Buying your first home in Alberta can feel exciting — and maybe a little overwhelming. Between rising costs, interest rates, and endless mortgage terms, it’s easy to wonder: “Can I actually afford this?”
Good news — with a solid plan (and a few smart money habits), you can turn that question into a confident “yes.”
💸 Step 1: Know What You Can Comfortably Spend Each Month
Before you start scrolling listings, figure out what fits your lifestyle after your mortgage payment.
Here’s what to include in your monthly budget:
- Mortgage payment (use a calculator based on current rates)
- Property taxes and utilities
- Home insurance and condo/HOA fees
- Maintenance fund (1–3% of your home’s value yearly)
- Groceries, transportation, and lifestyle costs
💡 Pro tip: Your total housing costs should ideally stay under 32% of your gross income — lenders call this your Gross Debt Service ratio (GDS).
📊 Step 2: Don’t Forget the Upfront Costs
Saving for your down payment is just one part of the equation. You’ll also need to plan for:
- Home inspection: $400–$600
- Appraisal (if required): $300–$500
- Legal fees: $1,000–$1,500
- Property tax adjustments and title insurance
- Moving costs and new-home essentials
Budgeting for these prevents surprises on possession day.
🏦 Step 3: Get a Mortgage Pre-Approval
This is where a mortgage broker becomes your best ally. A pre-approval:
- Confirms how much a lender will actually approve you for
- Locks in an interest rate for up to 120 days
- Helps you shop confidently (and negotiate stronger)
If you’re not pre-approved yet — start here. It costs nothing, and it’s the smartest first step.
💰 Step 4: Build a “What If” Cushion
Homeownership comes with curveballs — surprise repairs, interest rate hikes, or job changes.
Set aside three to six months of expenses in an emergency fund. Think of it as your “sleep-at-night” money.
🌟 Step 5: Think Beyond the Numbers
Affordability isn’t just math — it’s lifestyle.
Ask yourself:
- Do I still have room for travel, hobbies, or nights out?
- Will this home fit my long-term goals?
- Am I buying because I’m ready, or because I feel pressure?
The goal isn’t just to buy — it’s to buy comfortably.
✉️ Ready to Run the Numbers?
Our team at ARIVL can connect you with trusted mortgage brokers and financial planners who’ll help you figure out exactly what you can afford and create a budget that fits your life — not the other way around.
Reach out anytime at hq@arivl.ca or call Jakie at 780-224-5566.
Your real estate adventure starts with a plan — let’s make sure it’s a smart one.
ARIVL: Your Real Estate Adventure Awaits!