Ready to jump into the Edmonton real estate market? You've heard the term: Mortgage Stress Test. For first-time buyers and seasoned homeowners alike, this federal rule is the single most important hurdle on the path to pre-approval. It doesn't test your willpower, it tests your budget. Understanding how it works is the key to knowing exactly how much home you can afford. Don't let the Stress Test derail your dreams in Alberta. We'll break down the rules and show you how to confidently secure your mortgage and find your perfect property. 

The Stress Test: What Is It, Really?

In simplest terms, the Mortgage Stress Test (officially Guideline B-20) is a rule imposed by Canada's banking regulator, the Office of the Superintendent of Financial Institutions (OSFI). Its purpose is to ensure that Canadian homeowners can still afford their mortgage payments if interest rates rise significantly. It's a key line of defense against borrowers overextending themselves and is especially important when navigating the competitive Edmonton and Alberta housing markets.

B 20 Guidelines 

The Stress Test has two main components, depending on the type of mortgage you are seeking:

1. Insured Mortgages (Less than 20% Down Payment)

If you have less than a 20% down payment (a common scenario for many first time buyers), your mortgage must be insured. To pass the Stress Test, you must qualify based on the higher of the following two rates:

• The Bank of Canada’s five-year benchmark rate.

• Your contracted mortgage rate plus 2%.

This means that even if your lender offers you a low rate of 5.0%, you may have to prove you can afford payments at 7.0% or higher.

2. Uninsured Mortgages (20% or More Down Payment)

If you have 20% or more saved for your down payment, the rules are similar, requiring you to qualify using the higher of the two rates mentioned above. This applies to all federally regulated financial institutions and is mandatory for everyone seeking to purchase an Alberta property.

Why This Matters in Alberta

While our local housing market in Edmonton often sees different pressures than markets like Toronto or Vancouver, the Stress Test impacts every single buyer.

• It Determines Borrowing Power: The Stress Test effectively lowers the amount of money a bank will lend you. If you were pre-approved for a $500,000 mortgage before the Stress Test was a factor, you might only qualify for $400,000 today.

• It Forces Budgeting Discipline: For first time buyers, the test is a valuable reality check. It ensures that your monthly housing costs are manageable, giving you a crucial buffer against future rate increases, unexpected homeowner costs, or changes in your personal income.

• It Guides Your Agent: Knowing your true maximum affordability helps your real estate agent in Edmonton focus your search on properties you can actually close on, saving you time and emotional stress.

Ultimately, passing the Stress Test is the difference between a successful pre-approval and being forced back to the drawing board.

Conclusion

The Mortgage Stress Test is a permanent fixture in the Canadian financial landscape, and embracing it is the best way to prepare for your home purchase. While it may reduce your initial borrowing amount, it provides a vital safety net, protecting your investment and financial future in the Alberta market.

Ready to see how the Stress Test impacts your personal buying power? You don't have to guess. Use the official calculator provided by the Financial Consumer Agency of Canada to see exactly what you need to qualify.

Calculate Your Qualification: Financial Consumer Agency of Canada Mortgage Qualifier Tool

Selling your home is a huge accomplishment, and while it might feel like the finish line, it's actually just the start of a new phase! The period between accepting an offer and getting the keys to the new owners is often a whirlwind of packing, paperwork, and planning.

Here’s a checklist to help you navigate the process after you’ve sold your place:

1. Paperwork & Legalities (Stay on Top of the Details)

• Review the Purchase Agreement: Go over the contract again with your real estate agent. Make sure you understand the conditions (e.g., financing, inspection) and the agreed-upon timelines.

• Connect with a Real Estate Lawyer: Your Realtor® or the Brokerage will send conveyancing instructions to your lawyer of choice to handle the legal transfer and closing of the property. They will prepare the necessary documents and coordinate with the buyer’s lawyer to ensure a smooth closing. Your lawyer will arrange a time directly with you to set an appointment to have you come in and sign off. It will likely be about 1 week prior to closing. 

• Gather Important Documents: Locate all relevant paperwork for your lawyer if you haven't already, including your Real Property Report (RPR), marriage, divorce or death certificates if necessary, and any receipts or invoices for proof of required repairs and payment if required by the contract. 

• Outstanding Mortgage Balance, Property Taxes and Closing Costs: With the proceeds from the sale, your lawyer typically will pay off any outstanding mortgage, real estate commissions, property taxes and legal fees.

