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First-Time Home Buyer Mortgages in Edmonton
Your first purchase should feel exciting, not overwhelming. Clear guidance on down payments, insurance, pre-approval, and closing costs.
Buying your first home in Edmonton is a milestone that comes with a lot of questions. How much do you really need for a down payment? What is mortgage default insurance and do you have to pay it? How does the stress test work? Jason Scott has 18+ years in business helping first-time buyers answer these questions with clarity and confidence, not sales pressure.
Down Payment Basics
In Canada, the minimum down payment depends on your purchase price:
- Up to $500,000: 5% minimum
- $500,001 to $999,999: 5% on the first $500,000, then 10% on the remainder
- $1,000,000 and above: 20% minimum
For most Edmonton first-time buyers, 5% is the starting point. Your down payment can come from savings, RRSPs (through the Home Buyers' Plan), gifts from immediate family, or other eligible sources.
Mortgage Default Insurance
If your down payment is less than 20%, mortgage default insurance (often called CMHC insurance) is required. This protects the lender, not you, but it does allow you to buy with less money upfront. The premium is typically added to your mortgage balance and ranges from roughly 2.8% to 4% of the loan amount depending on your down payment percentage.
The Stress Test
All Canadian mortgage applicants must qualify at the higher of their contract rate plus 2%, or the benchmark qualifying rate. This means you might qualify for a lower amount than you expect based on your income alone. Jason runs these numbers with you early so you shop within a realistic budget.
Closing Costs to Plan For
- Legal fees and title registration
- Home inspection
- Property tax adjustment (if the seller has prepaid)
- Moving costs and immediate home needs
- Title insurance
A common guideline is to budget 1.5% to 3% of the purchase price for closing costs above and beyond your down payment.
First-Time Buyer Programs and Incentives
Several programs exist to help first-time buyers, including the Home Buyers' Plan (RRSP withdrawal), the First Home Savings Account (FHSA), and various provincial or municipal programs. Jason stays current on which incentives apply to your situation and helps coordinate them with your mortgage application.
Start with a pre-approval to know your budget, then explore the 2026 buying guide for a step-by-step walkthrough of the full purchase journey. More on first-time buyers, buying later, and new to Canada.
First purchase on the horizon? Call 780-721-4879 or apply online. Jason answers every question respectfully and without jargon.
First-Time Buyer FAQs
How much income do I need to buy a home in Edmonton?
There is no fixed income threshold. The amount you qualify for depends on your income, debts, down payment, and the stress test. A pre-approval conversation gives you a clear answer based on your actual numbers rather than general estimates.
Can I buy with a co-signer or co-borrower?
Yes. Adding a co-borrower (like a spouse or partner) or a co-signer (like a parent) can increase your qualifying amount. Each scenario has different implications for ownership and liability that Jason explains clearly.
What credit score do I need for a first-time mortgage?
Most conventional lenders look for a minimum score around 680, though some insured programs accept lower scores. If your credit needs work, Jason can advise on steps to improve your position before applying.
Ready for a clearer mortgage plan?
Call Jason. He will educate you, answer your questions, and make the next step easier.