First Time Home Buyers | Radke Real Estate Team | Sherwood Park & Edmonton

First-Time Home Buyers

Buying your first home is one of the biggest financial decisions you'll make — and it can feel overwhelming without the right guidance. We know that firsthand. Before we ever became REALTORS® we were buyers, investors, and renovators — learning the hard way what to look for, what to avoid, and how to make a property work for you financially. That experience is what we bring to every first time buyer we work with.

Our goal is simple: help you understand your options, build a strategy that fits your life, and move through the process with confidence. Whether you're trying to get into the market, find a home that fits a growing family, or buy something with future income potential through a basement suite — we'll help you find the right fit and make a decision you'll feel good about for years to come.

Good planning often means setting aside a down payment months — or even years — before purchasing a home. Preparing early not only improves financial flexibility, but can also open the door to better financing options and more opportunities when the right property becomes available. There are also specialized savings programs and accounts available that can help make purchasing a home more affordable, including tools such as the First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan.

Once we understand what you need from your home, we'll help narrow down the right type of property and connect you with lenders who can make it happen.

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Savings Programs & Financing Options

As previously mentioned, there are several programs and financing options available that may help make purchasing your first home more affordable. Understanding how these tools work — and how they fit into your overall strategy — can make a significant difference when preparing for a home purchase.

Some programs are designed to help buyers save for a down payment more efficiently, while others can improve financing flexibility and reduce upfront cash requirements.

Below are some of the programs and financing options we would recommend reading into when preparing for your first home purchase:

First Home Savings Account (FHSA)

The FHSA allows eligible first-time home buyers to save for a home purchase tax-free while also receiving tax deductions on contributions. It can be a powerful tool for building a down payment more efficiently over time.

RRSP Home Buyers' Plan (HBP)

The RRSP Home Buyers’ Plan allows eligible buyers to withdraw funds from their RRSP to help purchase a home without immediately paying tax on the withdrawal. This can help increase available down payment funds and improve purchasing flexibility.

CMHC Insured Financing

CMHC-insured financing allows qualified buyers to purchase a home with a smaller down payment by insuring the mortgage through the Canada Mortgage and Housing Corporation. This can help buyers enter the market sooner while still accessing competitive mortgage options.

Gifted Down Payments

Many lenders allow immediate family members to provide gifted funds toward a down payment. This can help buyers reach their savings goals faster and improve financing opportunities when entering the market.

First Home Savings Account (FHSA)

The FHSA allows eligible first-time home buyers to save for a home purchase tax-free while also receiving tax deductions on contributions. It can be a powerful tool for building a down payment more efficiently over time.

RRSP Home Buyers' Plan (HBP)

The RRSP Home Buyers’ Plan allows eligible buyers to withdraw funds from their RRSP to help purchase a home without immediately paying tax on the withdrawal. This can help increase available down payment funds and improve purchasing flexibility.

CMHC Insured Financing

CMHC-insured financing allows qualified buyers to purchase a home with a smaller down payment by insuring the mortgage through the Canada Mortgage and Housing Corporation. This can help buyers enter the market sooner while still accessing competitive mortgage options.

Gifted Down Payments

Many lenders allow immediate family members to provide gifted funds toward a down payment. This can help buyers reach their savings goals faster and improve financing opportunities when entering the market.

First Home Savings Account (FHSA)

The FHSA allows eligible first-time home buyers to save for a home purchase tax-free while also receiving tax deductions on contributions. It can be a powerful tool for building a down payment more efficiently over time.

RRSP Home Buyers' Plan (HBP)

The RRSP Home Buyers’ Plan allows eligible buyers to withdraw funds from their RRSP to help purchase a home without immediately paying tax on the withdrawal. This can help increase available down payment funds and improve purchasing flexibility.

CMHC Insured Financing

CMHC-insured financing allows qualified buyers to purchase a home with a smaller down payment by insuring the mortgage through the Canada Mortgage and Housing Corporation. This can help buyers enter the market sooner while still accessing competitive mortgage options.

Gifted Down Payments

Many lenders allow immediate family members to provide gifted funds toward a down payment. This can help buyers reach their savings goals faster and improve financing opportunities when entering the market.