Buying a Home in Edmonton
Expert Guidance for a Stress-Free Process
Finding More Than a House, Finding Your Home.
“Your future deserves a place to grow, to celebrate, and to thrive. Let’s find you not just a house, but the home where your greatest moments will unfold.”
At Mikee Canasa Real Estate, we take pride in guiding our clients toward homes that match their dreams, because finding your way home is more than a service, it’s our passion.
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Why I’m the Right Agent to Help You Find Your Perfect Home
1. A Clear Roadmap
Navigating the home buying-process can be complex, with paperwork, deadlines, and unexpected obstacles. We take the guesswork out by providing a structured plan that outlines every step, ensuring buyers feel confident and in control from start to finish. No more guessing what comes next.
2. A Trusted Network of Experts
Buying a home involves more than just finding the right property. It requires the expertise of mortgage brokers, lawyers, inspectors, and contractors we’ve built strong relationships with top-rated professionals to ensure every aspect of the transaction is handled smoothly and efficiently.
3. A Seamless, Digital Experience
Traditional paperwork can be overwhelming and time-consuming. We leverage digital tools for secure document signing, cloud storage, and streamlined communication, making the process fast, efficient, and hassle-free. Buyers can access important documents anytime, anywhere.
4. A Winning Strategy in a Competitive Market
With today’s fast-moving market, competition can be fierce. Every buyer’s situation is unique, which is why we tailor strategies to their needs. Whether it’s negotiating the best terms, securing early access to listings, or positioning offers for success, we take proactive and strategic approach to help buyers win.
5. Because we Care
Above all, we care about the people behind every transaction. We know that buying a home is one of life’s biggest milestones, and it deserves more than just professional service—it deserves personal attention. We listen, we advocate, and we go the extra mile to make sure every client feels valued, heard, and supported. Your goals become our mission, because we’re not just here to help you buy a house—we’re here to help you find your way home.
Dedicated, Resilient, and Committed. We don’t stop until the keys are in hand and beyond.
Let's Start Your Journey
Buying a home in Edmonton should be an exciting step toward your future—not a stressful one. With my expertise, local knowledge, and personalized service, I’ll make sure you feel confident every step of the way.
Your Step-by-Step Guide to Buying a Home in Edmonton
Step 1: Evaluate Whether Home Ownership Suits Your Needs
Step 2: Mortgage Pre-Approval
Timeline: 1 Week
Start your home buying journey with a mortgage pre-approval. Schedule a meeting with your mortgage broker or lender and ensure you’re prepared with the following documentation:
• Government-issued photo identification
• Employer contact information
• Proof of current address
• Proof of income (e.g., pay stubs, employment letter)
• Verification of down payment
• Statements for savings and investments
• Details of any outstanding debts or obligations
• Your current credit score
Being well-prepared sets the stage for a smooth and confident home financing process.
Step 3: Initial Home Buyers Consultation
Step 4: What to Look for During a Home Viewing
Exploring potential homes is an exciting step, but it’s also important to approach each viewing with a critical eye. Here are key factors to consider during your tour:
• Assess the condition of major systems—look for signs of aging or wear in heating, plumbing, and electrical components.
• Examine the roof for issues such as curling or damaged shingles.
• Check for visible wear on baseboards, walls, countertops, and cabinetry.
• Consider whether the layout complements your lifestyle and daily needs.
• Identify which features you’re willing to update and which are deal-breakers.
• For any home type—detached, townhouse, or condo—ensure exterior spaces or common areas are well maintained.
• Reflect on what you’ve liked or disliked in past living spaces. This insight helps your real estate professional refine your search to better match your needs.
Step 5: You've Found the Ideal Home. What's Next?
Great news! Next, we will provide you with Market Sales Notes and our professional Price Recommendation for the home. This package will include:
• Comparable active, recently sold, and expired listings
• Property tax information
• Title details
• MLS history from your local Real Estate Board
• The current feature sheet for the home
Step 6: Drafting The Offer
Step 7: Due Dilligence
Step 8: Closing Process
Now that your purchase is firm, it’s time to prepare for the final steps leading to possession. Here’s a clear guide to help you navigate the process with confidence:
1. Finalize Your Mortgage: Ensure your mortgage is fully approved and that any required mortgage insurance is in place.
2. Arrange Property Insurance: Secure property insurance to take effect on possession day, as required by most lenders.
3. Legal Preparation: Your lawyer will prepare the necessary documents and verify there are no liens on the property.
4. Prepare Funds: Ensure your down payment and closing costs are ready and available for transfer.
5. Final Walkthrough: Complete a final inspection of the home to confirm it is in the expected condition.
6. Sign Closing Documents: Meet with your lawyer to review and sign all legal documents related to the purchase.
7. Transfer of Funds: Your lawyer will coordinate the transfer of funds to the seller on closing day.
8. Title Registration: The lawyer will register the property in your name with the land titles office.
9. Possession Day: You will receive the keys to your new home once all funds have been received and the title is registered.
10. Utilities and Moving Arrangements: Transfer all necessary utilities into your name and finalize your moving plans.
Step 9: Possession Day: Found Your Way Home
Understanding the Process
Your home-buying journey deserves more than ordinary — it deserves excellence.
