Get pre-approved.
Know your budget before you fall for a home.
Last updated October 29, 2026
A pre-approval tells you how much a lender is likely to lend you, at what rate, for a set time. It sets your real budget and shows sellers you’re serious. A mortgage broker or bank can usually do it in a few days.
Down payment in Canada
At least 5% on the first $500,000 of the price and 10% on the part above that, for homes under $1.5 million. Homes of $1.5 million or more need 20% down. Under 20% down, you’ll need mortgage default insurance. Your lender confirms the exact amount.
Budget for more than the price
- Home inspection
- Real estate lawyer
- Land title and mortgage registration fees (Alberta has no land transfer tax)
- Moving and setting up utilities
- A cushion for first-year repairs
Pre-approved is not approved
The final approval comes after you have an accepted offer, once the lender checks the home itself. That’s why offers usually include a financing condition.
All five moves.
Get pre-approved: questions
Does a pre-approval hurt my credit?
A lender usually does a credit check, which can show on your file. Shopping with a broker can keep that to one check while they compare lenders.
How long does a pre-approval last?
Often around 90 to 120 days, with the rate held for that time. Your lender will tell you the exact dates.
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