The Buyer's Roadmap
Buying A Home In Alberta, Step By Step
Every stage of the deal in plain English, from your first pre-approval to getting the keys at noon on possession day.
Download PDF GuideStep 1 · Before You Shop
Get Pre-Approved
- A pre-approval is a lender actually checking your income, credit and debts. It usually holds your rate for 90 to 120 days.
- You'll be stress tested, meaning you qualify at your rate plus 2% or 5.25%, whichever is higher.
- Minimum down payment is 5% of the first $500K and 10% of the portion above that.
Good To Know: Your deposit and your down payment aren't the same thing. The deposit goes in a few days after your offer is accepted, and the rest of your down payment is due at closing.
Alberta Jargon Buster
The higher rate lenders use to make sure you can still make payments if rates go up.
Your housing costs (GDS) and total debts (TDS) as a share of income. Lenders cap them around 39% and 44%.
A Real Property Report. It's a survey showing where the house, fences and decks sit on the lot.
Chattels are movable items like appliances. Fixtures are attached and normally stay with the house.
A one-time policy that covers you for title problems like survey issues or fraud.