We’re here to guide you from your first goal to the moment you hold the keys, delivering a personalized, luxury experience at every step. No matter your budget, you’ll get five-star service, expert support, and a home that truly feels like yours.
Access My Home Buying Guide
Get exclusive insights beyond what I’ve listed here with my Home Buying Guide—your complete resource for navigating the buying process with confidence. From financing options to negotiation strategies, this guide gives you the tools to make informed decisions every step of the way.
Frequently Asked Questions about Buying a Home in Edmonton
How much do I need for a down payment in Edmonton?
The minimum down payment in Canada is 5% for homes under $500,000 and 10% for the portion above $500,000. If your home is over $1 million, a 20% down payment is required. I can connect you with mortgage specialists to explore financing options that fit your needs.
What’s the best neighbourhood in Edmonton for first-time homebuyers?
There are many great communities for first-time buyers looking at buying a home in Edmonton, depending on your budget and lifestyle. Summerside offers a family-friendly atmosphere with lake access, Windermere provides modern amenities and great schools, and Glenora offers historic charm with a central location. I’ll help you find the best fit for your needs.
How long does the home-buying process take?
The timeline varies, but on average, buying a home in Edmonton takes 30 to 60 days from mortgage pre-approval to possession day. The search process can take anywhere from a few weeks to a few months, depending on market conditions and how quickly we find the right home for you.
Should I get pre-approved for a mortgage before house hunting?
Absolutely! A mortgage pre-approval helps you understand your budget, strengthens your offer, and speeds up the process once you find the right home. It also prevents unexpected surprises and ensures you’re shopping within a realistic price range.
What additional costs should I budget for when buying a home in Edmonton?
Beyond the down payment, factor in closing costs (1.5%–4% of the home price), including legal fees, home inspection, title insurance, and property taxes. You may also have moving expenses, utility hookups, and potential renovations. I’ll help you plan so there are no surprises.
Do I need a home inspection?
Yes! A professional home inspection helps uncover potential issues like structural problems, plumbing, electrical, and roof condition. It’s a small investment that can save you thousands in unexpected repairs.
Can I buy a home with bad credit?
Yes, but financing options may be more limited. Lenders look at credit scores, income, and debt levels, but alternative mortgage solutions exist. I can connect you with specialists who help buyers with lower credit scores or unique financial situations.
What’s the best way to make a competitive offer?
Market conditions determine the best strategy, but in a competitive market, I recommend stronger offers with fewer conditions, a flexible closing date, and a well-structured price strategy. As your REALTOR®, I’ll guide you on making an offer that stands out while protecting your interests.
What happens on possession day?
Possession day is when you officially take ownership of your new home! Once the legal and financial transfers are complete, you’ll receive your keys and can move in. I’ll ensure everything runs smoothly so you can focus on celebrating your new home.
What are the hidden costs of buying a home in Edmonton?
Beyond your down payment, factor in:
- Closing costs (We usually recommend having 1.5% of the purchase price)
- Property inspection ($400-$600) depending on the size of the property.
- Legal fees ($1,000-$2,500)
- Property taxes
- Moving costs & immediate repairs
A common mistake? Not budgeting for post-purchase expenses, like new furniture, landscaping, or condo reserve fund contributions if you are purchasing into a Condominium.
How much do I need for a down payment in Edmonton?
The minimum down payment required when buying a home in Edmonton depends on the purchase price of the property. Here’s a breakdown of the current requirements, including recent updates effective December 15, 2024:
Minimum Down Payment Requirements
- Homes Priced Up to $500,000: 5% of the purchase price
- Example: A $400,000 home requires a $20,000 down payment.
- Homes Priced Between $500,001 and $1,499,999: 5% on the first $500,000 + 10% on the portion above
Example: A $700,000 home requires:
- 5% of $500,000 = $25,000
- 10% of $200,000 = $20,000
- Total Down Payment: $45,000
- Homes Priced at $1,500,000 or More: 20% of the purchase price
- Example: A $1,500,000 home requires a $300,000 down payment.
Key Updates (Effective December 15, 2024):
- Increased Mortgage Insurance Cap: Homes up to $1.5 million now qualify for insured mortgages, allowing buyers to make lower down payments.
- Extended Amortization for First-Time Buyers: First-time homebuyers and buyers of new-build homes can now access 30-year amortization periods to lower monthly payments.
Other Important Considerations:
- Mortgage Loan Insurance: If your down payment is less than 20%, mortgage loan insurance is required and will be added to your mortgage.
Are there any first-time homebuyer incentives in Edmonton?
Yes! Consider:
- First-Time Home Buyer Incentive (Shared-equity program from the federal government)
- Home Buyers’ Plan (Withdraw up to $60,000 from RRSPs tax-free)
- First Home Savings Account (FHSA) (Tax-free savings account for your first home)
Combining these programs can reduce your upfront costs significantly when buying a home in Edmonton.
Should I buy a house or a condo in Edmonton?
It depends on your lifestyle and financial goals.
- Condos: Lower maintenance, more amenities, but subject to condo fees and potential special assessments.
- Houses: More space and independence, but come with full responsibility for upkeep and repairs.
A key tip: Always review condo documents carefully before purchasing a unit to avoid surprises with reserve funds and bylaws.
