1. Financial and Pre-Search Preparations

The first step in your home-buying journey is to secure your financial footing. This includes obtaining mortgage pre-approval, verifying income and down payment sources, and understanding the differences between bank lenders and mortgage brokers. If your down payment is under 20%, you'll need mortgage insurance—typically through CMHC. It’s also crucial to avoid financial changes before possession, like applying for credit or changing jobs. Alberta buyers may be eligible for government incentives such as the Home Buyers’ Plan or First-Time Home Buyers’ Tax Credit.

2. Working With Your Real Estate Team

Your real estate agent is more than a property finder—they’re your guide, advocate, and negotiator. From your first buyer consultation to closing day, they’ll walk you through market insights, property evaluations, legal obligations, and offer strategies. In Alberta, your agent owes you fiduciary duties including loyalty, confidentiality, and full disclosure. They also coordinate with trusted mortgage brokers, lawyers, and inspectors to form your full support network.

3. The Property Search and Evaluation

Using real-time listing access, you and your agent can explore properties that align with your criteria. After showings, debriefs help refine your search. Evaluating neighborhoods is as vital as evaluating homes—look for signs of growth, strong resale value, owner occupancy, and local amenities. Once you find a potential match, a professional inspection is critical to identify material defects before committing.

4. Making and Negotiating the Offer

An offer includes price, possession date, conditions, and terms. In Alberta, conditions like financing or home inspection can void the deal if unmet, while terms define expectations without that right. Your agent will guide you through negotiation strategies, including understanding your leverage—often based on your timeline, market knowledge, and readiness.

5. Due Diligence and Closing

Once an offer is accepted, due diligence begins. This includes final mortgage approval, inspections, document reviews, and removing conditions to go firm. Your real estate lawyer will confirm title clarity, register documents, and transfer funds. Before possession day, set up insurance, utilities, and prepare for a final walkthrough.

6. Risk Awareness and Buyer Protections

Buyers in Alberta must conduct due diligence—inspect properties, review condo docs, and check for stigmatized property history. Sellers must disclose known latent defects, but most other risks (like title fraud or insurance gaps) are yours to investigate. Title insurance, inspections, and legal reviews all help reduce these risks.

7. Understanding Closing Costs

CMHC recommends budgeting 1.5% of the purchase price (on top of your down payment) for closing costs. These include your deposit, legal fees, inspection, title insurance, condo document reviews, estoppel certificates, and any bridge financing or hook-up charges. Your agent will help you plan these ahead of time.