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Alberta charges no land transfer tax at all — just a Land Titles registration levy that comes to a few hundred dollars where the same purchase in Ontario or British Columbia costs several thousand. This runs the mortgage on the Canadian semi-annual convention and shows you that difference in dollars.
$3,171.79
Monthly — 12 payments a year
$556,740
Mortgage
$394,798
Total interest
25.0 yr
Paid off in
An estimate on the Canadian fixed-rate convention — semi-annual compounding, not monthly. It doesn’t include property tax, condo fees, insurance or the lawyer.
The stress test
Lenders qualify you at the greater of your rate plus two points and 5.25% — here that is 6.79%, a payment of $3,827.58. You would pay $3,171.79; you have to prove you could pay $3,827.58.
Alberta closing costs
Alberta charges no land transfer tax. What you pay instead is a Land Titles registration levy: $650.00 on the property and $610.00 on the mortgage — about $1,260 altogether. The same purchase in Ontario or British Columbia would cost several thousand in transfer tax alone.
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