Guides & checklists

Know before you buy, renew or refinance

Plain-language guides for Edmonton home buyers and homeowners. Bookmark this page, or ask the AI assistant about anything here.

First-time buyer programs

Several federal programs can help first-time buyers in Canada. Limits change, so confirm the current rules with Rekha or the Canada Revenue Agency.

First Home Savings Account (FHSA)

From the year you open your first FHSA you get $8,000 of contribution room a year, up to $40,000 in total, and up to $8,000 of unused room carries forward. Contributions are tax-deductible and qualifying withdrawals for your first home are tax-free.

RRSP Home Buyers’ Plan

Withdraw up to $60,000 from your RRSPs ($120,000 for a couple buying together) toward your first home, then repay it over 15 years.

First-Time Home Buyers’ Tax Credit

Claim the $10,000 home buyers’ amount on your federal return. It is a non-refundable credit worth $10,000 times the lowest federal tax rate for that year, not $10,000 off your taxes.

30-year insured amortization

First-time buyers (and buyers of new builds) can choose a 30-year amortization on an insured mortgage: a lower payment, but more interest over the life of the mortgage.

Pre-approval document checklist

Having these ready makes a pre-approval quick. Rekha will tell you exactly what applies to you.

Government photo ID
Recent pay stubs
Employment letter (title, salary, start date)
Last two years of T4s or Notices of Assessment
Proof of down payment (90 days of statements)
Gift letter, if family is helping
Details of debts: loans, cards, lines of credit
Self-employed: two years of NOAs and business financials

Buying a home in Alberta, step by step

Get pre-approved so you know your budget and can hold a rate while you shop.
Find a home with your realtor and make an offer, usually with financing and inspection conditions and a deposit.
Remove conditions: your mortgage is approved, the inspection is done, and you’ve reviewed the Real Property Report and any condo documents.
Choose a lawyer. In Alberta a lawyer handles the transfer, registers the mortgage at Land Titles and holds the funds.
Closing day: your down payment and closing costs go to your lawyer, the mortgage funds, and you get the keys.

Use the Alberta closing costs calculator to budget. Alberta has no land transfer tax.

Fixed or variable?

Fixed rate

Your rate and payment stay the same for the whole term. Predictable budgeting; breaking the mortgage early can cost more.

Variable rate

Your rate moves with the lender’s prime rate. Can cost less over time when rates fall, but payments or interest can rise.

The right choice depends on your budget, plans and comfort with change. It’s one of the best things to talk through with Rekha.

Renewal checklist

Note your maturity date and start looking four to six months before it.
Review your goals: lower payment, pay off faster, or access equity?
Compare term length, fixed or variable, and prepayment privileges, not just the rate.
Ask about switching your mortgage to CIBC at renewal.
Use the renewal comparison calculator to compare two offers.

Mortgage glossary

Amortization: The total time it would take to pay off the mortgage in full, often 25 or 30 years.
Term: How long your current rate and conditions last, often 1 to 5 years. At the end of the term you renew.
Stress test: The check that you could still afford payments at a higher qualifying rate: the greater of your rate plus 2% and 5.25%.
GDS and TDS: Gross and total debt service ratios: housing costs, and all debts, as a share of gross income. Generally capped at 39% and 44%.
Default insurance: Insurance (for example from CMHC) required when you put less than 20% down. It protects the lender; the premium is usually added to your mortgage, or you can pay it up front.
Conventional mortgage: A mortgage with at least 20% down, so no default insurance is required.
Prepayment privileges: How much extra you can pay each year (larger payments or lump sums) without a penalty.
Open vs closed: An open mortgage can be paid off any time without penalty, usually at a higher rate. A closed mortgage limits prepayments in exchange for a lower rate.
Porting: Moving your existing mortgage, with its rate and term, to a new home when you sell and buy.
HELOC: Home equity line of credit: a revolving line secured by your home, up to 65% of its value.
Real Property Report (RPR): An Alberta survey document showing the property’s boundaries and buildings, usually provided by the seller with municipal compliance.
Closing costs: One-time costs on closing day: legal fees, Land Titles fees, adjustments, inspection and so on. Budget about 1.5% of the price.

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