$7,500
for the down paymentA $150K condo
A 5% down payment is $7,500. Your first home could start with a smaller price tag than you had in mind.
CAITLIN HEINE · ICONIC YEG · EDMONTON
Could your first home be closer than you think?
You don’t need to have every answer before you start looking. These tools help you put some numbers beside the possibilities, then we can talk about the homes and neighbourhoods that might suit you.
Start with a few possibilities
You may not need as much saved as you think.
Edmonton has homes at very different prices. You don’t have to start with a $450,000 purchase. A condo around $150,000 or a house around $300,000 changes the down payment conversation considerably.
$10,000
for the down paymentHave $10K set aside?
That covers a 5% down payment on a $200,000 home. Let’s see which homes fit, then look at your monthly budget.
$15,000
for the down paymentA $300K house
A 5% down payment is $15,000. Compare houses and condos at this price before deciding what suits you.
These amounts are for the down payment. Keep buying and moving costs separate. Your income, debts, mortgage approval and the property itself also determine what you can buy. The links show current asking prices, not a personal approval or a promise that every listing is suitable.
Condo includes more than apartments. Houses means the broad Single Family category, including attached and detached homes. I can help you sort through the listings, compare the ongoing costs and understand the options.
01 · Explore your down payment
What changes when you put more down?
Try a home price, then compare four ways to buy it. You’ll see an estimated mortgage payment and how much of your savings you would have left. Start with the examples below and change any number.
A down payment is the money you put toward the home up front. The mortgage is the amount you borrow. With less than 20% down, buyers generally pay for mortgage default insurance, which protects the lender. This tool adds that cost to the mortgage.
How these estimates work
Payments assume you repay the mortgage over 25 years, called the amortization. The same example interest rate is used for each option; actual rates can differ. Payments include the loan and interest, with any mortgage insurance cost added to the loan. Property taxes, home insurance, utilities, repairs and condo fees are separate. “Savings left” subtracts the down payment and the buying and moving costs you entered.
For eligible owner-occupied purchases below $1.5 million. Standard CMHC insurance costs are used below 20% down; the 20% example assumes no borrower-paid default insurance. These are planning estimates, not financial advice, a rate offer or mortgage approval.
02 · Look at your timeline
How soon could you save 5%? What about 20%?
Let’s put both options beside each other. Use the same home price, current savings and monthly savings pace to see when you could reach each down payment, and how much rent you would pay while saving.
Try a home price, or enter your own below:
How this comparison works
Both timelines start with the savings you entered today. They assume an unchanged home price, rent and monthly savings, with no investment return or withdrawals. Buying costs are extra. The lower target is 5% for a home up to $500,000; above that, it is 5% of the first $500,000 plus 10% of the rest. This tool covers prices below $1.5 million. Eligibility still needs to be confirmed. Rent paid during saving is not money you would automatically save by buying. Owning also involves mortgage interest, insurance, taxes, condo fees where applicable, repairs and other costs. This tool compares savings timelines, not which option leaves you wealthier.
03 · Find a comfortable monthly budget
What could owning cost each month?
Let’s make room for the bills that come with owning a home, too. Add estimates for a home you like and see how the total compares with your rent. Every starting number is an example you can change.
Check what condo fees include so you don’t count the same utility twice. Add any utilities or tenant insurance you currently pay on top of rent when making your own comparison. Repairs and special assessments can exceed a monthly reserve.
Your first-home savings checklist
I want you to feel comfortable after possession, too. Before deciding how much to put down, make room for:
- Your down payment and the deposit required with an accepted offer. The deposit forms part of your purchase funds; it is not an extra down payment.
- Legal fees, disbursements, title insurance where applicable and Alberta registration charges. Ask your lawyer for an estimate for your purchase.
- Inspection, condo document review where applicable and any lender-required appraisal costs.
- Property tax and other adjustments at closing, home insurance and utility setup.
- Moving, immediate repairs, appliances and a cash reserve you feel comfortable keeping available.
Ask your mortgage professional which funds must be available, when they need to be documented and how proposed renovations would affect the mortgage.
Which first-time buyer programs could help?
- A First Home Savings Account (FHSA) Have you opened one, and how much can you contribute? You start building contribution room when you open your first FHSA. Check CRA participation rules.
- Home Buyers’ Plan: Could an eligible RRSP withdrawal help, and how will repayments fit your future budget? The current withdrawal limit is $60,000 per eligible person. Review CRA’s HBP rules.
- Home Buyers’ Amount: Ask your tax professional about the tax credit for your purchase year. It can reduce federal income tax you owe; the amount you claim is different from the tax you save. Review CRA guidance.
- First-time buyer GST rebate: For a qualifying new or substantially renovated home, ask about eligibility, agreement dates and whether the quoted price already includes a rebate. Check the GST rebate rules.
- Paying your mortgage over 30 years Some eligible buyers can spread repayment over 30 years. Ask how that changes your monthly payment, insurance cost and total interest compared with 25 years. The tool above uses 25 years.
A first home you can make your own
An older kitchen or a paint colour you would change can be worth looking past. We still need to understand the roof, foundation, electrical, sewer and other work that may affect your budget. Let’s compare the home, location and likely work together.
Explore Edmonton communities and alternatives · Browse homes by budget
For purchase-plus-improvements financing, discuss lender approval, quotes, deadlines and how you would pay contractors before funds are released. Read about CMHC Improvement.
Am I closer to buying than I think?
Start with three things: the savings you can use, a monthly budget you feel comfortable with and what you want from your first home. You don’t need to share private financial documents here.
I’m Caitlin Heine, owner of ICONIC YEG with RE/MAX Real Estate. Tell me which Edmonton neighbourhoods interest you, your approximate price range and when you would like to move. I can help you compare homes and understand the next steps.
Talk to Caitlin about your first home587-336-3176 · caitlin@iconicyeg.com
For the mortgage conversation
One of the mortgage professionals I recommend is Olga Klimko at Sage Door Mortgage. She can help you compare financing options around your own circumstances.
780-990-4121 · olga@sagedoormortgage.com · Visit Olga’s mortgage profile
Planning tools reviewed November 2026. CMHC premium schedule. Inputs stay in this page and are not submitted by these calculators. Speak with your mortgage and tax professionals about your eligibility and financing.