Refinancing Your Mortgage in Alberta

Common reasons Albertans refinance

• Consolidating higher-interest debt into one payment
• Funding renovations, a down payment on a rental or a recreational property
• Restructuring a payment that has become hard to manage
• Adding or removing a borrower, for example after a separation
• Switching to a product with better-suited features or a HELOC component

How much equity can you access?

A refinance is generally limited to 80% of your home's appraised value, minus what you already owe. For example, if your home appraises at $500,000 and you owe $300,000, the most you could borrow in total is about $400,000. That frees up roughly $100,000 before costs, if you qualify. A refinance is underwritten like a new mortgage, including the stress test.

Refinance costs and timing

• Prepayment penalty if you break your current term early. Get the exact figure from your lender.
• Appraisal to confirm value
• Legal fees and Land Titles fees. In Alberta, a new mortgage registration is $50 plus $5 per $5,000 of principal (fee schedule effective October 1, 2026). Discharging the old mortgage is a separate charge.

Do you need a lawyer to refinance in Alberta? Usually, yes. A lawyer or notary (sometimes a lender-arranged title or legal service) handles the discharge, the new registration and the payout of other debts. Sometimes it makes more sense to wait until renewal to avoid a penalty, or to use a HELOC or blend-and-extend instead. John will show you the math both ways.