First-time buyers
Your first Edmonton home, one clear step at a time
Down payment, programs, closing costs and the stress test, explained by video at your pace. Then a pre-approval you can shop with.
Pre-approval opens Pineapple’s secure online application. Approval is not guaranteed and depends on lender review.
William Hawrelak Park, Edmonton
- Video meetingsZoom, Google Meet or Teams
- Phone & textMon to Fri 9:30 to 5, other times on request
- E-signingSign from your phone or laptop
- Secure document uploadNo office visits needed
Your first home, explained in plain language
Buying your first place is exciting and, honestly, a bit overwhelming. There are new words (amortization, default insurance, conditions), new programs and a lot of advice from friends. My job is to turn that into a clear plan you understand, at your own pace, by video or phone.
How much down payment do you need?
| Purchase price | Minimum down payment |
|---|---|
| Up to $500,000 | 5% of the price |
| $500,000 to $1,499,999 | 5% of the first $500,000 plus 10% of the rest |
| $1.5 million and up | 20% of the price |
Example: on a $420,000 home, the minimum is $21,000 (5%). With less than 20% down you’ll pay a mortgage default insurance premium, which is usually added to the mortgage rather than paid in cash.
Programs that can help
- First Home Savings Account (FHSA): contributions are tax-deductible and qualifying withdrawals for a first home are tax-free, up to a lifetime limit of $40,000.
- RRSP Home Buyers’ Plan: borrow up to $60,000 from your RRSPs for a first home and repay it over time.
- 30-year insured amortization: since December 15, 2024, first-time buyers can choose up to 30 years on an insured mortgage, lowering the monthly payment (you pay more interest over time).
- Gifted down payment: many lenders accept a gift from immediate family with a signed gift letter and proof the funds are in your account.
The stress test
Lenders qualify you at the greater of your contract rate plus 2% or 5.25%. It’s why your maximum purchase price is lower than many online calculators suggest (the Edmonton Mortgage Rate Calculator shows your qualifying rate too). I’ll show you both your maximum and a comfortable budget.
A first-time buyer roadmap
Check your credit
Pay every bill on time, keep card balances low, and don’t open new credit before you buy.
Get pre-approved online
Know your price range before you view homes, and lock in a rate hold if the lender offers one.
Budget for closing costs
Legal fees, an inspection, insurance and adjustments. Plan on roughly 1.5% of the price.
Shop and write an offer
Include a financing condition, and send me the contract right away.
Firm up and close
We satisfy the lender’s conditions, your lawyer handles the paperwork, and you get your keys.
Official sources (rules change, so check the latest):
- Financial Consumer Agency of Canada: down payment rules (opens in a new tab)
- CRA: First Home Savings Account (opens in a new tab)
- CRA: Home Buyers’ Plan (opens in a new tab)
- OSFI: minimum qualifying rate (opens in a new tab)
Reviewed .
Common questions
Who counts as a first-time buyer?
Definitions vary by program. For the RRSP Home Buyers’ Plan and the FHSA, you generally qualify if you (and your spouse or partner) haven’t owned and lived in a home in the current year or the previous four calendar years. Check the CRA pages for exact rules.
Can my parents help with my down payment?
Usually yes. Most lenders accept a gift from immediate family, with a signed gift letter confirming it doesn’t have to be repaid and proof the money has landed in your account.
Can I buy with a new job or while on probation?
Sometimes. It depends on the lender, your field and whether you’ve changed industries. Some lenders are flexible with probation for salaried roles; others want it finished. Let’s look at your situation.
Is a condo a good first home in Edmonton?
It can be. Condos often cost less up front, but lenders include condo fees in your ratios, and your lawyer should review the condo documents and reserve fund. I’ll show you the true monthly cost before you decide.
Can we do this entirely by video if we both work days?
Absolutely. My regular hours are Monday to Friday, 9:30 AM to 5:00 PM, appointments outside those hours are available on request, and you can both join from different places if needed.
Let’s map out your first purchase
Book a relaxed video or phone call. Bring your questions, and your co-buyer.
Approval is not guaranteed and depends on lender review.
- John Antle, Mortgage Associate - Team Lead, Pineapple National Inc.
- Phone: 403-879-2065 · Call or text: 250-212-8512
- Email: johnantle@gopineapple.com
- Hours: Monday to Friday, 9:30 AM to 5:00 PM. Appointments outside those hours are available on request.
- 100% online: video, phone, e-signing and secure upload for Edmonton and every surrounding community. No office visit required.