 2. Prepare for Moving Day (Start Early!)

• Create a Plan: Decide on a moving date and either book professional movers or enlist the help of friends and family. This is especially important if your closing date is during a busy time of year. Don't leave it till the last minute! 

• Start Packing (The Right Way): Begin with non-essential items first—think out-of-season clothing, books, and decorative items. Label all boxes clearly with the contents and the room they belong to.

• Declutter Ruthlessly: Go through your belongings and decide what to keep, donate, sell, or throw away. This not only makes packing easier but also reduces the cost and stress of the move.

3. The Final Walk-Through & Closing Day

• Clean Up: Think of the final walk-through as your last chance to make a fantastic impression! While your contract outlines the expectations, a good rule of thumb is to clean the home as if you were moving in yourself. Give the space a thorough scrub and be sure to dispose of all garbage. Remember: one person's trash is not always another's treasure! Never assume the new owners want your unwanted items, no matter how good you think they are. Always check with your real estate agent first to ask the buyer if they would like the item left behind.

• Leave Keys and Important Info: Gather all keys, including mail keys, fobs, and garage door openers for the new owners. It's also a thoughtful gesture to leave behind appliance manuals, warranties, and instructions for any home systems (like a smart thermostat or security system). Leave a small note with the location of the mail box and any code for items in the home, like alarms, garage doors, and keyless entry locks.

• Utilities & Services: Contact all your utility providers (gas, electricity, water, internet, cable) to schedule a final meter reading and to have services disconnected or transferred on or after the possession date. Remember to also update your address with Canada Post and any other services. Do not cancel your home insurance policy in advance. You are required to keep the property insured until closing. The last thing you want to have happen is for there to be a day or two delay in the closing and have something to happen. Only cancel your insurance once your lawyer has confirmed the transaction is complete. 

• The Big Day: This is a coordinated effort. Once the buyer's lawyer has successfully transferred funds to your lawyer, your agent will be authorized to release the keys to the new owners. While this typically occurs between 11 a.m. and 2 p.m., it is essential that the property is completely vacated and cleaned no later than the evening prior to closing. This ensures a smooth and seamless transition for all parties involved.

4. After the Sale (Look Ahead!)

• Reevaluate Your Finances:  Consult a financial advisor to help you decide on the best way to handle the remaining funds, especially if you're not immediately purchasing another property.

Embrace the Next Chapter: Take a moment to celebrate! The sale of your home is a major life event. Embrace the old memories and get excited for the new ones you're about to create in your next home.

Your Guide to Choosing the Perfect Home Style for Your Lifestyle & Goals

Buying a home is an exciting adventure, filled with dreams of new beginnings and personal spaces. But before you start touring open houses, there's a fundamental question that often comes up: should you buy a single family home or a condo?

It's a big decision, and there's no single "RIGHT" answer – only the right fit for you. As your local real estate expert, I'm here to break down the benefits and drawbacks of each, helping you align your choice with your lifestyle, budget, and long-term goals.

The Detached House – Your Own Private Oasis When you picture "home," a detached house is often what comes to mind: a stand-alone property where you own the land, typically with a yard, and no shared walls.

Benefits of Owning a House:

• Privacy & Space: This is the big one! You get your own yard for gardening, kids, pets, or just relaxing. No shared walls means more peace and quiet, and typically more overall living space for a growing family or extra hobbies.

• Freedom to Customize: Want to paint your front door purple? Install a hot tub? Renovate your kitchen down to the studs? With a detached home, you have far more autonomy over renovations, landscaping, and decor, free from most condo board restrictions.

• Appreciation Potential: Historically, detached homes (in most markets) often see stronger appreciation due to the inherent value of the land they sit on. While market conditions vary, this can be a solid long term investment.

• No Condo Fees: One less monthly bill! All your money goes directly into your mortgage, property taxes, and home maintenance.

• Investment Opportunity: Depending on the zoning regulations for your area, there's potential for adding a secondary suite (like a basement suite, garden suite, or garage suite) for rental income, or simply holding the property as a valuable family asset for generations.

Drawbacks of Owning a House:

• Higher Upfront Cost: Detached homes generally come with a higher purchase price compared to a similarly sized condo, especially in desirable, established neighbourhoods. This means a larger down payment and potentially higher mortgage payments.

• Maintenance Responsibilities: This is the trade-off for all that freedom! You're responsible for everything: roof repairs, furnace maintenance, leaky pipes, cutting the grass, and (oh, Alberta winters!) all that snow removal. This demands significant time, effort, and often, unexpected costs.

