How to Buy a Home in Edmonton - keylo

How to Buy a Home in Edmonton

Are you wondering how to buy a home in Edmonton? Well, you do not have to look anymore because this Edmonton homebuyer’s guide aims to answer your questions on the home hunt.

Edmonton’s real estate sector is in demand due to potential buyers moving into the province. The homeownership process can be overwhelming. However, you can quickly get in and out of the market with proper knowledge. The trick to a fast process is to have the right REALTOR®, secure your mortgage on time, and know what you can afford.

In this guide, you will learn what buying a home in Edmonton entails the steps and their importance. Moreover, you will know the difference between buying real estate using cash vs. mortgage. As a bonus, we will look at what each financing option offers.

That said, let us address how to buy real estate in Edmonton.

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Steps to Buying Edmonton’s Real Estate

As a first-time homeowner, you will be excited about owning your house. You may have rented elsewhere and experienced challenges like increased rent costs and bills.

However, the real estate market is not as easy to navigate as you would in a car showroom. Vast listings offer unique features, and you might get carried away easily.

That said, how do you approach the issue of how to buy a home in Edmonton correctly?

Decide When to House Hunt

The decision to buy a home in Edmonton is not one you wake up and make in a day. Moreover, even if you are in the position to make a rushed decision, you may regret it later.

The best approach is to take your time and discuss the issue with your partner about the possibility of owning a home. Remember that buying a home is a significant life decision affecting everyone in your household. You do not want to haul everyone across the province without their consent, as this disrupts their life.

Ready the Finances

There are two ways you can finance a real estate transaction, either pay cash or through a loan. However, due to the pricey nature of the sector, you may not have the luxury to go with the cash option.

That said, securing a mortgage requires you to pass specific requirements. These include checking your credit status and paying up your existing debts. Also, note that the mortgage approval process takes time, so it is better to start the pre-approval procedure early.

Moreover, you can save funds towards making the first deposit. Remember, the higher your deposit amount is, the likelier you will score a mortgage.

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Hire the Best Local REALTOR®

Although you can begin the house hunting process yourself, a helping hand is essential. Moreover, by hiring a local REALTOR® you have a certified expert with the proper knowledge.

At first, locating the best Edmonton REALTOR® can be overwhelming because 3800 certified agents serve the area. However, you can ask for recommendations or check online. Another best method to vet a REALTOR® is to hop on a call with them and ask questions.

1.  Begin the Hunt

Now that you have secured the best local REALTOR®, it is time to hunt for a home in Edmonton. Note that there are vast listings in the market, and new ones keep popping into the scene daily.

At this point, you have already decided the type of home you want and location, or if unsure, consult with the REALTOR®. This is probably the most exciting step in your new homeownership journey since you are a step closer to having your home. So this is where the REALTOR® will propose the options to you according to preference and budget.

Another vital thing to do is to make a site visit to the real estate so you can inspect the property yourself. However, to be safe, ensure you bring along your partner to ensure they are also content with the property.

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Get the Mortgage Approved

Typically, this step applies if you do not use the cash-at-hand route. Moreover, by now, you have already located the ideal property meeting your needs and agreed to make an offer.

Contact your mortgage lender to approve the mortgage, and they should send someone to inspect the home. This inspection helps the lender determine if the property is worth the amount and matches the area market value.

With this done, you will get the mortgage agreement document to sign. The agreement highlights the terms and conditions, the mortgage type, and the interest rate.

Hire a Real Estate Inspector

An important step you should never miss before moving into a new home is inspection. A qualified inspector can determine the quality of the house, structure-wise and the features included.

Moreover, it is essential to be present during the inspections to observe the process first-hand. Also, note that, by being present, you can ask the inspector questions.

Be sure to ask what the inspector covers beforehand to know their experience and specialization. Moreover, your REALTOR® will help you locate the best local real estate inspector to do a perfect job.

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2.  Hire the Best Real Estate Lawyer

Let us face it; an enormous amount of money is involved in real estate. And as you wonder how to buy a home in Edmonton, you are probably aware it is crucial to follow the legal route.

Also, note that a real estate lawyer is not any type of attorney you know but one specializing in the sector. That said, their job is to ensure the proper review of the legal documents like the agreement of sale and other transaction issues involved.

The good news is that your REALTOR® can have the contact details of the best Edmonton real estate lawyer. This makes hiring an expert easier since you do not have to undergo a strict vetting process.

3.  Make the Offer

You have already made up your mind and want to complete the transaction. Here you can send your down payment to the seller and write the necessary conditions on the offer.

This is where the hired experts come in to do the inspections and market value appraisals. Moreover, note that this conditioning period has a timeframe and has to be completed by then. Failure to withdraw the conditions forfeits your offer allowing the seller to carry on with other potential buyers.

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4.  The Possession Date

Finally, you have reached the last step on how to buy a home in Edmonton. This date is usually listed in the purchase contract and goes smoothly with the above steps.

