Edmonton Real Estate buyers often ask: “How much house can I afford?” The answer depends on income, down payment, mortgage rates, and Edmonton’s housing market trends. Here’s how to calculate your buying power in Edmonton, Alberta.

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Key Factors Affording a Home in Edmonton

1. Your Income & Debt-to-Income Ratio (DTI)

Lenders in Edmonton real estate use gross income and DTI ratios to determine affordability:

• Gross Debt Service (GDS) Ratio ≤ 32% (mortgage + property tax + utilities)
• Total Debt Service (TDS) Ratio ≤ 40% (includes credit cards, car loans, etc.)

2. Down Payment Requirements in Alberta

• 5% on first $500K
• 10% on 500K–500K–999K
• 20% on $1M+

🔹 Tip: A larger down payment lowers mortgage insurance costs (CMHC).

 

3.Credit Score Impact

• 650+ = Approval likely
  • 720+ = Best interest rates
• How Much House Can You Afford in Edmonton?
  

  Annual Income	Down Payment	Max Home Price (Est.)	Monthly Cost
  $60,000	$30,000 (5%)	$ (3300,000–350,000)	$(1,600–1,900)
  $80,000	$40,000 (10%)	$ (400,000–500,000)	$(2,100–2,500)
  $100,000	$50,000 (10%)	$ (500,000–600,000)	$(22,600–3,100)

  (Based on 5.25% interest, 25-year amortization, including taxes & insurance.)

  Additional Costs in Edmonton Real Estate

  • Closing Costs: 1.5% – 4% (~5K–5K–15K)
  • Property Taxes: ~1% of home value/year
  • Home Insurance: 100–200/month
  • Maintenance: Budget 1% of home value/year

  Next Steps to Buy a Home in Edmonton

  ✅ Get Pre-Approved – Strengthen your offer in Edmonton’s housing market
  ✅ Check Your Credit Score – Fix errors before applying
  ✅ Compare Mortgage Lenders – Banks vs. brokers
  ✅ Work with an Edmonton Realtor – Find the best deals

  Why Edmonton?

  With affordable housing compared to Toronto/Vancouver, Edmonton real estate offers great value. The average home price (~$400K) makes homeownership achievable for many.

  I am a realtor I am not providing any mortgage information just the basic information in this regard working with qualified mortgage broker in Edmonton I can introduce you to get the assistance  you may need.

  Need help? 🏡 Get connected with a  Edmonton top real estate agent today to help you, with process! click on the link below

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  http://www.aminasai.com/contact