When I bought I assumed the mortgage. From what I recall, any mortgage in Alberta is assumable; but keep the following in mind:
- The bank has the right to call in the mortgage after it has been assumed. Usually this doesn't happen; especially if the market goes up.
- Banks are also watching for mortgage fraud. I'm not saying what you are doing is fraudulant; but it could raise a red flag- new mortgage, then it gets assumed right after.
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