What first-time buyers in Calgary need to know before they start
Buying Your First Home in Calgary
Calgary is one of the more accessible major markets in Canada for a first purchase, and there are several federal programs built specifically for first-time buyers. Here is what applies, what it is worth, and what to sort out before you start looking.
How Much Down Payment You Actually Need
The minimum is tiered by purchase price:
On a $450,000 Calgary condo that is $22,500. On a $650,000 home it is $40,000 — $25,000 on the first $500,000, plus $15,000 on the remaining $150,000.
Three Programs Worth Knowing About
One Alberta Advantage Worth Knowing
Alberta does not charge a provincial land transfer tax. Buyers in Ontario and British Columbia often pay thousands at closing for it. Here you pay land titles registration fees instead, which are a fraction of that. If you are moving from another province, budget accordingly — your closing costs will likely be lower than you are expecting.
The Stress Test
You have to qualify at a higher rate than the one you will actually pay — whichever is greater of your contract rate plus 2%, or 5.25%. This is why getting pre-approved before you start looking matters. It tells you what you can actually borrow rather than what you hope you can.
Not Sure Where You Stand?
You do not need to have your financing sorted before you talk to us. Tell us roughly where you are at and we will walk you through what is realistic in Calgary right now, which communities fit your budget, and what your next step should be.
