Moving to Alberta? 5 Things to Know About Mortgages Here

Thinking about making Alberta home? With lower average home prices, wide open spaces, and no provincial sales tax (yay!), Alberta continues to attract buyers from across the country.

If you’re planning to make a move, here are five things to know about getting a mortgage in Alberta:

You Don’t Need to Be Here to Start the Process

Working with a mortgage broker long-distance is easier than ever. We can meet virtually, send documents securely online, and keep your application moving forward while you plan your house-hunting trip. If you’re flying in to view homes, let’s get your pre-approval in place first so you’re ready to write an offer if the right one pops up.

Still a bit unsure? Check out Jennie’s success story. With a little bit of coordination over a few months, she was able to move her family from Toronto to Edmonton while still advancing her career!

Downpayment Rules Are Federal (But Affordability Helps)

Down payments are based on federal mortgage rules. 

• High-Ratio Insured Mortgage: 5% of purchase price

• Conventional Mortgage: 20% of purchase price

• Rental Property: 20% of purchase price

Here’s how to start saving for a downpayment if you are looking to buy.

However, Alberta’s average home price is lower than many major markets, so your budget may stretch further. You might notice this especially if you’re moving from Toronto or Vancouver!

Property Taxes Work a Bit Differently

Compared to other provinces, Alberta has relatively low property taxes, but they’re not always collected by your lender. Some banks are moving away from collecting taxes as part of your mortgage payment, so you may need to set up a TIPPS account (Tax Instalment Payment Plan) directly with your municipality. This helps avoid missed payments and penalties.

Lender Policies Can Vary

Not all lenders treat every property the same. Some may have specific requirements for rural properties, acreages, or homes outside of major centres. As a broker who has worked with a lot of inter-provincial clients, I can help you understand which lenders are most flexible and what documentation you’ll need based on where you're moving.

Timing Matters

I know this seems obvious, but it is worth planning for. If you're selling in another province and buying in Alberta, lining up your timelines is key. Let’s talk early about bridge financing, downpayment access, or how to structure your mortgage approval around your move!

Buying in a new province can feel a bit like stepping into the unknown, but working with the right team can make all the difference. If Alberta is the place you want to call home, I can help walk you through the mortgage side of things so you can focus on the excitement of your next chapter.

Let’s run the numbers and put a plan together that works wherever you’re starting from.