Your Complete Resource for Making Smart Property Decisions
I spent 20 years building homes across Edmonton. Framing, foundations, the works. Now I sell them. And honestly? That's made all the difference for my clients.
See, most buyers walk through a house and focus on paint colors and countertops. Fair enough—that stuff matters. But I'm looking at floor joists. Checking foundation cracks. Asking questions about the roof that was "replaced" three years ago. Because I know what good work looks like. And more importantly, I know what problems cost.
This guide breaks down everything you need to know about buying property in Alberta—from pre-approval to possession day. No real estate jargon. No sales pitch. Just the information you'd want if you were sitting across from me at a coffee shop, asking what you actually need to know.
Whether you're buying your first condo or your fifth investment property, my goal is simple: help you make decisions you won't regret three years from now.
Let's get started.
Jay Lewis
Principal, Lewis & Co Realty
Former Builder, Current Market Nerd
Alberta market overview, trends, and key indicators
Step-by-step timeline from search to possession
Down payments, mortgages, and budgeting strategies
Neighborhood selection and investment potential
Building your real estate team for success
Negotiation strategies and offer tactics
Protecting your investment through proper inspection
Title, ownership, and legal requirements
Final steps and moving into your new home
Maintenance, budgeting, and homeowner responsibilities
We analyze market data every single week with mortgage broker Josh Tagg. Not because we're obsessed (okay, maybe a little)—but because timing matters when you're making a six-figure decision.
Here's what you need to know about Alberta right now:
What this means: Balanced market means you've got negotiating power—but so do sellers. Come prepared.
What this means: Buyer's advantage means you can take your time, ask for seller concessions, and still have options if your first choice falls through.
What this means: Growing demand means properties move faster than they used to. If you see acreage you like, don't sleep on it.
Increased demand for home offices and larger properties
Energy-efficient homes commanding premium prices
Supply increasing but still below demand
Stabilizing after recent volatility
Net migration to Alberta remains positive
Typical timeline: 60-90 days from search to possession
Let's talk money. Not the boring spreadsheet kind—the real stuff that actually matters when you're buying a home.
Here's where most buyers mess up. They look at the price tag. That's it. But there's way more to the cost than just the purchase price.
On a $500,000 home, that's $25,000 minimum or $100,000 to skip CMHC (Canada Mortgage and Housing Corporation) insurance fees.
Budget 2-4% of purchase price. For a $500K home, that's $10,000-$20,000.
Your rate stays the same for 1-5 years. Sleep easy knowing your payment won't change.
Your rate goes up and down with the Bank of Canada's prime rate. Could save you money. Could cost you.
You need a pre-approval before you start house hunting. Here's why: sellers won't take you seriously without one. Plus, you'll know exactly what you can spend. No point falling in love with a $700K house when you're approved for $500K.
Everything you need to bring to your mortgage broker appointment. Print this and check off items as you gather them.
Location isn't everything. But it's close. You can renovate a kitchen. You can't move your house 10 blocks closer to work.
Drive from the property to these five places. Time it. Do this on a Tuesday at 8am and again at 5pm:
Unless you work from home. Then skip to #2.
You'll do this trip twice a week. Make it easy.
Hope you never need it. But know where it is.
Check school ratings. Walk the route your kids would take.
Gym, friends' houses, favorite coffee shop. Your real life matters.
Mountain views. Higher prices. Strong job market in energy, tech, and finance. Great if you love outdoor stuff—Banff is 90 minutes away.
Better value. Government jobs. Growing tech scene. River valley is gorgeous. Colder winters but way more affordable than Calgary.
Real talk: If you're choosing between the two cities and can work in either, Edmonton gives you significantly more house for your dollar. Calgary gets you proximity to mountains and (arguably) better weather. Both are solid. Neither is wrong. It's about priorities.
Rate neighborhoods side-by-side on 15 factors. See which location actually wins.
You can't do this alone. And you shouldn't try.
I've seen buyers go it alone. It doesn't end well. Usually costs them money. Sometimes costs them the house. The right team doesn't just make the process easier—they catch problems you'd never spot and save you from expensive mistakes.
Here's who you need on your team—and what they actually do (not what they say in their bios):
Cost: Free to you (seller pays)
Finds properties. Books showings. Writes offers. Negotiates. Holds your hand through the scary parts. Pick someone who actually knows your target neighborhoods. Ask how many deals they close per year. Less than 10? Keep looking.
Cost: Free (lenders pay them)
Shops your mortgage around to 20+ lenders. Gets you better rates than going to your bank alone. Plus they handle the paperwork nightmare. Worth it just for the time saved.
Cost: $400-$700
Finds problems you'd miss. That crack? Foundation issue. That stain? Water damage. They'll save you from buying a money pit. Always get an inspection. Always.
