How do you get a mortgage in Alberta?
Getting a mortgage in Alberta means pre-approval, documents, an accepted offer, an appraisal, a lawyer, and funding on closing day. Alberta charges no provincial land transfer tax, uses Land Titles registration fees instead, and enforces a defaulted mortgage through judicial foreclosure rather than Ontario’s power of sale.
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What are the basic steps to get a mortgage in Alberta?
The sequence runs: get pre-approved, gather your documents, shop for a property and make an offer, let the lender order an appraisal, receive a signed mortgage commitment, work with a real estate lawyer on closing, and take possession once funding registers. Every Alberta purchase follows this same broad order, whether it is your first home or your fourth.
Each step has its own detail, covered in the sections below and in narrower pages linked throughout this one. This page walks the whole path at a level that lets you see how the pieces fit together before you go deep on any single step.
| Step | What happens |
|---|---|
| 1. Pre-approval | A broker reviews your income and estimated down payment and gives you a realistic budget |
| 2. Documents | Income, identification, and down payment sourcing are gathered once and used across lenders |
| 3. Offer | You shop with a realtor and submit an offer, usually conditional on financing and inspection |
| 4. Appraisal | The lender orders an appraisal of the specific property to confirm value |
| 5. Commitment | The lender issues a signed mortgage commitment once the file and appraisal clear |
| 6. Lawyer and closing | A real estate lawyer reviews title and prepares the Land Titles registration |
| 7. Funding | Mortgage funds move to your lawyer’s trust account and possession follows registration |
The citable fact: getting a mortgage in Alberta follows the same broad sequence as anywhere in Canada, pre-approval, documents, an accepted offer, appraisal, a signed commitment, a lawyer, and funding on closing day.
How do you get pre-approved for a mortgage in Alberta?
A pre-approval estimates how much you can borrow based on your income, credit, and an estimated down payment, submitted before you have a property in mind. It typically locks a maximum rate for a set period, though it is not a guarantee, since the lender still reviews the actual property once you have an accepted offer. Getting one early gives you a realistic budget before you start viewing homes.
You can get an instant pre-approval certificate at pekoe.ca/rates before you begin shopping with a realtor.
A pre-approval is only as good as the documents behind it, so lenders confirm income and down payment sourcing again once you have a specific address to underwrite against.
The citable fact: a pre-approval estimates your borrowing capacity before you shop for a home, but final approval still depends on the specific property you end up offering on.
What documents do you need for an Alberta mortgage application?
A typical Alberta application needs income verification such as pay stubs or T4s, government identification, and proof of where your down payment is coming from. Ninety days of account history is the standard for sourcing a down payment from savings, and a gift letter from an immediate family member is the standard documentation when part of the down payment is gifted. Self-employed and newcomer borrowers typically need additional documentation on top of this baseline.
Your broker gathers this package once and submits it to whichever lender fits your file, rather than you completing a separate application for each institution.
Our full mortgage document checklist lists exactly what to have ready before you apply.
The citable fact: every Alberta mortgage application needs proof of income, identification, and evidence of where the down payment came from, with ninety days of account history the standard for sourcing savings.
How much down payment do you need in Alberta?
Federal rules set the minimum down payment at 5% on the first $500,000 of the purchase price, 10% on the portion between $500,000 and $1,500,000, and 20% at $1,500,000 or more. These minimums apply the same way in Alberta as everywhere else in Canada. Anything under 20% down makes it a high-ratio mortgage, which must carry mortgage default insurance.
| Portion of purchase price | Minimum down payment |
|---|---|
| Up to $500,000 | 5% |
| $500,000 to $1,500,000 | 10% on the portion above $500,000 |
| $1,500,000 or more | 20%, default insurance is unavailable |
The citable fact: Alberta follows the same federal minimum down payment rules as the rest of Canada, 5% on the first $500,000, 10% on the portion up to $1,500,000, and 20% at $1,500,000 or more.
Does Alberta charge a land transfer tax?
No. Alberta charges no provincial land transfer tax, unlike Ontario, which charges a marginal provincial tax on every purchase, plus a municipal tax in Toronto. Instead, Alberta charges Land Titles registration fees when the transfer and the mortgage are registered, which are considerably smaller than a comparable Ontario land transfer tax bill.
