First Time Home Buyer Mortgage in Edmonton, AB 

Buy Your First Home in Edmonton With Confidence. I Will Walk You Through Every Step.

Buying your first home in Edmonton is one of the biggest financial decisions you will ever make. The mortgage process can feel overwhelming — stress tests, down payments, FHSA accounts, CMHC insurance, closing costs — there is a lot to understand before you sign anything.

My job is to make it simple. I am Sarah Hainsworth, an independent mortgage agent based in Edmonton with 138 five-star Google reviews. I have helped many Edmonton first-time buyers go from "I think I am ready" to keys in hand, and I know how to walk you through every step in a way that is clear, not confusing.

What First Time Home Buyers in Edmonton Need to Know

The mortgage stress test

Every mortgage applicant in Canada must qualify at a rate higher than the one they will actually pay. Currently you must qualify at the greater of your contract rate plus 2% or 5.25%. This determines your maximum purchase price and it is the first number we need to calculate together.

Your down payment options

For homes under $500,000 you need a minimum of 5% down. For homes between $500,000 and $999,999 it is 5% on the first $500,000 and 10% on the portion above that. For homes over $1,000,000 the minimum is 20%.

Edmonton's benchmark single-family home price sits in a range that makes 5% and 10% down payments realistic for many first-time buyers — one of the advantages of buying here compared to Vancouver or Toronto.

The First Home Savings Account (FHSA)

The FHSA allows first-time buyers to contribute up to $8,000 per year to a maximum of $40,000 lifetime. Contributions are tax deductible like an RRSP and withdrawals for a qualifying home purchase are tax-free like a TFSA. If you have not opened one yet, do it now — the contribution room accumulates from the date you open the account, not from when you contribute.

The RRSP Home Buyers Plan

The Home Buyers Plan allows first-time buyers to withdraw up to $60,000 from their RRSP for a qualifying home purchase without paying tax on the withdrawal. The amount must be repaid into your RRSP over 15 years. Combined with an FHSA, this gives first-time buyers access to meaningful down payment funds from registered accounts.

CMHC mortgage insurance

If your down payment is less than 20% you will pay CMHC mortgage insurance. The premium ranges from 2.8% to 4% of the mortgage amount depending on your down payment percentage. It is added to your mortgage balance and amortized over the life of the loan — you do not pay it upfront. In exchange, insured mortgages often access lower rates than uninsured ones.

Closing costs

Budget 1.5% to 4% of the purchase price for closing costs on top of your down payment. These include legal fees, title insurance, home inspection, and property tax adjustments. Alberta does not have a provincial land transfer tax which is a meaningful advantage over Ontario or BC buyers.

My Process for Edmonton First-Time Buyers

I do not just get you approved and send you on your way. Here is how I work with first-time buyers from start to finish.

First we talk. I find out where you are financially — income, debts, savings, credit — and tell you exactly what you qualify for across multiple lenders. No surprises later.

Then I help you get pre-approved with a lender and rate hold while you search. Pre-approval protects you from rate increases for up to 120 days and gives you a clear budget before you start making offers.

When you find a home and your offer is accepted, I manage the full mortgage application and coordinate with your lender, realtor, and lawyer to make sure everything comes together on time.



After closing I stay available. Renewal questions, refinancing, a second property down the road — I am here for as long as you have a mortgage.