What First-Time Homebuyers Should Do to Own a Home in 2026
Buying your first home is an exciting milestone — but in 2026, it can feel overwhelming with changing mortgage rates and a competitive housing market. The Collin Bruce Mortgage Teamspecializes in helping first-time homebuyers in Edmonton and surrounding areas navigate the process with confidence. Our goal is to make your journey to homeownership smooth, informed, and stress-free.
Here’s a step-by-step guide for first-time buyers ready to own a home in 2026:
1. Understand Your Financial Situation
Before starting your home search, take a close look at your finances:
- Monthly income and expenses
- Credit score
- Savings for a down payment
- Current debt obligations
Having a clear picture of your finances helps you determine what price range you can afford and makes the mortgage approval process much easier.
2. Save Strategically for Your Down Payment
Your down payment is a critical part of buying a home. In Canada, first-time buyers typically need:
- 5% down for homes under $500,000
- 5% on the first $500,000 and 10% on any amount over $500,000 for homes above that
There are also programs for first-time buyers in 2026, such as the Home Buyers’ Plan (HBP) and other government incentives that can help reduce your upfront costs. The Collin Bruce Mortgage team can guide you through all available options to maximize your down payment and buying power.
3. Get Pre-Approved for a Mortgage
Before making an offer on a home, getting pre-approved is essential. Pre-approval tells you:
- How much you can borrow
- Your qualifying interest rate
- Your budget range
Being pre-approved also strengthens your offer and shows sellers you’re a serious buyer. We help our clients through the pre-approval process to ensure they’re fully prepared to act when the right home comes along.
4. Understand the 2026 Market
The housing market in 2026 is dynamic, with interest rates, inventory, and competition affecting your buying power. Understanding local market trends can help you make informed decisions and position yourself strategically. The Collin Bruce Mortgage Team provides insights and guidance so you can navigate Edmonton’s market with confidence.
5. Define Your Priorities
It’s important to know what you need versus what you want in your first home.
Must-haves: Location, number of bedrooms, commute time
Nice-to-haves: Updated kitchen, finished basement, larger yard
Defining your priorities helps you focus your search and ensures the home you choose fits both your lifestyle and budget.
6. Plan for Additional Costs
Owning a home comes with more than just mortgage payments. Be prepared for:
- Property taxes
- Home insurance
- Utilities
- Maintenance and repairs
- Closing costs (legal fees, land transfer tax, etc.)
The Collin Bruce Mortgage team ensures our clients account for all these expenses so there are no surprises when they move in.
7. Work with a Local Mortgage Expert
Buying your first home is easier when you have a trusted mortgage professional by your side. We guide first-time buyers through:
- Selecting the right mortgage
- Understanding interest rates and terms
- Navigating the local Edmonton market
- Planning for long-term financial success
With expert guidance, first-time buyers can confidently make decisions that fit their goals.
8. Be Ready to Take Action
When you find the right home, timing is everything. Being pre-approved, financially prepared, and working with a knowledgeable mortgage team like The Collin Bruce Mortgage Teamensures you can act quickly and secure the home that’s right for you.
Owning your first home in 2026 is achievable with preparation, planning, and the right guidance. The Collin Bruce Mortgage Team helps Edmonton first-time buyers understand their options, maximize their buying power, and take the first step toward homeownership with confidence.
Ready to start your journey? Contact us today and make your first home in 2026 a reality!
Have questions? Give us a call and we’ll be happy to walk you through the home-buying process.
