Are you thinking about buying your first home in Edmonton or the surrounding area? Becoming a homeowner is an exciting milestone — but it takes careful planning to get there. If you’re wondering how to start preparing for home ownership, this guide will walk you through the key steps to take.

1. Understand Your Financial Situation

Before you start looking at homes, take a close look at your finances.

• Check your credit score: A higher score can help you secure better mortgage rates.

• Pay down debt: Reducing credit card balances or loans will improve your debt-to-income ratio.

• Save for a down payment: In Canada, most buyers need at least 5% down, but 20% will help you avoid mortgage insurance.

2. Create a Realistic Budget

It’s important to know how much house you can afford — not just what the bank will approve.
Consider:

• Mortgage payments

• Property taxes

• Condo fees (if applicable)

• Home insurance

• Utilities and maintenance costs

3. Get Pre-Approved for a Mortgage

Mortgage pre-approval helps you:

• Understand your price range

• Strengthen your offers

• Show sellers you’re a serious buyer

Work with a trusted mortgage broker or lender who will help you explore your options and lock in a competitive rate.

4. Start Learning About the Market

The Edmonton real estate market changes throughout the year.
Research:

• Neighbourhoods that fit your lifestyle

• Current home prices and trends

• Types of homes available (single-family, duplex, condo, etc.)

Tip: The sooner you start learning, the more confident you’ll feel when it’s time to make a decision.

5. Partner With a Trusted Local Realtor

This is one of the most important steps. Working with an experienced Realtor helps you:

• Navigate the process from start to finish

• Access expert market insights

• Avoid costly mistakes

• Negotiate the best terms

If you’re thinking about buying a home in Edmonton or the surrounding area, I’d be happy to help. As a full-time, experienced Realtor® with MaxWell Challenge Realty, I guide buyers through every step — from first showing to keys in hand.

6. Stay Organized and Patient

Buying a home takes time. Stay organized with:

• A checklist of what you need to do

• Regular check-ins with your Realtor and mortgage professional

• A willingness to be flexible as you search

Ready to Take the First Step?

If you’re preparing for home ownership in Edmonton, let’s connect. I’ll answer your questions, help you create a personalized plan, and support you every step of the way.
👉 Contact Jason Hafso – Your Edmonton & Area Real Estate Expert

(NC) With Canada’s housing market hotter than ever, saving up a down payment can feel impossible. But wise spending and saving decisions can add up over time. Here, Vanessa Bowen, money expert and accountant, offers simple yet effective ways to save for the home you’ve had your eye on.

Ensure you have a good credit score
A better credit score means that you can qualify for lower interest rates and loans that you may require when investing in a future property. Working to improve your overall credit score, such as by avoiding late bill payments, will help make your savings go further as you look towards purchasing the house or condo of your dreams.

Contribute lump-sum payments to your savings
Large annual payments such as a work bonus or your tax return can be added as lump-sum contributions to your savings. Contributing larger sums helps you reach your end-goal more quickly, so remember to save these payments. It’s money you don’t count on in your day to day anyway, so it’ll be easier to set aside and watch your savings steadily grow.

Switch to a no-fee bank account
A small step that you can take that will add up to big savings in the long run is switching to a no-fee bank account. The PC Money Account is the bank account reimagined with no monthly fees and opportunities to earn PC Optimum Points on every dollar spent everywhere you shop. Now, instead of having to pay monthly banking fees, you can put your hard-earned money towards saving up for a house or condo.

Cut down on unnecessary spending
Try cutting back on expenses such as takeout food and shopping for things you may not actually need, like subscription services. Instead, put this money, which could potentially add up to thousands each year, towards a significant investment opportunity, such as a future home.

(NC) With the Bank of Canada recently raising its key interest rate once again, many of are concerned about the impact on our household debt and mortgages. Fortunately, there are many tips and tricks for saving and budgeting you can use for other areas in your life.

Try the three-category budget. It can be overwhelming trying to track all your expenses, but it is advisable to have a baseline to check your progress. Money experts recommend picking just three categories you want to focus and get a handle on, since most of us overspend in just one or two categories. The three-category system is an easy way to get started on trimming expenses.

Pay down high-interest debt. One in three of us sometimes buy things we can’t afford. If you’ve put a few too many purchases on your credit cards, a big portion of your monthly payment are going just towards paying down debt. To get out ahead, consider moving the debt to a low-interest option, like a line of credit. When paying off any debt, prioritize the higher-interest loans you have and work your way down.

Boost your education. If you don’t know much about personal finances, you’re not alone. A recent survey by the Chartered Professional Accountants of Canada revealed 49 per cent of Canadians grade themselves C or lower on their overall personal financial skills. But it’s hard to get your budget on track when you don’t have the right tools or knowledge. Do some research and work with an expert like a chartered professional accountant to get a better handle on your income and expenses.

Work together. If you’re married or are splitting expenses with a relative, you need to be on the same page about spending and savings goals. So, sit down to outline your priorities together and create a realistic budget you both feel comfortable with and can stick to. You can even try an online budgeting tool or app to help you both track and understand expenses.

Find more information and resources to get on a path of long-term financial health at cpacanada.ca/financialwellness and also request a free educational session for any organization you’re part of.