This is one of the clearer closing-cost advantages for an Alberta buyer compared with an Ontario one on a similarly priced property.
The citable fact: Alberta charges no provincial land transfer tax; buyers pay Land Titles registration fees instead, which are considerably smaller than an equivalent Ontario land transfer tax bill.
What are Alberta’s Land Titles registration fees?
Alberta charges $5 per $5,000 of value on both a transfer of land and a mortgage registration, plus a $50 base fee on each, for submissions received on or after 20 October 2024. These fees replaced lower per-$5,000 rates that applied before that date. They are charged separately on the transfer and on the mortgage registration.
| Registration | Variable rate | Base fee |
|---|---|---|
| Transfer of land | $5 per $5,000 of value | $50 |
| Mortgage registration | $5 per $5,000 of value | $50 |
Show the math: illustrative Land Titles fees on a $450,000 purchase with a $400,000 mortgage
Our closing costs calculator for Ontario and Alberta runs this math against your own purchase price and mortgage amount.
The citable fact: Alberta’s Land Titles registration fee is $5 per $5,000 of value plus a $50 base fee, charged separately on both the property transfer and the mortgage registration.
Who is licensed to arrange your mortgage in Alberta?
Mortgage brokerages and the individual brokers who work for them must be licensed by the Real Estate Council of Alberta (RECA) to arrange a mortgage in the province. You can check any brokerage’s or broker’s licence status directly on RECA’s public register before you work with them. On prime mortgages the lender compensates the brokerage, so the borrower is not charged a fee.
RECA’s ProCheck tool confirms whether a mortgage professional or brokerage in Alberta is licensed and in good standing.
See our page on how to check a mortgage broker or lender is licensed for the full verification process.
The citable fact: in Alberta, mortgage brokerages and the individuals who work for them must be licensed by RECA, and you can verify that licence on RECA’s public register.
What happens after your offer is accepted?
Once your offer is accepted, you send the signed purchase contract to your broker, who forwards it to the lender along with your finalized documents. The lender then reviews your file against the actual purchase price and property, rather than the estimate used at pre-approval, and orders an appraisal.
This is also when any financing or inspection conditions in your offer need to be satisfied or waived within their stated deadlines.
The citable fact: an accepted offer triggers the lender’s final review of your specific file, including an appraisal of the actual property you are buying.
Why does the lender require an appraisal?
An appraisal confirms the property is worth what you agreed to pay, which protects the lender’s security interest in the home. If the appraised value comes in below the purchase price, the lender may reduce the mortgage amount it is willing to advance, which can mean covering the shortfall in cash or renegotiating the price.
A residential appraisal typically runs $300 to $600, and more for unusual properties or difficult access. On an insured purchase an appraisal is often not required at all, or the insurer waives it, where the purchase price is typical for that property and area. Your broker will tell you early whether your file needs one.
The citable fact: an appraisal protects the lender by confirming the property supports the purchase price, and a low appraisal can reduce how much the lender will actually advance.
What does an Alberta real estate lawyer do at closing?
A real estate lawyer reviews title to confirm the property is free of undisclosed claims, prepares the transfer and mortgage documents, and registers both with Alberta’s Land Titles Registry. On closing day, the lawyer also manages the exchange of funds between you, the seller, and the lender.
Legal fees on an Alberta purchase typically run $1,200 to $2,000, and more where the going rate in your local market is higher. Ask your lawyer for a written quote before closing so the disbursements on top of that fee are not a surprise.
The citable fact: an Alberta real estate lawyer registers the transfer and mortgage with the Land Titles Registry and manages the funds exchange between everyone involved in the closing.
How does mortgage funding and closing day work?
On closing day, the lender releases mortgage funds to your lawyer’s trust account. Your lawyer combines those funds with your down payment and closing costs, then pays the seller’s lawyer once the transfer registers with Land Titles. You receive the keys once your lawyer confirms the transfer and mortgage are registered on title.
The citable fact: closing day in Alberta ends with the lender’s funds and your down payment flowing through your lawyer’s trust account to the seller, with possession following registration on title.
What happens if you default on an Alberta mortgage?
