First-time homebuyer tips for Edmonton

Life is full of firsts. First car, first love, first job. Each first can be filled with thrills and trepidation, but as we grow into adulthood, the first that occupies most minds is buying the first home.

Buying the first home can be filled with anxiety – specially building a new first home - the prospect is scary at first, but often, it’s just a matter of getting through with it. Unlike any other firsts in life, this one may have higher stakes, but the reward is life changing.

There is a growing number of first-time homebuyers in Alberta today, attracted by the province’s strengthening economy and comparative affordability of homes.

Edmonton in particular offers affordable housing and has a relatively low cost of living compared to other major Canadian cities, making it a hotspot for new homes for people of all income levels. Also, its diverse and multicultural population makes it an obvious landing spot for everyone looking to start fresh.

So, whether it’s a local buyer trying to get out of the rental cycle, or someone entirely new to the city looking to own a home for the first time, here’s some advice from new home industry experts who know the market best.

Why buy now?

Tara Van Horn, Director, Marketing & Communications at Coventry Homes says first-time homebuyers should expect a dynamic and “somewhat competitive” market this year. “Realistic expectations should be set regarding the time frame for finding a suitable property, securing financing, and completing the transaction. Patience and flexibility are essential virtues as the homebuying journey may involve multiple stages and unforeseen challenges.”

Affordability is always the main concern for many first-time homebuyers, the question of finances and having enough to actually build and live in a new home will always be the toughest hurdle in any homebuying decision.
Max Conrad, Marketing Manager at Morrison Homes, advises that it’s aways a good time to buy a new home, but getting the finances in order is important.

“It’s always a good time to get into the market if you are able. You can start building equity on your new home rather than paying rent,” he says. “Ensuring you have your mortgage approval ready and have started working with an Area Sales Manager on your community and model of choice, so when a home becomes available, you’re able to move forward on your dream home.”

Edmonton makes it easy for first-time homebuyers to find their dream home as there is a wealth of options to choose from. The new communities sprouting in and around the region offer a variety of starter homes – from apartment condos, townhomes, and single-family duplex and laned homes - giving everyone a chance to find the appropriate home for to fit their lifestyle and budget.

“Between our no condo fee townhomes and new Nova single family model, we have homes for most first-time home buyer budgets, in 4 great communities around Edmonton,” Conrad adds.

Right timing

But Van Horn still thinks buying a new first home this year is advantageous. “Despite fluctuations in the real estate market elsewhere, Edmonton has maintained a relatively stable housing market, characterized by steady demand and reasonable price appreciation,” she says.

She notes that city’s diverse economy and employment opportunities further contribute to its attractiveness for first-time buyers, as job stability is a crucial factor in homeownership decisions.

Excel Homes’ Marketing Manager, Kristina Plank, agrees. “It is a great year for first-time new home buyers to get into the market, as interest rates are expected to stabilize, providing more peace of mind. With high migration rates to Edmonton from other provinces, the home prices in the city are expected to increase later this year, making now the best time to buy.”

Why buy new

There are plenty of reasons to start your homeowning adventure in a new-built home. “Investing in a new-build offers several distinct advantages, including the opportunity to customize the home according to personal preferences and lifestyle needs,” Van Horn says.

“From selecting finishes and fixtures to modifying floor plans, buyers have the flexibility to tailor the home to their liking, creating a personalized living space from the ground up.”

She also notes that quick possession homes offer great advantages too. “Quick possession homes, while offering expedited occupancy, still retain many of the benefits associated with new-build properties. Buyers who opt for quick possession homes benefit from the convenience of a shorter wait time, but they also come with the assurance of modern construction standards and warranties, providing buyers with peace of mind regarding the quality and longevity of their investment.”

The first-timer’s perfect home

Edmonton’s new homebuilders cater to the tastes and budgets of first-time homebuyers. Affordability is key, so there are single-family homes on zero-lot lines that offers considerable savings on land costs. Choosing a multi-family home like townhomes (both no condo fee and those with condo fees are widely available) can be more budget-friendly. There are also plenty of models that can suit the first-timers lifestyle better.

“Affordability is always a key consideration when buying a new home, our townhomes and laned homes, which are perfect for the first-time home buyer remain our most popular options,” Conrad says. “Not only do these home types offer a considerable amount of space, they often allow for basement suite developments with side entries.”
Morrison Homes’ townhomes in Riverside and Tonewood are, in fact, move-in ready with landscaping, double garage, and fencing all included with no condo fees, presenting terrific opportunities for those on a budget and a tight timeline.

Excel Homes also says their duplex homes are very much preferred by first-time homebuyers. “Our most popular models amongst the first-time home buyers are our duplex homes, the Emerson and the Bentley,” Plank says. “They were designed from years of feedback from our customers and specifically to accommodate their needs for a more functional and affordable home. Both duplex models are spacious and versatile, offering many options for personalization like adding a basement suite.”

Coventry’s quick possession homes are very popular among first time buyers. “First time home buyers often gravitate to our Quick Possession options specifically homes under 2,000 square-feet, like our Skye and Eos models,” Van Horn says. “These models are often scaled down versions of our larger homes that offer just as much function and style, with a smaller footprint resulting in a more entry price point.”

The importance of community

Choosing the right community is an integral part of the search, and Plank says Excel Homes’ ability to build in some of Edmonton’s most popular and prestigious communities gives them an edge.

“Excel Homes currently builds in The Orchards, Vita Crystallina, Edgemont, and Keswick Landing. First-time home buyers should determine what is most important to their lifestyle such as recreation centers, schools, parks or outdoor spaces. Other things to consider when choosing a community is the proximity to nearby amenities and stores, as well as the commute time to work,” Plank says.

Morrison Homes’ Conrad agrees that choosing the right community can never be understated. “Every community Morrison offers homes in are amazing! We spend a considerable amount of time when selecting which communities to build in, considering parks, schools, walkable amenities and much more. Where you buy is going to be based on many factors, like where you work, or where your family is, so it’s important to consider those factors when selecting your new community.”

Morrison Homes’ newest community in Edmonton, Marquis West, is nestled in the northeast river valley, and minutes from all amenities in the city, with Anthony Henday, Northeast River Valley Park, Manning Drive, and shopping all within minutes of your front door.

Van Horn says Coventry builds in over 18 communities in Edmonton and surrounding areas, giving everyone the opportunity to find one of their homes that can fit any lifestyle needs.

“Each of these communities offers homeowners different features- from access to parks and greenspace, to amenity lots backing ponds, to quick access to main routes like the Anthony Henday. New homeowners should take into consideration the stage of life they are in and what features of a community would fit their lifestyle,” Van Horn says.