• Higher Property Taxes: Due to the higher assessed value, property taxes for detached homes are typically higher.

• Less Predictable Expenses: While you avoid condo fees, you're on the hook for all repairs. A furnace breaking down or a roof needing replacement can be a sudden, costly hit to your budget.

• Commute/Location: Finding an affordable detached home often means looking in more suburban areas, which could result in a longer commute to central Edmonton or downtown.

The Condo – Lifestyle & Convenience A condo means you own your individual unit within a larger building, or parcel of land, and you share ownership of common areas like hallways, gyms, roadways or green spaces. This type includes apartment-style condos, but also townhome condos and even some duplex-style units.

Benefits of Owning a Condo in Edmonton:

• Affordability: Condos often offer a lower entry point into the Edmonton real estate market, making homeownership more accessible, especially for first-time buyers, young professionals, or those seeking an urban lifestyle without the detached home price tag.

• Low Maintenance: Say goodbye to shovelling snow and mowing lawns! Exterior maintenance, landscaping, and common area upkeep are handled by the condo corporation (funded by your condo fees). This is fantastic for busy individuals, seniors, or those who travel frequently.

• Amenities Galore: Many condo buildings offer fantastic shared amenities like fitness centers, party rooms, guest suites, secure parking, and sometimes even pools or communal gardens. You get access to these perks without the individual cost and upkeep.

• Prime Location: Condos are often strategically located in prime, walkable urban areas, providing easy access to public transit (hello, LRT!), vibrant restaurants, shops, and entertainment.

• Predictable Budgeting (Mostly): Your monthly condo fees cover many expenses, which can make budgeting for housing costs somewhat simpler.

Drawbacks of Owning a Condo:

• Condo Fees: This is the most significant recurring expense. While they cover maintenance, they are a mandatory monthly cost that can increase over time. It's crucial to understand what these fees cover (e.g., heat, water, electricity, insurance, reserve fund).

• Less Privacy/Space: You'll have shared walls, and your personal outdoor space might be limited to a balcony or small patio. This means less privacy than a detached home.

• Rules & Regulations: Living in a condo means adhering to the bylaws set by the condo board. These can include restrictions on renovations, pet policies (sometimes outright bans), age restrictions, parking restrictions, and common area usage, limiting your complete autonomy.

• Special Assessments: While condo fees cover regular maintenance, large, unexpected repairs to the building can result in a "special assessment"—a sudden, large bill that each owner must pay.

• Appreciation: While condos do appreciate, they may do so at a slower rate than detached homes during certain market conditions. Looking at 2025 stats, detached homes in Edmonton showed stronger year-over-year price growth compared to apartment condos.

• Reliance on Board Management: The quality of the condo board and property management can significantly impact the building's financial health, maintenance, and overall living experience. It's vital to review condo documents carefully.

• People: Living in higher density dwellings can be challenging for some, especially if they are moving from an acreage or a small town.

Making Your Decision – Key Questions to Ask Yourself To help you decide which path is right for you, consider these questions:

• What's your total budget? Don't just look at the purchase price. Factor in your mortgage, property taxes, utilities, and then either a budget for house maintenance/repairs OR your anticipated condo fees and potential special assessments.

• What does your ideal lifestyle look like? Do you dream of weekend DIY projects and gardening, or would you prefer to travel and have someone else handle the exterior work? Are you a social butterfly who enjoys shared amenities, or do you crave solitude?

• How long do you plan to stay? If you're planning a shorter stay (e.g., 2-5 years), a condo might offer more flexibility. For longer-term goals, a detached home often presents stronger appreciation potential.

• Are you prepared for maintenance? Be realistic about your time, skills, and desire to manage home upkeep.

• What's your tolerance for rules? Are you comfortable with a condo board making decisions about your living environment, or do you need complete freedom?

• What amenities do you truly need or want? Small gym, social gathering places, heated underground parking, which can often be a benefit with condo living, but with the benefit comes a cost with higher monthly condo fees.

• Do you have pets or want pets, or more pets? If wanting numerous pets or larger dogs, for example, a single family dwelling will likely be the better fit.

Ready to Explore Your Options? Both condos and detached houses offer unique benefits and drawbacks in the Edmonton and area market. The "RIGHT" choice is the one that best suits your current needs, lifestyle, financial situation, and future aspirations.

Whether you're leaning towards the freedom of a detached house or the convenience and community of a condo, we're here to help you navigate the vibrant Edmonton and area real estate market. Let's chat about your specific goals and find the perfect place for you to call home!

