The minimum down payment in Alberta (and across Canada) depends on the home’s purchase price and follows federal mortgage rules.

Homes Up to $500,000

The minimum down payment is 5% of the purchase price.

Example: $500,000 home × 5% = $25,000 down payment

Homes Over $500,000

For homes priced above $500,000:

• 5% is required on the first $500,000

• 10% is required on the portion over $500,000

Example: $600,000 Home Purchase

• 5% of the first $500,000 = $25,000

• 10% of the remaining $100,000 = $10,000 Total minimum down payment: $35,000

Where can the down payment come from?

For a mortgage in anywhere in Alberta, down payment funds can come from:

• Personal savings

• A gift from an immediate family member (with a gift letter)

• Sale of assets (such as a vehicle or property)

• Investments (including RRSPs, TFSAs, or non-registered investments)

All down payment sources must be properly documented and meet lender requirements.

I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

As a general rule, buyers in Alberta should plan to budget approximately 1% of the home’s purchase price for closing costs. These costs typically include legal fees, appraisal fees, and other required expenses to complete the purchase.

While 1% is a safe estimate, actual home buying closing costs in Alberta are often lower. Most buyers can expect closing costs to fall between 0.5% and 1%, depending on the lender and transaction details. In higher-cost markets such as Toronto or Vancouver, closing costs can reach 1.5%, but Alberta remains one of the more affordable provinces for home buyers.

For a full breakdown of home buying costs in Alberta, including down payments and closing expenses, click here.

I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

You should apply for mortgage pre-approval as early as possible—even if buying a home in Alberta is a future goal. Getting pre-approved early helps you plan ahead and avoid surprises when you’re ready to buy.

A mortgage pre-approval allows you to:

• Understand how much home you can afford

• Identify any credit or financial adjustments needed

• Lock in an interest rate for up to 120 days

• Act quickly and confidently in a competitive market

By planning ahead with a mortgage pre-approval, Alberta home buyers are better positioned to secure the right home at the right time.

How long does it take to get mortgage pre-approval? In most cases, mortgage pre-approval across Alberta can be completed within 24 to 72 hours, depending on how quickly documents are provided and the complexity of your application.

Some buyers may receive a basic pre-approval the same day, while others—such as self-employed borrowers or those with credit challenges—may require additional review and take a bit longer.

Getting pre-approved early helps you understand your budget, lock in an interest rate for up to 120 days, and be ready to make an offer when the right home comes along.

How long is pre-approval valid for? If there are no changes that impact your application, your pre-approval essentially continues/can be extended without issue.

If your credit, income, or financial situation changes, we may need to re-review or update your pre-approval.

It’s important to note that credit reports are only considered valid for 30 days, as creditors update information monthly. Typically one credit report is ordered at pre-approval, and then not again until you have found a home.

For more information on pre-approvals, please click here.

I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

The lender pays the mortgage broker—not you!

✔️ Compensation is based on the mortgage amount and term (longer terms typically pay more).

✔️ A fair estimate of commission is around 1% of the mortgage amount—sometimes more, sometimes less.

✔️ Brokerage fees are also paid to TMG, a company I’m proud to be associated with!

I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

Yes. Protecting your personal and financial information is a top priority. The mortgage industry is built on handling sensitive data, and your privacy is taken very seriously at every stage of the process.

All client information is handled in accordance with TMG’s Privacy Policy, which outlines how data is collected, used, and protected. You can review the full policy here.

In addition, I operate a fully paperless office with multiple layers of security in place, including:

• Enterprise-grade antivirus protection

• Encrypted email and secure cloud systems

• Microsoft Defender security protocols

• Always-on VPN protection when working in public or remote environments

Your information is never shared without consent and is protected using industry-standard security measures. Your privacy and confidentiality are extremely important to us.

I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

The documents required for a mortgage application can vary case by case, depending on your employment, income, and down payment source. However, most lenders will typically request the following: Income & Employment Documents

• Your last two years of T4s

• Your most recent pay stub

• A letter of employment confirming your position, income, and length of employment

Down Payment Documentation

Lenders must verify where your down payment comes from. Depending on the source, you may need:

• Savings

  • 90-day bank statements showing the funds have been in your account. A 90days history must be provided on every penny.

• Sale of an Asset

  • Proof of sale (such as a bill of sale)

  • A bank statement showing the deposit into your account

• Gifted Down Payment

  • A gift letter (provided by the lender) signed by the donor

  • A bank statement showing the gifted funds deposited into your account

Every lender has slightly different requirements, and additional documents may be needed based on your situation.

I’m always happy to answer any questions—please don’t hesitate to reach out. Nikole

The biggest difference between a mortgage broker and a bank is choice. A bank can only offer its own mortgage products, rates, and guidelines. A mortgage broker, on the other hand, works with multiple lenders—including major banks, credit unions, and alternative lenders—to find the best mortgage option for your specific situation.

As a mortgage broker, I shop multiple lenders on your behalf, comparing interest rates, terms, and features to ensure your mortgage aligns with your financial goals. This means you don’t have to apply at several banks or try to compare fine print on your own.

Another key difference is flexibility. Banks follow strict internal policies, while a mortgage broker can access lenders with different approval criteria, which can be especially helpful for first-time buyers, self-employed borrowers, or clients with unique income or credit situations.

In short:

• Banks work for the bank

• Mortgage brokers work for you

I’m always happy to explain the differences and help you decide which option makes the most sense—please don’t hesitate to reach out. Nikole

Yes. As a mortgage broker, I work with multiple lenders, including major banks, credit unions, and alternative lenders. This allows me to compare mortgage rates, terms, and features on your behalf and find an option that best fits your financial goals and situation.

Rather than applying to several lenders yourself, I handle the comparison process for you—helping you save time and ensuring you understand the differences between each mortgage option.

I’m always happy to explain your choices and answer any questions—please don’t hesitate to reach out. Nikole