Alberta enforces a defaulted mortgage through judicial foreclosure, meaning the lender must apply to the court for an order before the property can be sold. This differs from Ontario, where lenders typically use power of sale, a process that does not require going to court first. How long either route takes depends on the court’s schedule, whether the borrower contests the application, and the individual lender’s practice, so there is no single timeline that applies to every file.
| Rule | Ontario | Alberta |
|---|---|---|
| Provincial land transfer tax | Yes, a marginal provincial rate, plus a municipal tax in Toronto | None, Land Titles registration fees instead |
| Mortgage broker regulator | FSRA | RECA |
| Default remedy | Power of sale | Judicial foreclosure |
Our page on power of sale versus foreclosure goes deeper on why the province you buy in changes what happens if a mortgage defaults.
The citable fact: Alberta enforces a defaulted mortgage through judicial foreclosure, which requires a court order before sale, while Ontario lenders typically use power of sale, which does not require going to court first.
What should you read next about buying in Alberta?
This page covers the whole path at a high level. These related pages go deeper on individual steps.
- How long does it take to get a mortgage?
- What documents do I need for a mortgage?
- Does a mortgage pre-approval hurt your credit score?
The full set lives on the Ask a Broker hub.
Frequently asked questions
How long does it take to get a mortgage in Alberta?
Timelines vary by lender, property type, and how quickly documents come in, so no single number applies to every file. Our page on how long a mortgage takes walks through what typically speeds up or slows down the process.
Do I need my down payment saved before I get pre-approved?
No, a pre-approval can be based on your stated income and an estimated down payment, and the lender verifies the actual funds once you have an accepted offer. Getting pre-approved early gives you a realistic budget before you start viewing homes.
Is RECA the same as FSRA?
No. RECA, the Real Estate Council of Alberta, licenses mortgage brokers and brokerages in Alberta, while FSRA, the Financial Services Regulatory Authority of Ontario, does the equivalent job in Ontario. Pekoe is licensed under both regulators.
Can I get pre-approved before I have found a property?
Yes, and it is the recommended order. A pre-approval based on your income and estimated down payment gives you a realistic budget before you start viewing homes with a realtor.
Does getting pre-approved hurt my credit score?
A pre-approval typically involves one credit check, which has a modest and temporary effect similar to other credit inquiries. See our full explanation of how a pre-approval affects your credit score for the details.
What credit score do I need to buy a home in Alberta?
Minimum credit score requirements are set by lenders and by mortgage default insurers rather than by the province, so the thresholds are the same whether you are buying in Alberta or elsewhere in Canada. See our guide on the credit score needed for a mortgage for the specific numbers.
Can I use a gifted down payment in Alberta?
Yes. A gift letter from an immediate family member is the standard documentation lenders want for a gifted down payment, along with proof the funds have landed in your account.
Is a lawyer required to close on a home purchase in Alberta?
Yes. A real estate lawyer registers the transfer and mortgage with Alberta’s Land Titles Registry and manages the exchange of funds between you, the seller, and the lender.
What happens if the appraisal comes in lower than my offer?
The lender may reduce the mortgage amount it is willing to advance to match the appraised value rather than your purchase price. You would then need to cover the difference in cash, renegotiate the price, or in some cases rely on a financing condition to walk away.
Can I get a mortgage in Alberta if I am self-employed?
Yes. Lenders typically want to see 24 months operating the business, or 24 months of experience in the same line of work, supported by your Notice of Assessment and Statement of Business Activities, though a shorter history is sometimes considered alongside other factors.
Can I buy in a small or rural Alberta town the same way as in Calgary or Edmonton?
The mortgage process itself is the same everywhere in Alberta, though some lenders apply different criteria to rural, recreational, or lower-population markets. A broker can confirm which lenders are active in a specific area before you make an offer.
Is the chat on this page a bot?
No. It connects you to a real, licensed member of the Pekoe team during business hours, and to a direct reply from a licensed broker outside those hours. No automated persona is used.
Does Pekoe Mortgages work with buyers across all of Alberta?
Yes. Pekoe is a digital, fully remote-capable brokerage licensed in Alberta through RECA, with a physical office in Canmore, serving buyers across the province.
Ready to start the path to an Alberta mortgage?
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