Matt J. has been working in his chosen career for more than eight years and is currently at his maximum earning potential, trying to purchase his first home in Edmonton. He has not only saved a five per cent down payment, but also saved additional funds to pay for his closing costs and moving expenses, all while maintaining great credit ratings and existing living expenses. Last summer, he was ready to shop for his first home, but wanted to take his time to find the right fit for him on his very first purchase. Then in October 2016, all of his hopes were dashed with the new qualifying criteria for a five-year term mortgage. He worked tirelessly to save his five per cent and the thought of having to save three times that amount to get around the new qualifying rate, for a modest home, just seemed unattainable to him.