If you’re aiming to buy your first place in Edmonton in 2026, you’re already doing the smartest thing—starting early. Edmonton’s market rewards preparation: a clear budget, a steady plan, and a local guide who can translate policy changes (and winter-reality house details) into good decisions. Below is my complete game plan—how to prep month-by-month, what costs to expect, and how to make sure the home you choose is one you’ll love living in.
Step 1: Build a realistic 2026 money plan
First Home Savings Account (FHSA — “First Home Savings Account”).
Open and fund your FHSA as early in the year as you can. Contributions are tax-deductible, and qualifying withdrawals are tax-free when you buy a first home (annual room $8,000, lifetime $40,000). I’ll help you plan the timing so your tax refund boomerangs back into your down payment. (Canada.ca)
Home Buyers’ Plan (HBP — “Home Buyers’ Plan”).
You can withdraw up to $60,000 from your RRSP for a qualifying purchase, and you can use HBP and FHSA together if you meet each program’s conditions. We’ll map a repayment plan that keeps your monthly budget comfortable. (Canada.ca)
Down payment rules (Canada-wide).
Up to $500,000: 5% minimum.
$500,000–$1,499,999: 5% of the first $500,000 + 10% of the rest.
$1,500,000+: 20% (no mortgage default insurance available). (Canada.ca)
Why this matters now: Canada raised the insured-mortgage price cap from $1,000,000 to $1,500,000, and first-time buyers of new builds can access 30-year insured amortization—a combo that can lower the monthly payment on certain properties (while total interest over the life of the mortgage will be higher). (Canada.ca)
It’s also important to remember that your debt ratios (the amount of money you have versus how much you owe) will come into play. Therefore, it’s very important to be patient. Don’t go out and purchase a new vehicle, or a bunch of furniture and electronics, on credit unless you can pay these items off in full prior to your move in day. Otherwise, these wants can potentially prevent you from qualifying for the type of home you want.
Step 2: Qualify wisely (and painlessly)
Pre-approval > rate email.
A true pre-approval stress-tests your file under current underwriting rules and the Minimum Qualifying Rate (MQR)—that’s the “mortgage stress test,” which is the greater of your contract rate + 2% or 5.25% for uninsured mortgages. We’ll use that higher number to “pressure-test” your budget so you don’t get surprised later. (OSFI)
If you aren’t sure where to start, call or text Mike Pabian at 780-232-2064. He works with mortgage professionals that can help you come up with a plan, whether you’re looking to purchase now, next month, or years down the road. It’s literally our job, so don’t be shy!
Credit tune-up.
Six to nine months before you buy: pay down revolving balances, avoid new loans/credit cards, and keep clean payment history. This lines up with the best-practice lists for first-timers (and it’s exactly what lenders look at). (RE/MAX Canada)
Step 3: Choose your lane—new-build vs resale
New-build advantages (especially for first-timers).
Potential for 30-year insured amortization on newly built homes (first-time buyers).
Builder warranty, energy-efficiency upgrades, and possession dates that give you runway to save a little more.
Trade-offs: watch for upgrade pricing, GST treatment on new homes, and possible build-delay overlap with your current rent. (CMHC applies a 0.20% premium surcharge on insured 30-year files.) (cmhc-schl.gc.ca)
Resale advantages.
Faster possession in established neighbourhoods (think Edgemont, The Hamptons, Secord, Rosenthal, Lymburn).
Mature trees, finished landscaping, and comparable sales data you can see.
Trade-offs: older mechanicals to evaluate—insulation, windows, furnace, grading, roof/attic ventilation (Edmonton winters make these critical).
Step 4: Tour with intent (and an Edmonton lens)
Before we book showings, we’ll lock your must-have vs nice-to-have list (garage depth, parking, pet rules, commute, school access, yard). Then we’ll overlay Edmonton-specific checks: snow load on roofs, window condition, attic insulation/venting, and sump/backwater setups in areas that need them. RE/MAX’s national first-timer guides echo this structure—it’s how you avoid regret. (RE/MAX Canada)
Step 5: Offers, conditions, and timing that work
Your offer strategy should fit both the house and the week you write it:
Finance condition that actually gives your lender/insurer time.
Inspection that covers roof, attic, structure, grading, HVAC (the winterizers).
Condo docs (for condos) reviewed by a pro.
Possession dates that line up with movers (and snowstorms).
