FAQs

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What the first step of the home buying process?

The first step in buying a home is getting pre-approved for a mortgage. A pre-approval helps you understand exactly how much you can afford, what your estimated monthly payments will be, and strengthens your position when making an offer.

Once you’re pre-approved, the next step is meeting with your Realtor® to discuss your goals, preferred neighbourhoods, budget, and timeline. From there, we create a customized home search strategy and begin viewing properties that match your criteria in Edmonton.

Starting with financial clarity ensures you shop confidently and avoid surprises during the purchasing process.

How long does it take to buy a home?

The home buying process typically takes 30 to 90 days, depending on your readiness, market conditions, and financing timeline. Some buyers find a home within a few weeks, while others may take a few months to find the right fit.

The timeline usually breaks down into three stages. First is the home search, which can vary depending on availability and how specific your criteria are. Second is the offer and negotiation phase, which may take a few days to finalize. Once an offer is accepted, closing typically occurs 30–60 days later, depending on what’s negotiated in the contract.

In competitive markets like Edmonton, well-prepared buyers with mortgage pre-approval can move much faster. Being organized and financially ready significantly shortens the overall timeline.

What is a seller’s market?

A seller’s market occurs when there are more buyers than available homes for sale. When inventory is low and demand is high, sellers have the advantage because buyers must compete for limited properties.

In a seller’s market, homes often sell faster, receive multiple offers, and may sell at or above asking price. Buyers may also feel pressure to act quickly and submit strong, clean offers with fewer conditions.

Market conditions can vary by neighbourhood and price range within Edmonton. Even if the overall market is balanced, certain segments such as well-priced duplexes or detached homes under specific price points can still behave like a seller’s market.

What kind of credit score do I need to buy a home?

In Canada, most lenders look for a credit score of at least 600–650 to qualify for a mortgage. However, a higher credit score (700+) usually gives you better interest rates, lower mortgage insurance costs, and more borrowing options.

Even if your score is slightly lower, you may still qualify with a larger down payment or a co-signer. Lenders also consider other factors like income, debt-to-income ratio, and employment stability. Checking your credit early allows you to address any issues and improve your score before starting your home search in Edmonton.

How much do I need for a down payment?

In Canada, the minimum down payment depends on the purchase price of the home:

Homes under $500,000: Minimum 5% of the purchase price
Homes $500,000 to $999,999: 5% on the first $500,000 + 10% on the portion above $500,000
Homes $1,000,000 or more: Minimum 20% of the purchase price

For example, if you’re buying a $600,000 home in Edmonton, the minimum down payment would be:

5% of $500,000 = $25,000
10% of $100,000 = $10,000
Total minimum down payment = $35,000

Remember, making a larger down payment can reduce your mortgage amount, lower your monthly payments, and may help you avoid mortgage insurance. It’s always a good idea to speak with a lender early to see what works best for your budget and goals.

How much is the deposit for a home purchase?

In Canada, the deposit for a home is typically $3,500-$5,000, depending on the market and what the seller expects. In competitive markets like Edmonton, larger deposits (closer to 5%) can make an offer stronger and more attractive to the seller.

The deposit is usually paid when the offer is accepted and is held in trust by the listing brokerage. It counts toward your down payment or closing costs at completion. A larger deposit demonstrates commitment and can improve your negotiating position.