Who we serve · First homes
Your first home, with a payment you can keep
You are renting in Edmonton and want an offer that survives closing costs, not just the list price.
Down payment and the stress test
Most first purchases in Edmonton use less than 20 percent down and pay default insurance. Minimum down is 5 percent on the first $500,000 of purchase price, then 10 percent on the rest, and 20 percent at $1,000,000 or more. The stress test is often the number that surprises people, not the list price on a south-side townhouse.
Closing costs sit on top
Legal fees, title, inspection, and a tax adjustment usually add 1.5 to 3 percent above the down payment. An FHSA, a Home Buyers' Plan withdrawal, or a documented gift from immediate family can all be part of the down payment when the rules fit. Jason will say which source is clean before you write an offer.
Start with a pre-approval
A pre-approval should match the property type you will bid on. A condo, a townhouse, and a bungalow do not qualify the same way. The first-time buyer page covers insurance, FHSA, and the Home Buyers' Plan. Bring income, debts, and how you are funding the down payment.
What to have ready
Two recent T4s or pay stubs, a list of cards and car loans, and proof of the down payment. If family is gifting money, get the gift letter before Saturday tours. Oliver condos, Mill Woods townhouses, and a south-side bungalow can all be first homes. They do not share one insurance or appraisal story.
Ready to talk numbers? Call 780-721-4879 or apply online. Bring income, debts, and the listing or letter if you have one.
Related pages
Common questions
Do we need 20 percent down?
Most first-time Edmonton purchases use less than 20 percent and pay default insurance. See first-time buyers.
Should we talk before we pick a neighbourhood?
Yes. A pre-approval sizes the budget. The property review happens when you have an address.
What if one of us loses overtime after we close?
Size the payment to the income you can keep, not the fattest recent stub. Say that on the first call.
Can we use FHSA and the Home Buyers' Plan together?
Sometimes, when each program's rules fit. Jason will say which combination is clean before you write the offer.
Ready for a clearer mortgage plan?
Call Jason. He will educate you, answer your questions, and make the next step easier.