The lines in a monthly cost
A home costs you four things each month, and the mortgage is only the first one. A condo adds a fifth.
| Line | What it is | Who gives you the number |
|---|---|---|
| Mortgage | Your loan payment. The price, your down payment, the rate and the amortization set it. | Your lender. |
| Property tax | A yearly tax from the city or town, based on the assessed value of your home. Most lenders can collect it with your mortgage payment. | Your lender's estimate, or the city's property tax page. |
| Home insurance | Covers repair or rebuilding after damage. Your lender requires it before possession. | An insurance broker, with a quote for the exact address. |
| Utilities | Heat, power and water. A new home is usually efficient, but the lines are not zero. | The utility providers, or ask neighbours in the community. |
| Condo fee | On a condominium only. Pays for shared property, upkeep and the reserve fund. What it includes varies, so ask. | Ask us for the current fee on a specific unit and what it covers. |
Two homes at the same price can have different monthly costs because of the last four lines. Compare the whole picture, not the price alone.
Deposits, your down payment and what you pay at possession
Three amounts get mixed up, and sorting them out early saves a lot of worry.
- Deposits are what you pay us at signing and at agreed points during the build. They are part of your down payment, not an extra cost. The schedule is in your purchase agreement. [to confirm: deposit structure and schedule by product]
- Your down payment is the total you put in yourself. Your mortgage covers the rest. The balance is due at possession.
- Closing costs are the legal fees, registration fees and adjustments paid at possession. They are extra. Alberta has no land transfer tax, so they are lighter here than in some provinces. Your lawyer gives you a letter with the exact total before possession day.
Ask us whether a price includes GST. New homes carry it, and it is usually quoted inside the price, but not always. [to confirm: pricing convention by community, GST-included or plus GST]
Two things that work differently on a new home
- Your first property tax bill may not be your full one. If your home is finished partway through the year, the city sends a supplementary bill for the months it existed, on top of the annual bill. Budget on a full-year figure, and ask your lender or the city how this applies to you.
- Rebates and savings programs exist for first-time buyers, and they change. The federal GST rebate and the savings programs have rules and limits that move. Ask your lender and an accountant which apply to you before you set a closing date, because timing can matter. We explain the current ones in dated articles on Cardel News.
When to talk to a lender
Before you tour, not after. A pre-approval is a lender's written view of what you can borrow. It turns a wish list into a budget, and it tells you which homes to look at.
When you talk to a lender, ask for an estimate that includes every line above, not just the mortgage. Ask how long your rate is held, and what happens if a build runs past it. Ask what first-time buyer rules apply to your mortgage right now, because they change.
If an offer or incentive is attached to a home, ask your lender to show you the payment with it and without it. [to confirm: whether Cardel Alberta offers financing or first-time buyer incentives, and how the region describes them]
The full list of questions to ask a lender is on the questions page.
Questions first-time buyers ask
How much do I need for a down payment?
Canada sets a minimum that depends on the price, and your lender will tell you what it is for the home you are considering. Putting down less than a set share means mortgage insurance, which your lender will also explain. The down payment is separate from closing costs, so plan for both.
Is the deposit on top of the down payment?
No. Deposits paid during the build are applied to your down payment at possession. What sits on top is the closing costs, which your lawyer totals for you.
Can you tell me what my monthly payment would be?
We can give you the price, what it includes, and on a condo the current fee. Your lender turns those into a monthly payment, because the rate and the amortization are theirs to set. Ask them for an estimate that includes every line on this page.
Is there a payment calculator?
Not on this page, on purpose. A reliable estimate needs inputs that only a lender can confirm, such as your rate, your amortization and your insurance quote. A lender's written estimate is the version to trust.
Get real numbers for a real home
Pick a community and a home type, then ask a lender for an estimate that includes every line above.
Internal review notes — what must be confirmed before this page publishes
- [to confirm] Deposit structure and schedule by product. No amount or percentage is stated.
- [to confirm] Pricing convention by community, GST-included or plus GST.
- [to confirm] Whether Cardel Alberta offers financing or first-time buyer incentives, and how the region describes them.
- Legal review: this page replaces the former monthly-cost and deposit calculators and the GST-rebate, savings-program and deposit pages. It names cost categories only, with no down payment tiers, rebate amounts, tax rates, registration fees or worked examples. The 'no land transfer tax' sentence is the only Alberta-specific fact and is stable.
- When the NEWS articles on the GST rebate and the savings programs are confirmed, link them from the 'two things' section.