First Time Home Buyers in Edmonton

A first-time home buyer is a person who has never owned a principal residence before. This can include people who have never owned a home, people who have owned a home in the past but have sold it, and people who have been living with a spouse or partner who owned a home.

Buying your first home in Edmonton can be an exciting but overwhelming experience. At Mortgage Route, we understand the challenges that first-time home buyers face, and we’re here to help you navigate the process and find the best mortgage options for your unique needs.

There are many benefits to being a first-time home buyers in Edmonton. First-time home buyers often qualify for government-sponsored programs that can help them save money on their down payment and closing costs. They may also be eligible for tax breaks and other financial incentives.

In addition, first-time home buyers can often take advantage of low-interest rates and competitive mortgage terms. This can make it more affordable to buy a home, especially if you have a good credit score.

1. Do your research. Before you start looking at homes, it’s important to do your research and understand the market. This includes understanding the different neighborhoods, the average home prices, and the types of homes that are available.
2. Get pre-approved for a mortgage. This will give you an idea of how much you can afford to spend on a home. It will also make the home buying process go more smoothly.
3. Work with a real estate agent. A good real estate agent can help you find the right home for your needs and budget. They can also negotiate on your behalf and help you through the closing process.
4. Be prepared to act quickly. The housing market in Edmonton is competitive, so you need to be prepared to act quickly when you find a home that you like.
5. Don’t be afraid to negotiate. The asking price is just a starting point. Don’t be afraid to negotiate with the seller to get a better price on your home.
6. Don’t forget about the closing costs. In addition to the purchase price of the home, you will also need to pay closing costs. These costs can include things like land transfer tax, legal fees, and appraisal fees.

Here are some programs and resources available to first-time home buyers in Edmonton:

• The First Place Program is a program offered by the City of Edmonton that helps first-time homebuyers purchase a home. The program offers a five-year deferral on land costs and reduced mortgage rates.
• The Home Buyers’ Plan is a program offered by the Government of Canada that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plans (RRSPs) to purchase a home.
• The GST New Housing Rebate is a program offered by the Government of Canada that provides a rebate of 5% of the GST paid on the purchase of a new home.
• The First-Time Home Buyers Tax Credit is a tax credit offered by the Government of Canada that provides a credit of $5,000 towards the purchase of a new home.