Typically, your real estate attorney requests the mortgage lender to release the funds. They send the amount to the seller’s lawyer, and the REALTOR® picks up the keys from the seller’s attorney. With that done, you can now meet up with your REALTOR® at your new home to receive the keys.

How to Buy a Home in Edmonton: Cash VS. Mortgage

As hinted in step two of the homeownership journey, financing options include a mortgage or cash. With each option, you are guaranteed to get yourself a home of choice. However, what does each have to offer?


You are not alone if you are thinking of using cash to pay for your new home. According to the National Association of REALTORS®, real estate cash sales accounted for 25% in 2021. Moreover, this is a 10% increase from 2020.

That said, how does the cash option help?

Pros of buying a home with cash

1.    Hasten the Buying Process

You avoid the lengthy mortgage application and approval processes when you pay with cash. This saves time and eliminates the headaches of searching for the best mortgage lender.

2.    Edge Out Potential Buyers

The Edmonton real estate sector is in high demand but has a limited inventory. Most sellers are looking to close the deal faster and will likely accept a cash offer. This helps you close the sale more quickly than other potential buyers.

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3.    Lowered Long-Term Costs

Buying a home in Edmonton allows you to avoid significant long-term costs arising from loans. These costs come into play due to the interest rates that typically translate to massive amounts.

4.    Avoid Closing Costs

Closing costs usually arise from using a mortgage and can take up a considerable amount of the total home price. However, when you pay cash, you lower the bill by two to five percent, which is a significant amount.

Cons of buying a home with cash

1.    Risky Investment Move

By paying cash, you fork out a significant amount of your savings which can strain your ability to fulfill other needs. Moreover, most financial planners advise viewing your house as a living space instead of an investment.

2.    Sacrifices Your Liquidity

Buying a home in Edmonton using cash limits your liquidity. This means it will be challenging to get some money out of the investment when needed because homes take time to sell. Moreover, consider the borrowing limit and fees involved even if you opt to take a loan against the property.

3.    Limited Financial Leverage

As is the real estate sector trend, properties are most likely to appreciate. And the profit realized is usually lower than the mortgage financing option.

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The alternative to using cash is a home loan. Moreover, most people depend on this as their primary payment method for a new home.

That said, how does a mortgage help?

Pros of buying a home with a mortgage

1.    Builds Your Credit Score

A mortgage is a loan you must pay on a fixed schedule, usually monthly. While dishing out funds on a fixed basis appears tiring, this action builds your credit score, helping you secure loans easily in the future.

2.    Easy Budget Allocation

By paying for the best Edmonton real estate using a mortgage, you will only have to account for the down payment. This ensures you do not drain away your savings which you can use elsewhere.

3.    Enjoy Tax Deduction

Paying a mortgage makes you eligible for a tax deduction if you itemize the deductions. This lets you pay a reduced tax bill amount from your taxable income.

Cons of buying a home with a mortgage

1.    It’s a Form of Debt

By signing a mortgage agreement, you must pay the agreed-upon amount. Moreover, since Edmonton home prices are high, averaging at $399,000, this is a significant debt at hand.

2.    Changes in Rate

The best thing about mortgages is choosing between the fixed rate option or the variable one. With a fixed mortgage, you pay the interest as agreed.

On the other hand, a variable mortgage allows for fluctuations in interest according to the current market rate. However, their buoyancy puts you at risk of paying higher amounts should the interest rates go up.

3.    High Interest

Like any other loan, a mortgage comes with an interest amount payable to the lender. And since this amount does not contribute to the mortgage payment, the figure can overwhelm you.

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How to Buy a Home in Edmonton Conclusion

The question of how to buy a home in Edmonton can be daunting, especially for first-time buyers. However, with the proper steps, you can be sure to have the home of your dreams within no time.

The above Edmonton homebuyer’s guide has highlighted the homeownership journey steps. Moreover, you now know about cash vs. mortgage buying.

Contact Keylo today to learn more about buying real estate in Edmonton.

FAQs about How to Buy a Home in Edmonton

Which real estate payment option is better, a mortgage or cash?

There is no fixed rule on real estate payment options. The decision depends on how well your resources are and which option seems to be the best.

Do I need to hire an attorney, inspector, and REALTOR®?

Yes, hiring specialized real estate experts is essential when buying a home in Edmonton. These experts have the proper knowledge and help avoid making costly mistakes.

Who can best guide you on how to buy a home in Edmonton?

The best guide to answering the question of how to buy a home in Edmonton is a local REALTOR®. These agents sell Edmonton homes for a living and can be trusted to offer creditworthy advice.

Can a deal fall through after making an offer?

Yes, a deal can fall through due to several reasons. These include failure to withdraw conditions, death of either party,  breach of contract, and involvement in illegal activity.

Is buying a home in Edmonton through cash better?

Yes, the cash option allows a better opportunity to get the property of choice and close the deal quickly. However, consider the amount involved and ensure to have enough resources left.

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