Want to Buy a Home in a Year? Start Here

Oct 1

A year can feel far away when you’re hoping to buy a home. It can also be a useful amount of time to get clear, make adjustments, and prepare without trying to do everything at once.

You do not have to be ready to buy today to start preparing for what comes next. Here is the process I would talk through with you.

1. Find out where you stand financially

Start with a mortgage broker or lender. An early conversation can help you understand how your income, credit, debts, and savings may affect your options. Ask what documents they need, what changes could help, and when to review your situation again.

You might have a debt balance to address or a savings gap to work on. You might be closer than you expected. Avoid guessing that one change will guarantee approval: a mortgage professional needs to assess the whole picture.

An early planning conversation is also different from having financing arranged for a particular purchase. A preapproval is not a guarantee of final mortgage approval, and your situation will need to be reviewed as your purchase approaches. (The Government of Canada explains how mortgage preapproval works and how to prepare for a mortgage.)

2. Decide what comfortable ownership looks like

The maximum mortgage you might qualify for is not automatically the amount you want to spend. Think about a payment that leaves room for childcare, groceries, transportation, recreation, and savings.

Plan for closing and moving expenses as well as the down payment. Then estimate the full monthly cost of the homes you are considering, including property taxes, insurance, utilities, maintenance, and condo fees where applicable.

You deserve to enjoy living in your home. Feeling financially stretched every month is something to consider before choosing a price range.

3. Picture the life your home needs to support

Where do you work, and how much commuting are you comfortable with? Do you need space for private work calls? Would less yard work make life easier? Is access to trails, transit, or a particular community important?

Start with your daily routine. Then connect those needs to realistic options in Edmonton and the surrounding communities you would consider — my neighbourhood guides and Edmonton community pages are a good place to explore.

A preferred neighbourhood may point you toward a smaller home. A different area or property type might offer more of the space you want. We can compare actual options together, without assuming that every wish will fit every budget.

4. Build a manageable plan for the gap

Once you understand your starting point and priorities, choose a few concrete actions. That could mean a regular savings contribution, a debt plan developed with appropriate guidance, or exploring communities before deciding where to search.

For illustration, a $5,000 savings gap spread over twelve months is about $417 per month. Whether that works depends on your budget; it is a planning example, not a requirement or a promise.

My business coaching background means I enjoy helping people brainstorm. If you want to explore a side-business idea or ways to organize a savings goal, we can talk. A mortgage professional should confirm how any new income would be treated for qualification.

Support can start before the home search

Our first conversation does not need to end with a showing or an offer. It can simply help you understand what to do next.

Your next step

Download Your Next Home Game Plan — a free two-page worksheet to organize your finances, priorities and first steps, at your own pace.

Thinking about buying or selling? Connect with Sarah — let’s talk about your plans and what kind of support would help.

Just want to look? Browse Edmonton homes for sale or explore my Edmonton neighbourhood guides.

Curious what your home is worth? Get a free home value estimate.

When you are ready to talk, I am here to help you connect the numbers, your priorities, and the possibilities. Knowledge you can trust. Support you can feel.

Header photo: Vitaly Gariev on Unsplash

Sarah Jackson