RIGHT Real Estate • 780-423-2739

Is buying or selling a condo different from a house? Absolutely! While both involve real estate, the nuances of a condominium transaction are generally a world apart from a detached home. In the dynamic Edmonton & area market, navigating these differences can be the key to a smooth, successful, and financially sound deal. This is precisely why choosing a RIGHT Real Estate Realtor® who is a condo specialist is not just an advantage – it's your secret weapon.

Many people assume a general real estate agent can handle any property type. While licensed REALTORS® can usually sell anything, the truth is, condominiums operate under an entirely different set of principles, bylaws, legislation, and financial structures. This is where the specialized training and focused expertise of a condo specialist become invaluable.

The Unique Complexities of Condo Transactions:

When you're dealing with a condo in Alberta, you're not just buying a physical space; you're also buying into a condominium corporation. This involves:

• Bylaws and Rules: Every condo corporation has its own set of bylaws governing everything from pet restrictions and noise policies to renovation guidelines and parking rules. As a condo specialist, we have the knowledge to A general realtor might skim these, but a condo specialist will meticulously review them to ensure they align with your lifestyle and flag any potential issues.

• Condo Documents: Hundreds of pages of documents, including financial statements, AGM (Annual General Meeting) minutes, insurance certificates, and the crucial Reserve Fund Study, paint a picture of the corporation's health.

• Condo Boards and Management: The effectiveness of a condo board and the professionalism of the property management company significantly impact the living experience and financial health of the building.

How RIGHT Real Estate Realtors® Provide Unmatched Condo Expertise:

At RIGHT Real Estate, we understand that specialization isn't just a buzzword – it's a necessity in today's intricate real estate landscape. Our Realtors® who are designated condo specialists have undergone specific training that goes far beyond general licensing requirements. This specialized education focuses on:

• An understanding of the Alberta Condominium Property Act and its Regulations.

• Strategies for navigating competitive condo markets in Edmonton and surrounding areas.

• Proficiency in identifying the nuances and opportunities unique to condo ownership.

• A network of trusted professionals, including lawyers specializing in condominium law and reputable property management companies.

• Understanding the difference between the different types of registered condominium Plans. Bare land Vs conventional, titled parking vs non-titled, etc.

An agent without specialized condo training might miss some of the intricate nuances, or fail to adequately prepare you for the realities of condo living. This could lead to unexpected costs, lifestyle restrictions, or even having to give up your valued pet. And no, you can’t trade your spouse for your pet.

The Importance of Choosing a Realtor® with Specific Training:

When you choose a RIGHT Real Estate Realtor® who is a condo specialist, you're not just getting an agent; you're gaining a knowledgeable advisor who can:

• Protect your investment: Guide you through making an informed decision and avoid surprises.

• Negotiate effectively: They understand the specific leverage points in condo transactions, from unit factors to common property elements.

• Streamline the process: Their familiarity with condo-specific procedures ensures a smoother and less stressful experience.

In the diverse and complex Edmonton & area condo market, don't leave your significant investment to chance. Choose the specialized knowledge and proven expertise that RIGHT Real Estate brings to every condo transaction. Your next condo journey deserves the RIGHT expert guiding the way. 

Ready to explore the Edmonton condo market with confidence? Contact a RIGHT Real Estate Condo Specialist today!

Edmonton's Pioneering Spirit: Uncovering Canada's First Condo - Brentwood Village

Here in Alberta, we're known for our entrepreneurial spirit and sometimes being the first to embrace new ideas. It might surprise you to learn that right here in Edmonton, history was made in the realm of homeownership. Forget towering downtown skyscrapers for a moment, because Canada's very first officially registered condominium wasn't a high-rise, but a charming collection of townhouses: Brentwood Village.

Back in 1967, a groundbreaking piece of legislation paved the way for a new form of property ownership. Alberta became the first province in Canada to enact the Condominium Property Act in 1966. This forward-thinking move allowed for the creation of individual ownership within a larger, shared property. And the very first development to take advantage of this? Brentwood Village.

Imagine a time when the concept of owning your own home without the sole responsibility of all exterior maintenance was brand new. Brentwood Village offered exactly that. This community of thoughtfully designed townhouses provided individuals and families with the independence of homeownership combined with the shared upkeep of common areas. It was a novel idea that quickly gained traction and laid the foundation for the vibrant condominium market we see across the country today.

While some might point to earlier, less formally structured shared ownership projects elsewhere in Canada, Brentwood Village holds the distinct title of being the first legally registered condominium corporation at Land Titles in Canada. This official designation solidified its place in Canadian real estate history.

