What It Costs to Buy a Home in Alberta
By Rajesh Babu Naidu,
Alberta is one of the few provinces with no land transfer tax, which saves buyers thousands compared with Ontario or British Columbia. You still have costs beyond the down payment, though, and it’s worth budgeting for them before you make an offer.
Land Titles fees
Two registrations happen at the Alberta Land Titles Office when you buy:
- Transfer of land: $50 plus $5 for every $5,000 of the property’s value, or part of $5,000.
- Mortgage: $50 plus $5 for every $5,000 of the mortgage amount, or part of $5,000.
For a $500,000 home with a $450,000 mortgage, that’s $550 for the transfer and $500 for the mortgage: $1,050 in total.
Other costs to plan for
- Lawyer’s fees and disbursements. In Alberta a lawyer handles the transfer, registers the mortgage and holds the money. Get a quote early.
- Home inspection, usually a condition of your offer.
- Adjustments. If the seller prepaid property tax or condo fees, you reimburse them for the days you’ll own the home.
- Title insurance, often required by the lender.
- GST on a new home. Resale homes don’t carry GST; new construction usually does, with rebates that may apply.
- Moving and setup: movers, utility connections, insurance from possession day.
The quick version
Use the Alberta closing costs calculator to add up your own numbers. If you’d like a second pair of eyes on the budget for a specific home, talk to Rajesh.