Buying your first home is exciting, but it can also be overwhelming. The process involves many moving parts, from saving for a down payment to securing the right mortgage and understanding the housing market. Planning ahead and getting the right professional guidance can make a huge difference. Here are the top five things every first-time homebuyer in Alberta should consider in 2026.
1. Open a First Home Savings Account (FHSA)
If you haven’t opened a First Home Savings Account (FHSA) yet, now is the perfect time. This account is designed specifically for first-time buyers, allowing you to save money for your home in a tax-advantaged way. Contributions grow tax-free, and withdrawals for your first home are also tax-free. Even small contributions made early can add up over time, giving you a head start on your down payment.
2. Consider Transferring Funds from Your RRSP
Another strategy to boost your savings is transferring money from your Registered Retirement Savings Plan (RRSP) into your FHSA. This allows you to move funds you’ve already been saving for retirement into your first home account without having to pay them back. It’s a smart way to make your existing savings work harder and reach your homeownership goals faster. A mortgage broker like Josh Tagg can help you understand exactly how this works and what the best approach is for your situation.
3. Do a Credit Review Early
Your credit score plays a major role in the mortgage you can qualify for, and even small issues can affect your approval. That’s why it’s important to do a credit review with a qualified mortgage broker well before you start house hunting. If there are any surprises—like errors on your report, high credit usage, or old debts—you’ll have time to address them. Josh Tagg can provide a detailed review, help you understand your credit health, and offer guidance on improving it if needed. Taking this step early can save time, money, and stress down the road.
4. Establish a Relationship with a Realtor
Having a trusted realtor in your corner can make a huge difference. Someone like Jay Lewis can guide you through the different neighbourhoods in Alberta, help you understand local market trends, and set you up to receive listings as soon as they hit the market. This gives you a competitive advantage, especially in fast-moving areas like Calgary or Edmonton. By building this relationship early, you can start learning what works best for you, your lifestyle, and your budget before you make an offer on a home.
5. Avoid Major Financial Changes Before Buying
Finally, be mindful of your finances leading up to your purchase. Large purchases, like a new car, or major life changes, such as switching jobs, can impact your mortgage approval. Even small shifts in income or debt can affect how much a lender is willing to lend. That’s why it’s critical to talk to a mortgage broker like me before making big financial decisions. I can help you understand what’s safe to do and what could potentially delay or complicate your home purchase.
Getting Professional Guidance Makes All the Difference
Buying your first home is a big step, but you don’t have to do it alone. Working with a knowledgeable mortgage broker like me, Josh Tagg, ensures you’re taking the right steps at the right time. From understanding your savings options to reviewing your credit, exploring mortgage programs, and planning your financial moves, I can guide you through every stage of the homebuying process.
Starting your planning early, staying organized, and getting professional advice can put you in the strongest position to buy your first home in Alberta in 2026. With the right preparation, you’ll be able to focus on the exciting parts of homeownership—like finding the perfect space to call your own—without unnecessary stress or surprises. Contact me today to get started!
