Moving for Work? How to Transfer or Qualify for a Mortgage in Canada
Renee Huse, founder of Spire Mortgage Team in Alberta, has helped countless clients navigate the complexities of moving for work while managing their mortgage. Whether you’re relocating across Alberta or to another province, this guide breaks down how to make the transition smoothly, with real-life advice and Alberta-based experience.
Quick Navigation
- What Happens to Your Mortgage When You Move?
- Alberta Case Study: Moving from Calgary to Red Deer
- Compare Mortgage Porting vs. New Mortgage
- Glossary
- FAQs About Moving for Work and Mortgages
- Final Thoughts & Next Steps
What Happens to Your Mortgage When You Move?
Every move has its own flavour—even inside Canada. An intra‑provincial shift from Calgary to Edmonton? You’re basically trading seats. But an inter‑provincial move—say from Calgary to Vancouver or Toronto—comes with fresh tax rules, credit bureau boundaries, and underwriting nuances. The sooner you loop in your mortgage strategist, the smoother your transition.
Staying Put vs. Moving Your Mortgage
If you're relocating within Alberta, your existing mortgage may be portable. That means transferring your current rate and terms to a new property—no new major approvals, providing your existing mortgage is in good standing. Portability can save you from penalty fees and avoid new qualifying stress. But it may come with conditions like having enough equity or matching the mortgage term to the new property price. We'll help you weigh it carefully.
On the flip side, if your mortgage isn’t portable, or portability won't fit your new property’s timeline or size, refinancing or a fresh mortgage may be smarter. That calls for a full income and credit requalify, but it also opens doors: you might choose a new amortization schedule, adjust your payment frequency, or shop for a new rate altogether.
Understanding How Moving Affects Your Mortgage Approval
Let’s break it down plain and simple. Underwriting is looking at a few key things: your income and stability, your debt versus your income, the property you're buying, and the down payment or equity you have.
If your new job comes with a new pay stub, bonus structure, or self‑employment income, that will need clear documentation: T4s, Notices of Assessment, contracts. Moving provinces might mean your credit file is thin or flagged—you’ll need to notify your current lender or get fresh reports.
And no matter where you go, you’ll need enough funds to close: down payment, appraisal, legal fees, possibly land transfer tax or municipal charges.
Alberta Case Study: Moving from Calgary to Red Deer
Meet the McLeod family—Ryan works in Calgary in oil services, and was unexpectedly transferred to a regional office in Red Deer last fall. They had a $450,000 home in Northeast Calgary with a 5‑year fixed at 4.34%. They wondered if they had to sell and restart financing.
Problem: Need to relocate within weeks. Current mortgage isn’t portable because their new home’s value was $500,000—outside the mortgage’s portability range.
Property: A home in Red Deer priced at $500,000.
Mortgage Structure Decision: Instead of porting, we coordinated a sale and a purchase at the same time. We sold their Calgary home; the proceeds provided equity for a 20% down payment on the Red Deer house, and eased the qualifying.
Payment Details: On their new $500,000 mortgage, they chose a 5‑year fixed at 4.34%. Their amortization stayed at 25 years to keep monthly payments comparable.
Emotional & Lifestyle Impact: They avoided penalties from porting outside equity range—and locking in the same rate with 20% down let them feel stable. The timing stressed them out, but having Spire coordinate sale, new mortgage, and closing on the same day meant less stress, one closing date, and minimal time between homes.
Compare Mortgage Porting vs. New Mortgage
| Option | Pros | Cons | Cash Flow Impact |
|---|---|---|---|
| Port the mortgage | Keeps same rate & term, avoids penalties | May not match property price, limited flexibility | Usually neutral, unless needing top‑up |
| Refinance / New mortgage | Flexible structuring, new terms, maybe better rate | New approval, paperwork, potential rate higher | Could increase or decrease, depending on rate |
Glossary
Porting a Mortgage: Transferring your current mortgage (rate, term, and conditions) to a new property without breaking the mortgage or paying penalties.
Refinancing: Taking out a new mortgage to pay off the old one—usually to access equity, change your rate, or restructure your payments. Explore the pros and cons of refinancing in Alberta.
Bridge Loan: A short-term loan that helps you buy a new home before your old one sells—useful for overlapping closings.
TDS (Total Debt Service) Ratio: The percentage of your income used to cover all housing costs and debts. It’s a key factor in qualifying for a mortgage.
Appraisal: A third-party assessment of a property’s value—required to confirm the home is worth what you're paying.
Equity: The difference between your home's market value and the mortgage owed. Key for qualifying when buying again.
Closing Costs: Fees and expenses due on your possession day—includes legal fees, title insurance, and tax adjustments.
Credit Bureau: Agencies like Equifax and TransUnion track your credit history. Credit profiles can look slightly different across provinces.
Amortization: The total number of years you'll take to pay off your mortgage—usually 25 or 30 years.
Down Payment: The upfront amount you contribute when buying a property. Minimums vary by purchase price and occupancy.
FAQs About Moving for Work and Mortgages
Can I get approved for a mortgage in a new province before I start the job?
Yes—but you'll need an official offer letter stating salary, start date, and employment terms. Some lenders want you to be working for a few weeks; others will accept a firm contract.
Do I have to sell my current home before I can buy again?
Not always. If you qualify to carry both mortgages, we can help you buy first, then sell. Otherwise, bridge financing may help bridge the gap.
Will my credit score change if I move provinces?
Your credit score doesn’t “reset,” but provincial reporting can vary slightly. Lenders will pull a national report, so it’s wise to double-check your file and update addresses.
Is it better to port or start fresh with a new mortgage?
That depends on your current rate, remaining term, and the price of your new property. We'll help you run the numbers on both sides. Learn more about mortgage prepayment privileges.
What if I’m moving for work but haven’t sold yet—can I still qualify?
In many cases, yes. If your income supports carrying both homes, we can help structure a plan—possibly with a bridge loan or flexible closing. See how we helped a separated client in Airdrie.
Final Thoughts & Next Steps
Moving for work is a significant life step, often charged with emotion and logistics. It’s completely normal to feel overwhelmed. But you don’t have to go at it alone. At Spire Mortgage Team, we believe in being your calm, strategic partner—helping you align your financing, timing, and expectations so your move doesn’t just happen—it happens smoothly.
Give us a call or fill out an application at this link: https://spiremortgage.ca/apply-now and our team will get in touch with you to start building a plan that suits you.
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Written by the Spire Mortgage Team, Alberta’s strategic mortgage planning experts.
Learn more: https://spiremortgage.ca
