Edmonton Real Estate Blog

First Time Home Buyers – Not Exactly the Patient Generation

It seems that Generation-Y is in a hurry. Perhaps it is the environment in which they grew up, a fast paced world where the sound bite is king and the invention of instant news in video format replaces the need for a cup of coffee and a morning paper. That, the paper and the coffee bit at least, is a shame. But that is today’s world of instant communication from cell phones, iPads and whatever other electronic gizmo you can think of. All allow instant gratification, and that mindset has traveled into the world of real estate.

This new generation, despite having less income, is somewhat impatient when it comes to buying a first home. To be fair, some do scrimp and save and really work for that purchase. For others, mom and dad may come to the rescue. And some newbies do have realistic expectations of what they can afford in the housing market. But, more and more first-time buyers are trying to recreate the living spaces most often seen on reality shows, sitcoms or soaps....

Edmonton Mortgage Documentation Checklist

Verification of Income:

Salaried or Hourly Wage Employees

  • Letter of Employment on company letterhead with name and contact information for party authorized to verify the information; must state minimum guaranteed income/hours, rate, tenure and position

  • Most recent pay stub: showing year-to-date earnings if possible

  • Most recent T4 or ROE*

  • Most recent 2 years’ Notice of Assessment

*These items may be requested if you are not guaranteed hours

Self – Employed**

  • Most recent 2 years’ Notice of Assessment

  • Most recent 2 years’ T1 General with Statement of Business Activities

  • Articles of Incorporation with list of directors or shareholders

  • Business Registration

  • Corporate Tax Return/T2 General

**Any two or more items...