New YK homeowner surprised by $4-million holiday mortgage mistake

The bill received by YK homeowner Emma Atkinson.

There are a lot of surprising costs associated with buying your first place, but one Yellowknife homeowner was billed about $4 million more than expected on her first mortgage payment.

In early December, Emma Atkinson completed the paperwork on a mortgage for a downtown condo shortly before leaving to go home to the UK. She returned to Yellowknife this week to find a bill from TD Canada Trust showing she owed about $4.04 million in what’s called an interest adjustment payment. Better yet, it’s due today.

Interest adjustment payments cover the interest accrued between the possession date of a property and the first mortgage payment. Understandably, the giant bill originally came as a shock to Atkinson, though she’s since realized it’s a mistake.

“At first I thought it was some sort of insurance value because obviously they aren’t expecting me to pay that much money,” said Atkinson, who paid less than $250,000 for the condo, her first home purchase.

The bank was closed today, but tomorrow, she’ll be checking her bank account to see if it’s been debited and visiting the branch to find out what the problem was.

For more real estate stories, the city’s best rental board and property listings, visit Property North

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