If you’ve been scrolling through listings lately, you’ve probably noticed that $600,000 is a bit of a "sweet spot" in the Edmonton real estate market. It’s that price point where you move from great starter homes into truly impressive, forever-home territory—spacious detached houses in prime neighbourhoods like Glenora or Strathcona, or perhaps a modern masterpiece in a newer development.

But the big question that keeps every potential buyer up at night isn’t just "do I like the kitchen?" It’s "can I actually afford this?"

Hi, I’m Derek Keet, and I spend my days helping Edmontonians navigate these exact numbers. There is a lot of noise out there about interest rates, stress tests, and "hidden" costs. Today, I’m going to pull back the curtain and show you exactly what the math looks like for a $600,000 home. More importantly, I’m going to show you how working with a savvy, full-service agent who understands the value of a dollar—like we do here at One Percent Realty—can actually put you in a better position to make that dream a reality.

The Big Number: What’s the Annual Income Requirement?

Let’s get straight to the point. To comfortably afford a $600,000 home in Canada, most financial experts and lenders are looking for a household income in the range of $130,000 to $150,000 per year.

Now, before you close this tab, remember: that is a household income. Whether it’s you and a partner, or perhaps you’re looking at a property with a secondary suite to help with the mortgage (a very popular move in Edmonton right now!), that number is often more attainable than it looks at first glance.

Why the range? Because affordability isn't just about your salary; it’s about how much of that salary is already spoken for and how much you’re putting down upfront.

The Down Payment: Your First Hurdle

In Canada, for a $600,000 home, you can’t just put down a flat 5%. The rules are a bit more nuanced. You need:

• 5% on the first $500,000 ($25,000)

• 10% on the portion above $500,000 ($10,000)

So, for a $600,000 house, your minimum down payment is $35,000.

If you put down less than 20% (which would be $120,000), you’ll also need to factor in CMHC mortgage insurance. This is a premium added to your mortgage to protect the lender. While it’s an extra cost, it’s also the tool that allows thousands of Edmontonians to get into the market without having $100k+ sitting in a savings account.

Passing the "Stress Test"

This is where many buyers get caught off guard. Even if you find a great mortgage rate—say, around 4.5%—the bank won't qualify you at that rate. They use the "Stress Test," which usually means qualifying you at either 5.25% or your actual rate plus 2%, whichever is higher.

The government wants to make sure that if rates go up in the future, you won't lose your home. As your agent, I make sure we’re looking at homes that fit your stressed budget, not just your best-case scenario budget. This prevents heartbreak later when the bank gives you the final "no."

The Edmonton Advantage: Why $600k Hits Different Here

I often talk to people moving here from Vancouver or Toronto. In those markets, $600,000 might get you a studio apartment or a fixer-upper condo. In Edmonton? $600,000 makes you a king.

But affordability isn’t just the mortgage. You have to look at the "Monthly Carry."

1. Property Taxes

Edmonton’s property taxes are relatively straightforward, but they are an annual cost you must budget for. For a $600,000 home, you’re looking at roughly $6,000 to $6,100 per year in property taxes (depending on the specific assessment). When you're calculating your monthly "PITH" (Principal, Interest, Taxes, and Heating), that adds about $500 to your monthly bill.

2. Utilities and Maintenance

One of the reasons I love the Edmonton market is the variety of homes. However, an older bungalow in a mature neighbourhood might have higher heating costs than a brand-new build in the suburbs. I always advise my clients to look at the "bones" of the house. A $600,000 home is a significant investment; you don't want to be surprised by a $500 heating bill in January because of old windows.

How Derek Keet and One Percent Realty Change the Game

You might be wondering, "Derek, if I'm buying a home, why does your commission structure matter to me as usually it is the buyers side that worries more about this?"

It matters because most people buying a $600,000 home are also selling their current property. This is where the One Percent Realty Commission Structure becomes your secret weapon.

Traditional real estate agents often charge high percentage commissions that eat away at your hard-earned equity. When you sell your current home with me, you keep thousands of more dollars in your pocket. That’s money you can put toward your new down payment, potentially pushing you past that 20% threshold to avoid CMHC fees, or simply giving you the cash you need to renovate your new $600,000 dream home.

At One Percent Realty, we don’t believe "discount" means "less service." I provide full service. That means:

• Full MLS® exposure.

• Professional photos and signs.

• Handling all showings and negotiations.

• The same (or better!) expertise than agents charging much more*.

Here is how our structure works:

• For homes under $400,000, we charge a flat $7,950 + GST. (This includes $3,500 offered to the buyer's agent).

• For homes between $400,000 and $900,000—which includes our $600k target—we charge just $9,950 + GST. (This includes $4,500 offered to the buyer's agent).

• For those luxury homes over $900,000, it’s a simple 1% + GST.

When you compare that to a traditional "7 and 3" commission model, the savings are staggering. When you sell with me to buy that $600,000 house, you aren't just getting a realtor; you’re getting a financial head start.*

The Bottom Line: Can You Do It?

Affording a $600,000 house in Edmonton is a realistic goal for many professional couples and families. It requires a solid income, a disciplined approach to debt, and a smart strategy for your down payment.

But beyond the spreadsheets, you need a partner who knows the Edmonton streets. You need someone who can tell you which neighbourhoods are appreciating, which builders have the best reputations, and where the best deals are hiding.

I’ve built my reputation on being the most knowledgeable agent in this city because I don't just look at houses—I look at the math, the market trends, and most importantly, your goals. Whether you are looking for a modern infill in Bonnie Doon or a sprawling family home in Terwillegar, I am here to make sure you get the best possible value.

Ready to see what $600,000 can get you in today's market? Or maybe you want to see exactly how much you’d save selling your current home with the Derek Deal?

Head over to dkeet.ca to browse current listings or use my mortgage calculator to run your own numbers. Let's get you into that dream home without breaking the bank.

Derek Keet | One Percent Realty 

Edmonton REALTOR® 

587-803-0396  https://linktr.ee/dkeet 

Edmonton Real Estate Agent | Helping Homeowners Sell for Top Value

*Compared with a broker charging 7% on the first $100,000 and 3% on the balance, plus GST. Not all brokers charge the same.