Step 6: Closing costs in Alberta (separate from your down payment)
Alberta doesn’t have a land-transfer tax, but you’ll budget for Land Titles registration fees on title and mortgage, plus legal fees, inspection, appraisal if required, and tax/utility adjustments. The provincial fee formula is $50 base + $5 per $5,000 (or portion) of value for both transfers and mortgages; I’ll quote the exact amounts for your price point before we write an offer. (Alberta.ca)
What default insurance is (and when you’ll see it)
Mortgage default insurance (CMHC, Sagen, Canada Guaranty) is typically required when your down payment is under 20%. Premiums are a percentage of the mortgage amount and usually get added (“capitalized”) to your mortgage. If you choose a 30-year insured amortization under the new-build/first-time rules, CMHC adds a 0.20% premium surcharge. We’ll price your exact scenario so there are no surprises. (cmhc-schl.gc.ca)
A do-now checklist (12 months to keys)
Open/fund your First Home Savings Account (FHSA); schedule contributions around tax time. (Canada.ca)
Map a Home Buyers’ Plan (HBP) withdrawal (up to $60,000) and the repayment. (Canada.ca)
Get a real pre-approval that models the MQR stress test, not just a rate e-mail. (OSFI)
Price Alberta Land Titles fees and inspections so your closing buffer is realistic. (Alberta.ca)
If new-build is on your radar, compare 25- vs 30-year insured payments and possession timelines. (cmhc-schl.gc.ca)
Use a simple wants/needs framework to keep search energy focused. (RE/MAX Canada)
Edmonton examples: minimum down payments (quick math)
$400,000 home → $20,000 minimum (5%). (Canada.ca)
$550,000 home → $25,000 (first $500k at 5%) + $5,000 (10% of $50k) = $30,000. (Canada.ca)
$700,000 home → $25,000 + $20,000 (10% of $200k) = $45,000. (Canada.ca)
$1,200,000 home → $25,000 + $70,000 (10% of $700k) = $95,000. (Insurable under the $1.5M limit if it meets insurer rules.) (Canada.ca)
Where this playbook aligns with national guidance
RE/MAX’s first-time buyer resources are spot-on about pre-approvals, budgeting, and a clear wants/needs list—we’re taking those best practices and applying them to Edmonton streets, winter realities, and Alberta closing fees. (RE/MAX Canada)
FAQ (First-Timer Edition, 2026)
Q: What’s the minimum down payment—really?
A: Canada’s rules are tiered: 5% up to $500,000; 5% of the first $500,000 + 10% above that to $1,499,999; and 20% at $1.5M+ (no insurance available). We’ll also confirm that your price and file meet the current insured-mortgage rules. (Canada.ca)
Q: What’s the “stress test” and how does it affect me?
A: The Minimum Qualifying Rate (MQR), often called the stress test, means lenders must qualify you at the higher of your contract rate + 2% or 5.25% for uninsured mortgages. We use that rate to make sure your payment is comfortable under different scenarios. (OSFI)
Q: Can I use both the FHSA (First Home Savings Account) and HBP (Home Buyers’ Plan)?
A: Yes—you can combine them if you qualify for each. FHSA has $8k/year and $40k lifetime limits; HBP lets you withdraw up to $60k from your RRSP. Done right, that pairing can materially boost your down payment and reduce monthly payments. (Canada.ca)
Q: What changed about insured mortgages and amortizations?
A: Two big shifts: the federal insured-mortgage price cap increased to $1.5M, and 30-year insured amortizations became available to first-time buyers of new builds (with a small premium surcharge). Those changes can help payment-sensitive buyers, especially on new construction. (Canada.ca)
Q: Is the First-Time Home Buyer Incentive still around?
A: No—the program stopped accepting new applications in March 2024. We’ll focus on FHSA, HBP, and lender options instead. (cmhc-schl.gc.ca)
Q: What closing costs should I expect in Alberta?
A: Plan for legal fees, inspection, appraisal (if required), tax/utility adjustments, and Land Titles registration fees. Alberta’s formula is $50 base + $5 per $5,000 (or portion) of value for both transfers and mortgages. I’ll run exact numbers for your target price. (Alberta.ca)
Q: Should I choose fixed or variable?
A: We’ll model both under the MQR and compare cash-flow, prepayment flexibility, and renewal risk to your comfort level. There isn’t a one-size-fits-all answer—your sleep-at-night factor wins. (OSFI)
Let’s make a 2026 plan that fits you
If you want a calm, step-by-step path to keys this year—without buyer’s remorse—I’ll quarterback the whole thing: FHSA/HBP plan, pre-approval strategy, neighbourhood short-list, and a contract/conditions game plan that fits the week you write. When you’re ready, I’ll also run side-by-side payment scenarios (5%, 10%, 15%, 20% down; 25- vs 30-year where eligible) so you can see it all in black and white.
Call/Text Mike Pabian — Pabian Realty (RE/MAX Excellence)
First-time buyer consults are zero-pressure. I’ll bring the coffee and the spreadsheets.
Sources & further reading
RE/MAX Canada: 5 Essential Tips for First-Time Homebuyers; 10 Tasks to Do Now if You Plan to Buy a Home in 2026; How to Buy a New Home in Canada as a First-Time Homebuyer. (RE/MAX Canada)
Government of Canada (FCAC/CRA): Minimum down-payment rules; FHSA contribution and deduction limits; HBP rules and $60,000 withdrawal limit. (Canada.ca)
Department of Finance Canada / CMHC: Insured-mortgage cap increased to $1.5M; 30-year insured amortization for first-time buyers of new builds; CMHC 30-year premium surcharge (0.20%). (Canada.ca)
CMHC: First-Time Home Buyer Incentive — program closed to new applications (March 2024). (cmhc-schl.gc.ca)
Government of Alberta: Land Titles & Surveys common document fee schedule (formula for transfer/mortgage registration). (Alberta.ca)
General information only—verify details with your lender, lawyer, and accountant. I’ll help coordinate the team so nothing falls through the cracks.