Cost: $1,500-$2,500
Reviews contracts. Does title searches. Makes sure you actually own what you're buying. Boring but critical. Choose one who specializes in real estate—not your cousin who does wills.
10 questions to ask each professional before hiring them. Spot the good ones fast.
Found the one? Great. Now comes the nerve-wracking part. Writing an offer isn't just about price.
The obvious part. But don't just offer asking price. Look at recent sales in the area. A house listed at $550K might have similar homes selling at $520K. Do your homework.
When you take possession. Sellers often want 60-90 days. If you can be flexible here, it might help your offer beat higher-priced ones. Seriously.
Your escape hatches. Inspection, financing, condo docs review. The more conditions, the weaker your offer. But don't skip the inspection condition to win. Bad idea.
Shows you're serious. Usually $5,000-$10,000. You get it back at closing—it goes toward your down payment. If you back out for no good reason? You might lose it.
Other people want your house too. Now what? Here's the playbook:
Calculate your maximum offer. Plan your conditions. Go in prepared.
Your offer got accepted. Congrats! Pop some champagne.
But—and this is important—you're not done yet.
Now comes the part where you make absolutely certain this house won't bankrupt you five years from now. This is where my construction background saves people serious money.
Cracks, settling, water damage. Big problems that cost big money to fix.
Old wiring, overloaded circuits, fire hazards. Safety stuff you can't skip.
Leaks, water pressure, drainage. Pipes fail—you want to know when.
Furnace age, AC condition. Replace a furnace? That's $5,000-$8,000.
Shingle condition, remaining life. New roof costs $8,000-$15,000.
Insulation, moisture, mold. Problems here cause problems everywhere else.
You'll get a 40-page report. Don't freak out. Every house has issues. Here's what matters:
Foundation cracks, roof leaks, electrical hazards. Deal-breakers or big negotiations.
Aging furnace, minor water damage, older windows. Budget for these soon.
Loose doorknob, missing caulking, chipped paint. Fix when you feel like it.
Track every issue. Prioritize repairs. Decide what to negotiate.
Legal stuff is boring until it's not. Then it's expensive. Let's cover the important bits.
Your lawyer does a title search (basically a property background check). They're making sure:
Previous owner finished the basement without permits? That's now your problem. You might need to rip it out or get retroactive permits. Ask about permits for any renovations.
Someone put work into the house and didn't get paid? They can put a lien on it. Your lawyer checks for these. If found, seller needs to clear them before closing.
The fence might be 2 feet onto your neighbor's property. Get a current survey. Old surveys don't show recent changes. Budget $500-$1,000 for a new one if needed.
Yes. It's $250-$400 and protects you if someone later claims they own your property or part of it. Think of it as insurance for your lawyer's work. Pay once, protected forever.
Almost there. Closing day is when the house officially becomes yours. Here's what happens.
Visit the property one last time. Make sure everything's still there and working. Seller took the chandelier that was supposed to stay? Now's when you find out.
Your lawyer sends you a pile of papers. Review them. Ask questions. The Statement of Adjustments shows who pays what (property taxes, utilities, etc.).
Send your down payment (minus deposit) to your lawyer. They need it before closing. Wire transfer or certified check—not a personal check.
Book electricity, gas, water, internet for possession date. Do this now or spend your first night with no power. Ask me how I know.
You sign documents at your lawyer's office (or they email them). Money changes hands. Title transfers. You get keys usually by end of day. You own a house. Wild.
Here's where your money goes on closing day:
Don't forget anything. Complete pre-closing tasks. Enjoy your new home.
You bought the house. Now what? Here's how to protect your investment and avoid expensive surprises.
You don't know who has keys. Previous owners, their relatives, old tenants. Spend $200-$400 and sleep better. Do this first.
Water main. Gas line. Electrical panel. When something breaks at 2am, you'll want to know where these are. Label them.
Take photos and videos of every room, every surface. If you ever need insurance claims, you'll thank yourself. Takes 15 minutes.
Furnace filters monthly. Gutters twice a year. Smoke detectors annually. Small tasks prevent big problems. Set calendar reminders.
Budget 1% of your home's value per year for maintenance and repairs. $500K house? That's $5,000 yearly or about $400/month. Yes, really.
Every mortgage payment builds equity. But you can speed it up:
Track maintenance. Budget for repairs. Build your home management system.
Seriously—you just worked through 10 chapters of Alberta real estate education. That's more research than most buyers do before they sign a purchase agreement.
But here's the thing: reading about buying is different from actually buying.
When you're ready to tour properties, analyze offers, or figure out if that "great deal" actually makes sense? That's when the construction background matters. That's when 20 years of knowing what's behind the walls pays off.
We're not going to pressure you. We don't work that way. But if you want a second set of eyes—ones that have literally built houses—we're here.
Book a No-Pressure ConsultationOr just call: 780-220-8449
I'll answer questions. No forms required.