How much do I need for a down payment?

Minimum 5% on the first $500,000, and 10% on the portion above $500,000. For a $400,000 home, the minimum is $20,000. 

What are the closing costs?

Budget 1.5% - 2.5% of the purchase price for legal fees, land title transfer, property tax adjustments, and home insurance. 

What's the first step?

Get a mortgage pre-approval. This tells you your exact budget, locks in a rate, and makes you a serious buyer. 

Do I need a real estate agent?

Yes, and it's free for you. A buyer's agent represents your interests, negotiates on your behalf, and their commission is paid by the seller. 

What is a home inspection?

A professional assessment of the property's condition. Always make your offer conditional on a satisfactory inspection to avoid costly surprises. 

How long does it take to buy a home?

From start to closing, the process typically takes 2-4 months. 

What's the difference between pre-approval and pre-qualification?

A pre-qualification is a quick estimate. A pre-approval is a thorough credit check and a firm commitment from a lender, making your offers stronger.

Are there any first-time buyer programs in Alberta?

Yes! You may be eligible for programs like the First-Time Home Buyer Incentive (shared equity) and the Alberta First-Time Home Buyer Exemption on land transfer taxes. 

What should I know about buying in the winter?

Ensure your agent verifies that walkways and driveways are properly graded for drainage under the snow. A home inspection is even more critical to check heating systems and the roof.