The Alberta payment calculator shows the best mortgage rates in Alberta, taken from Ratehub.ca’s conclusive database of rates across the country.Īlberta charges a land title transfer fee, which is significantly smaller than land transfer taxes charged by most other provinces. This is generally a much lower amount, making Alberta a relatively affordable place to buy property.īanks and mortgage brokers often charge different mortgage interest rates in different provinces. Instead, you'll be charged a land title transfer fee. Unlike almost all other provinces except Saskatchewan, Alberta does not charge a land transfer tax on property purchases. In addition to Canada-wide regulations, Alberta has its own mortgage rules and fees, as well as specific mortgage rates. See Ratehub.ca’s CMHC insurance page for more information. Purchase of mortgage default insurance: Also called CMHC insurance, this must be purchased on all mortgages with down payments of less than 20%.Maximum amortization periods: 25 years for mortgages with down payments under 20%, or 35 years for mortgages with larger down payments.For homes over $1 million, the minimum down payment is 20% of the total purchase price. Minimum down payments: Canada's minimum down payment is 5% for the home's value under $500,000, then 10% of the part of the price between $500,000 and $1 million.The Alberta mortgage calculator takes the following federal regulations into account: These regulations control the rules around minimum down payments, maximum amortization periods as well as mortgage default insurance (also called CMHC insurance). Most mortgage regulations in Canada are set by the federal government, so they are the same in Alberta as in other provinces and territories. It's good to learn about these yourself, but know that they are automatically applied in the calculator above, so you can be confident in the numbers it gives you. Some of these taxes and rules are federally regulated and are therefore consistent across Canada, but many are specific to Alberta.īelow, you'll find more information about the costs associated with mortgages in Alberta. Our Alberta mortgage calculator takes all of your taxes, regulations and fees into account when calculating your monthly payments and mortgage amounts. Of course, mortgage regulations changes from province to province, so it's crucial that the mortgage calculator you use is specific to where you live. different mortgage amounts, different rates, etc). A mortgage calculator gives you valuable insight into what your regular payments and amortization schedule will be in different scenarios (e.g. Getting a mortgage is a big decision with major financial implications, so it's critical to understand what you're signing yourself up for.
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