these on a case by case basis.

Does My Credit Score Matter?

The credit score is a number based on your history of loans and how you have paid them back. It also records any missed payments or defaults you may have had in the past. Depending how well or not well you were with you loans or payments will be reflected by your score. Lenders look at your score as a quick summary of how well you have done. There are many other things they do look at as well.

I Work For Myself, Can I Still Get A Mortgage?

For sure you can. When working for yourself you are most likely a registered corporate company or what is called a sole proprietor. Depending on which you are, documents will vary that are needed by the lender. Lenders will also require you to have a minimum of 2 years of paying taxes so they can see your history of what you are doing and have something to go off of.

I Work 2 Part Time Jobs, Can I Use The Income For Both?

Yes most lenders will look at 2 part time jobs and would prefer if you worked for at least 2 years but will look at shorter terms. Other factors go into deciding whether to accept 2 part time jobs such as past history and length in each job and any other circumstances around them. 

I Just Started A New Job And I Am On Probation.

Pretty much all lenders want to see you off of your probation before getting a loan. Other things such as how long have you been doing the same career or position will be looked at as well. I do have 1 lender that will allow you to be on probation.

How Much Do I Need For A Down Payment?

As long as the home you are looking to purchase is your primary residence, you can put as little as 5% down.

I Do Not Have All The Funds For The Down Payment.

When it comes to getting money for a down payment, lenders want to see you save up for it. You can also use up to $35,000 from your RRSPs in order to borrow for your down payment. Lenders will also allow you to be gifted the funds from an immediate family member such as your mother or father, brothers or sisters. Some will also allow an early inheritance from grandparents too.


Ready for the next steps? Reach out to schedule your dual advantage : buyer strategy call. You can find my calendar here.

Read

New property listed in Zone 56, Edmonton

I have listed a new property at 141 348 WINDERMERE Road in Edmonton. See details here

Located in the heart of Windermere, this charming one-bedroom, one-bathroom condo offers a prime opportunity to live in one of Edmonton’s most desirable communities. Surrounded by a wide range of amenities, you’ll find everything from shopping centres and grocery stores to restaurants, cafes, salons, and boutique services just steps from your door. The area also features quick access to the North Saskatchewan River valley and Terwillegar DOG PARK ideal for walking and outdoor activities with amazing biking trails!! Commuters will appreciate the convenience of nearby Anthony Henday Drive, providing efficient travel across the city. Whether you’re a first-time buyer, downsizer, or investor, this property offers low-maintenance and LOW CONDO FEE living in a highly sought-after, amenity-rich location.

Read

New property listed in Zone 55, Edmonton

I have listed a new property at 521 PATERSON Way in Edmonton. See details here

This stylish home in the vibrant community of Paisley checks all the boxes for modern living. Step into an open-concept main floor with gorgeous vinyl plank flooring, upgraded appliances, and sleek QUARTZ countertops that elevate both form and function. The living room offers a cozy retreat with an elegant electric FIREPLACE, while SMART LIGHT SWITCHES throughout the home add a tech savvy touch fully compatible with devices like Alexa for ultimate convenience. Upstairs, you'll find three spacious bedrooms and an OVERSIZED LAUNDRY ROOM with built-in shelving, perfect for keeping life organized. The backyard is low-maintenance and built for entertaining, featuring a MASSIVE DECK that’s ready for weekend gatherings or quiet evenings under the stars. A fully insulated and drywalled double car garage rounds out the package, offering extra comfort and storage. Enjoy nearby walking trails, a tranquil pond, top-rated schools, and quick access to shops, restaurants, and the airport—all just minutes away!!

Read

Open House. Open House on Saturday, April 12, 2025 12:00PM - 3:00PM

Please visit our Open House at 521 PATERSON Way in Edmonton. See details here

Open House on Saturday, April 12, 2025 12:00PM - 3:00PM

This stylish home in the vibrant community of Paisley checks all the boxes for modern living. Step into an open-concept main floor with gorgeous vinyl plank flooring, upgraded appliances, and sleek QUARTZ countertops that elevate both form and function. The living room offers a cozy retreat with an elegant electric FIREPLACE, while SMART LIGHT SWITCHES throughout the home add a tech savvy touch fully compatible with devices like Alexa for ultimate convenience. Upstairs, you'll find three spacious bedrooms and an OVERSIZED LAUNDRY ROOM with built-in shelving, perfect for keeping life organized. The backyard is low-maintenance and built for entertaining, featuring a MASSIVE DECK that’s ready for weekend gatherings or quiet evenings under the stars. A fully insulated and drywalled double car garage rounds out the package, offering extra comfort and storage. Enjoy nearby walking trails, a tranquil pond, top-rated schools, and quick access to shops, restaurants, and the airport—all just minutes away!!

Read

New property listed in Rural Ponoka County, Rural Ponoka County

I have listed a new property at 434045 RR 30 in Rural Ponoka County. See details here

Nestled on 5.24 acres, this stunning acreage is perfectly set up for horse lovers and those seeking a peaceful rural lifestyle. The bright, open-concept bungalow features a cozy living room fireplace, a spacious corner pantry, and two large bedrooms upstairs with an additional two oversized bedrooms downstairs. With full bathrooms on both levels, a fully developed basement with in-floor heating, and a large family room with big bright windows, this home is as functional as it is inviting. Stay comfortable year-round with air conditioning and a water filtration system. Step outside to enjoy a large covered southwest-facing porch, perfect for unwinding. The land is cross-fenced for animals and includes a water line to the round corral. A 20' x 42' bio dome with an electrical panel, multiple 220V and 110V outlets offers endless possibilities. Conveniently one minute from the highway yet incredibly quiet, and just 10 minutes to Rimbey, this acreage is a rare find!

Read

New property listed in Fort Saskatchewan, Fort Saskatchewan

I have listed a new property at 8530 94 Street in Fort Saskatchewan. See details here

Step into this stunning 3-story home that seamlessly blends beauty, warmth, and modern living. Featuring 3 spacious bedrooms, 2.5 baths, and a double-car HEATED GARAGE, this SOUTH-facing END UNIT is bathed in natural light, thanks to its many large windows. The wall-mounted FIREPLACE creates a cozy ambiance, while the AIR CONDITIONER keeps you cool in the summer. Unique accented woodwork on the master bedroom wall and kitchen island adds a touch of elegance and character. The open layout is perfect for both relaxing and entertaining. Located just steps from a vibrant recreation center, numerous shopping options, and a variety of restaurants, this home offers unmatched convenience. Whether you're enjoying the morning sun in your bright living space or exploring the nearby amenities, every aspect of this home is designed to enhance your lifestyle. This is more than just a house, it’s a place where comfort meets style and convenience. Make this your forever home and enjoy the very best of modern living!

Read

New property listed in Vegreville, Vegreville

I have listed a new property at 4337 50 Street in Vegreville. See details here

Welcome to your fully upgraded home! Nestled on a mature, tree-lined corner lot, this home is the perfect blend of comfort, space and cleanliness. From top to bottom, this property has been thoughtfully renovated with no detail overlooked. Everything is **NEW**: shingles, soffit, fascia, vinyl windows, stylish flooring and tile, modern kitchen cabinets, quartz countertops, fresh paint, blinds, bathtub, sinks, upgraded electrical panel, light fixtures, plugs, switches, and high-end appliances. Adding to its charm are custom barn doors and an epoxy-coated basement floor, providing a durable and stylish foundation for your finishing touches. Don’t miss the chance to own a beautifully upgraded property in a serene and welcoming neighborhood!

Read
Copyright 2025 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.