FAQs
Read through our most Frequently Asked Questions to learn more about the program.
Liberty Affordable Home Ownership is an organization that was created in 2015 to address the growing housing affordability gap in Canada. Liberty has a mandate to provide 1,000 homes to middle-income Albertans over the next 10 years. Our 3 key factors that make home ownership a practical reality for Albertans:
- Attractive home prices
- Forgivable equity loans
- A shared appreciation plan that provides a financial stake in equity for customers in the purchase of their new home
You will notice that Liberty does not have a minimum credit score required to be a part of our program, but you have to qualify for a mortgage. Liberty Home Ownership helps gives you a down payment, but the mortgage approval process is exactly the same as it would be for any other purchase.
One of the main things lenders consider when applying for a mortgage is your credit score. A credit score is a number assigned to a person that indicates to the lender or bank their capacity to repay a loan. In short, a credit score shows lenders the level of risk associated with lending you money.
In Canada, credit scores will generally range from 300 – 900 (900 being the highest). If your score is 650 and above, you shouldn’t have an issue being approved for a mortgage through most lenders. In some cases, people with a credit score of 600 and above may get approved, but a history of debt repayment would be important to demonstrate your understanding of financial responsibility.
If you’d like to purchase through Liberty Home Ownership, you will have to qualify for a mortgage. Unfortunately, most major lenders, including our lender partners, will not grant mortgages to people in consumer proposal.
If you are in consumer proposal, we hope you’ll revisit the program once the proposal has been completed. You can always email us at info@libertyhomeownership.org for free guidance on how to be approved for a mortgage quicker.
Liberty was created to help moderate-income Albertans with steady employment who have been held back from home ownership. No matter the job, trade, or profession, Liberty can assist in achieving the goal of home ownership.
Housing prices have been increasing at a much faster pace than the average Albertans salary, locking many hard-working people out of the ownership market. Many of our customers have sufficient income to manage mortgage payments, but still have been unable to save a down payment as a result of increasing rent and cost of living. Looking to further your understanding of the ever evolving Alberta marketplace? Read our business plan.
In being a non-profit organization, it’s the support we receive from our building and development partners that enables us to offer attainable pricing for our homes. This is done by our partners reducing the purchase price from the fair market value of the home, which typically results in a discount up to 15% substantiated by an independent third-party appraisal of the homes Liberty seeks to acquire.
The following table will help to explain how the program works:
% of Shared Equity Amount to the Vendor | % of Shared Equity Amount to Purchaser | |
---|---|---|
From the Confirmed Occupancy Date up to and including the first anniversary thereof | 90%, OR the full amount of the Forgivable Equity Loan, whichever is greater | The balance, if any |
From the first anniversary plus one day from the Confirmed Occupancy Date up to and including the second anniversary thereof | 70% | 30% |
From the second anniversary plus one day from the Confirmed Occupancy Date up to and including the third anniversary thereof | 40% | 60% |
From the third anniversary plus one day from the Confirmed Occupancy Date until the twentieth (20th) anniversary plus one day from the Confirmed Occupancy Date | 20% | 80% |

If you’d like to purchase through Liberty Home Ownership, you will have to qualify for a mortgage. Unfortunately, most major lenders, including our lender partners, will not grant mortgages to people until your bankruptcy no longer shows on the credit bureau.
We hope you’ll revisit the program once this happens. You can always email us at info@libertyhomeownership.org for free guidance on how to be approved for a mortgage quicker.
To remove Liberty from your title, we would require the following information:
- The original mortgage approval for your home.
- A current home appraisal. You can find an appraiser here on the following website: https://www.aicanada.ca/need-an-appraiser/find-an-appraiser/
Once you have provided that information we will calculate your payout amount, which is either:
-
- The shared equity amount, or
- $5,000.00
(whichever is the greater value)
When we have calculated the payout amount, you can then get in touch with our solicitor to arrange for payout and discharge. Please note the exit process may take up to 14 days to complete.
HOW DO I GET STARTED?
Take the first step to home ownership with our online application