Even now, driving through the mature streets of Brentwood Village offers a glimpse into this pioneering past. The well-maintained townhouses, often surrounded by established greenery, stand as a testament to the enduring appeal of this housing model.

Want to see what Canada's first condo looks like today? Check out this link:

https://maps.app.goo.gl/j3xKdURYnH4xMi6v5

Brentwood Village wasn't just bricks and mortar; it represented a shift in how Canadians could own property. It embodied the spirit of innovation and community that continues to shape our housing landscape. So, the next time you see a condo development, remember that the journey started right here in Edmonton with the pioneering spirit of Brentwood Village.

Nestled in the heart of Sherwood Park, Craigavon is a charming community that offers a peaceful and family-oriented lifestyle. Bounded by Clover Bar Road and Baseline Road, and flanked by the picturesque neighborhoods of Glen Allan and Heritage Hills, Craigavon provides a tranquil retreat while remaining conveniently connected.

A Home for Everyone:

Craigavon primarily features spacious single-family homes, encompassing a mix of ranch-style and two-story designs. For those seeking alternative housing options, the community also offers multi-family residences, including townhouses. The neighborhood, largely developed in the 1980s and 1990s, boasts generous lot sizes, providing ample room for outdoor activities and privacy. Mature trees and established landscaping enhance the aesthetic appeal.

Family-Friendly Amenities:

One of Craigavon's most alluring features is its abundance of green spaces and parks. Residents enjoy easy access to the expansive Strathcona Athletic Park, a major draw for active families. This park boasts a competition baseball diamond, football and soccer fields, softball diamonds, a 400-meter running track, athletic facilities, an outdoor rink, and a toboggan hill. During the warmer months, the spray deck at Granville Park becomes a popular spot for children. Craigavon Park and Craigavon Meadows also provide additional green spaces for leisurely strolls and outdoor enjoyment.

Connecting with Nature:

Craigavon is bordered by a complex trail system including wetlands, seamlessly linking residents to neighbouring communities like Glen Allan's Garland Park and Heritage Hills. These trails offer opportunities for walking, jogging, and cycling, allowing residents to immerse themselves in the natural beauty of the area.

Convenience at Your Doorstep:

Craigavon offers close proximity to a variety of essential amenities, including daycares, elementary, junior high, and high schools, making it an ideal location for families with children. Residents also benefit from easy access to shopping and services, including the Broadmoor Heritage Plaza. A short drive away, residents can find a major grocery store, restaurants, cafes, and healthcare facilities (Strathcona Community Hospital and Sherwood Park Primary Care Network).

A Quiet and Welcoming Community:

Craigavon is renowned for its quiet streets, family-friendly environment, and strong sense of community. The abundance of green spaces, coupled with convenient access to amenities, makes Craigavon a highly desirable place to call home in Sherwood Park.

Want to explore Craigavon further? Contact RIGHT Real Estate if you are interested!

Here's a rundown on getting your house ready to shine in the Edmonton Spring selling season:

• Curb Appeal is Key:

  After a long Edmonton winter, buyers crave signs of life. Focus on tidying up your yard. Rake away winter debris, trim any bushes, and consider adding some early-blooming flowers to brighten up the entrance. Remember that Edmonton weather can be very unpredictable in spring, so be ready for anything.

• Ensure your home's exterior is clean. Power washing can do wonders!

• Interior Refresh:

  Declutter! Buyers need to envision themselves in your space, and that's hard to do with excess belongings.

• Give your home a deep clean. Pay special attention to kitchens and bathrooms.

• Consider fresh paint in neutral tones to create a bright and inviting atmosphere.

• Since Edmonton has long winters, people really enjoy bright homes. Make sure to open all the blinds, and let as much natural light in as possible.

• Address Winter Wear and Tear: Check for any damage caused by winter weather, such as roof leaks or foundation cracks.

• Ensure your heating system is in good working order.

• Especially in Alberta, ensure that your furnace, and hot water tank are in good working order.

• Work with a Local Expert:

  Edmonton’s real estate market has its own nuances. A local real estate agent can provide invaluable guidance on pricing, staging, and marketing your home.

• They will know the local market, and what buyers are looking for in specific Edmonton neighborhoods.

• Timing is Important:

  Spring is a popular time to sell in Edmonton, so consider listing your home in April or May to take advantage of increased buyer activity.

By taking these steps, you'll be well on your way to a successful spring sale in Edmonton!