Purchasing a pre-construction condo (purchase agreement already signed).
Purchase price - $990,000 (before GST)
Down payment amount (or percentage) - 20% (or a bit higher possibly if advantageous to do so)
Primary residence - Yes, first home!
Location - Edmonton, AB
Closing date - Early June 2019
Would this be considered an insurable mortgage because purchase price is < $1 million? Or would you look at the total price after GST (5%), which would be over $1 million?
Interested in 5 year fixed and 5 year variable rates!