As 2025 unfolds, many Edmontonians are focused on achieving their homeownership dreams—whether that’s buying their first home, upgrading to a larger property, or simply getting financially prepared for the future. At Steven Murdoch Mortgages, we know how important it is to have a clear plan and the right support when making big decisions about your home. Whether you’re just starting to save or you’re ready to purchase, we’re here to guide you every step of the way.
1. Saving for a Home: Building a Strong Foundation for Your Future
If purchasing a home is in your near future, 2025 is the perfect time to start saving. A solid savings plan is the key to setting yourself up for success in the real estate market.
- Set a Clear Savings Goal: The first step is determining how much you’ll need for a down payment. In Canada, the minimum down payment is 5% for homes under $500,000, but aiming for 20% can help you avoid mortgage insurance and secure better terms. Start by using online calculators to estimate how much you should save each month to reach your down payment goal. Breaking down your goal into smaller, achievable targets makes it feel less overwhelming and helps keep you on track.
- Cut Back on Unnecessary Expenses: Review your current spending and identify areas where you can reduce costs. Small changes like cutting back on dining out, canceling unused subscriptions, or shopping for more affordable groceries can free up extra money to put toward your home savings. The more disciplined you are in saving, the faster you’ll reach your down payment goal.
- Utilize Government Programs: If you’re a first-time homebuyer, there are several government programs available to help you save. The Home Buyers’ Plan (HBP) allows you to withdraw up to $35,000 from your RRSP for a down payment, and the First-Time Home Buyer Incentive offers additional financial support. At Steven Murdoch Mortgages, we’ll help you navigate these programs to maximize your savings and get the most out of the benefits available to you.
2. Buying a Home in 2025: The Path to Your Dream Property
Once you’ve saved enough for a down payment and have a solid financial foundation, buying a home is the next step. The Edmonton housing market in 2025 presents a range of opportunities for those ready to make a move.
- Prepare Your Finances: Before you start house hunting, review your financial situation. This includes checking your credit score, assessing your debt levels, and setting a realistic budget for your home purchase. Lenders will use these factors to determine how much you can borrow, so it’s important to ensure your finances are in order. Additionally, try to save for closing costs (typically 1.5% to 4% of the home’s purchase price) and other homeownership expenses like utilities, property taxes, and maintenance.
- Understand Your Mortgage Options: With interest rates potentially fluctuating in 2025, it’s crucial to understand the mortgage products available. Whether you opt for a fixed-rate mortgage for stability or a variable-rate mortgage for more flexibility, a mortgage broker like Steven Murdoch can help you choose the right option based on your goals and financial situation. Pre-approval is an essential step in the home-buying process—it gives you a clear idea of how much you can afford, streamlines your buying process, and strengthens your position as a serious buyer.
- Explore Edmonton’s Neighborhoods: Edmonton offers diverse neighborhoods, each with its own unique charm. Whether you’re drawn to the hustle and bustle of downtown or the family-friendly vibe of the suburbs, research different areas to determine where you’d like to live. Consider proximity to work, schools, amenities, and public transportation when narrowing down your choices. Having a clear idea of your ideal location will help make your home search more efficient.
3. Work with a Trusted Mortgage Broker to Achieve Your Goals
When it comes to buying a home, working with an experienced mortgage broker like Steven Murdoch can make all the difference. From understanding the best mortgage rates to choosing the right loan structure, Steven’s knowledge of the Edmonton market and access to multiple lenders ensures you get the most competitive mortgage options available.
Whether you’re saving for a future home or ready to make your move in 2025, Steven Murdoch Mortgages offers personalized advice and expert guidance throughout the entire process. By working with a mortgage professional, you’ll have the confidence and clarity needed to make informed decisions and achieve your homeownership dreams.
Setting yourself up for success in 2025—whether you’re buying or saving for a home—starts with the right planning and guidance. With a clear savings strategy, financial discipline, and expert mortgage support, you can achieve your homeownership goals in the Edmonton market.
Ready to make your move this year? Contact the team at Steven Murdoch Mortgages today to learn how we can help you set up a mortgage solution that’s right for your needs and ensure you’re fully prepared for a successful home purchase in 2025. Let’s make this year the one where you turn your homeownership dreams into reality!
