How much do I need for a down payment on a home in Alberta?

In Alberta, the minimum down payment is 5% for homes under $500,000. For homes between $500,000 and $1M, you need 5% on the first $500,000 and 10% on the remaining amount. Homes over $1M require a 20% down payment.

Are there first-time home buyer incentives in Alberta?

Yes! First-time home buyers in Alberta can take advantage of the First-Time Home Buyer Incentive, the Home Buyers’ Plan (HBP), and the Alberta Family Home Program. These programs help with down payments and mortgage affordability.

Does Alberta have a land transfer tax?

No, Alberta does not have a land transfer tax, unlike other provinces. Instead, buyers pay a small land title registration fee, which is significantly lower than land transfer taxes in other parts of Canada.

What are the average closing costs when buying a home in Alberta?

Closing costs in Alberta typically range from 1.5% to 4% of the home’s purchase price. This includes legal fees, home inspection costs, property insurance, and land title registration fees.

How do I qualify for a mortgage in Alberta?

To qualify for a mortgage in Alberta, you need a good credit score (typically 650+), a stable income, a low debt-to-income ratio, and a minimum 5% down payment. Mortgage stress tests apply to ensure affordability.

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