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|Term||Lowest Fixed Rate||Lowest Variable Rate|
Alberta does not have a land transfer tax but instead levies a much smaller land titles tax based on the fair market value of the home and size of the mortgage loan.
|Land title transfer fee|
|On the property value||$50 + $1 for every $5,000 of fair market value|
|On the mortgage||$50 + $1 for every $5,000 of fair market value
Mortgage default insurance or CMHC insurance is required in Canada for down payments of less than 20%.
|Down payment (% of home)|
|5%-9.99%||10%-14.99%||15-19.99%||20% or higher|
|CMHC insurance premium||2.75%||2.00%||1.75%||0.00%|
Additional criteria as of July 9th, 2012:
- The maximum amortization available on an insured mortgage (less than 20% down) is 25 years.
- Homes sold for more than $1,000,000 do not qualify for CMHC insurance and, therefore, require a down payment of at least 20%.
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