Kylian PomaresSTANDARD REALTY CO.
Guide

Buying your first home in Calgary

The first purchase has the most unknowns and the least room for a mistake. Here’s what it really takes in Calgary — the money, the programs, the steps, and the things a listing won’t tell you.

By Kylian Pomares, REALTOR® · Standard Realty Co. · Published

Watch: How much do I need for a down payment in Calgary?

You're probably here because…

  • You’re renting and wondering whether buying makes sense yet.
  • You don’t know how much you need saved, or how much you’ll qualify for.
  • You’ve heard of the FHSA and the Home Buyers’ Plan but not how they fit together.
  • You’re looking at condos or townhomes and want to know what to check before you commit.

How much you need saved

The minimum down payment in Canada is 5% of the first $500,000 of the purchase price and 10% of any portion between $500,000 and $1.5 million. At $1.5 million and above it is 20%. So a $450,000 townhome needs at least $22,500 down, and a $600,000 house needs at least $35,000 — 5% of $500,000 plus 10% of the remaining $100,000.

With less than 20% down, your mortgage must carry default insurance. The premium is usually added to the mortgage rather than paid up front, but it is a real cost and it changes your payment.

Then budget for closing costs. Alberta has no land transfer tax, which helps. You will pay Land Titles registration fees — $50 plus $5 for every $5,000 of value, for the transfer and again for the mortgage. On a $500,000 purchase that is about $550 for the transfer and a similar amount for the mortgage. Add your lawyer’s fees, a home inspection, property tax and condo fee adjustments, and moving.

  • Down payment: 5% on the first $500,000, 10% on the portion to $1.5 million.
  • Land Titles fees: $50 + $5 per $5,000 of value, for the transfer and for the mortgage.
  • Lawyer, inspection, adjustments and moving on top.
  • Buying a brand-new home? GST applies — see the first-time buyer rebate below.

Programs that help first-time buyers

Several federal programs stack, and together they can make a real difference. Eligibility rules are specific, so confirm your situation with your lender or accountant before you count on any of them.

  • First Home Savings Account (FHSA): contribute up to $8,000 a year, to $40,000 in total. Contributions are tax-deductible, and a qualifying withdrawal for your first home is tax-free.
  • RRSP Home Buyers’ Plan: withdraw up to $60,000 from your RRSP toward your first home. For withdrawals made from 2026 to 2028, repayments don’t start until the fifth year after the withdrawal.
  • You can use the FHSA and the Home Buyers’ Plan for the same purchase if you meet the rules for both.
  • First-time home buyers’ GST rebate: on a newly built home, a rebate of the full GST up to $50,000 on homes up to $1 million, phasing out between $1 million and $1.5 million.
  • 30-year amortization: first-time buyers can now take an insured mortgage over 30 years instead of 25, which lowers the monthly payment (at the cost of more interest overall).
  • First-time home buyers’ tax credit: worth up to $1,500 on your tax return in the year you buy.

Pre-approval and the stress test

Get pre-approved before you start viewing seriously. A pre-approval tells you what a lender will actually lend, and usually holds a rate for a period while you shop.

Every federally regulated lender qualifies you at a higher rate than the one you will pay — generally the greater of your contract rate plus 2% or 5.25%. That is why the amount you qualify for can be lower than you expect. Until you have the keys, don’t change jobs, finance a car or open new credit without talking to your lender first.

What to check before you commit

A purchase contract in Alberta usually has conditions — the terms that must be met before the deal is firm. Use them. The most important are financing, a home inspection, and, for a condominium, a review of the condo documents. Alberta requires home inspectors to be licensed; ask to see the licence.

For a condo or townhome, the documents tell you more than the showing. Look at the reserve fund study and the current balance, the last year of board minutes, any planned or recent special assessments, and what the fees include. A low price on a building with a thin reserve fund is not a bargain.

For a house, look at the Real Property Report the seller provides, and whether the City has confirmed compliance. If the home is currently rented, find out exactly when and how the tenancy ends — it can decide whether you can move in when you planned to.

How working with me works

Before I start working for you, we sign a buyer brokerage agreement. It sets out what I do for you, how long the agreement lasts, and how I’m paid. Read it, and ask me anything about it before you sign — that is exactly what the conversation is for.

Then I set up a search that emails you new listings as they appear, walk you through the homes worth seeing, and tell you plainly when one isn’t. If you’re considering a new build, bring me to your first visit to the show home: many builders only work with an agent who is registered on the first visit.

How the process runs

  1. Get pre-approvedKnow your real budget and hold a rate. Talk to a bank or a mortgage broker — or both.
  2. Know your numbersDown payment, closing costs, and which programs you qualify for: FHSA, Home Buyers’ Plan, GST rebate on new builds.
  3. Set up your search and alertsNew listings in your price range and communities, emailed as they appear.
  4. View and shortlistSee the homes worth seeing, with an honest read on each — including the ones to walk away from.
  5. Write an offer with the right conditionsFinancing, inspection, condo documents where they apply. Price is only one part of a strong offer.
  6. Clear conditions and take possessionInspection, lender approval, document review. Then your lawyer closes, and you get the keys.
Not ready yet?

Kylian answers on video

How much do I need for a down payment in Calgary?
Read the transcript

How much do you need for a down payment on a home in Calgary? The minimum in Canada is 5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. At $1.5 million and above, you'll need 20% down.

So, a $450,000 home needs at least $22,500 down. A $600,000 home needs at least $35,000.

With less than 20% down, you'll also pay mortgage default insurance, usually added to the total of your mortgage. My first-time buyer's guide is linked below.

New every weekI'm answering the questions people ask me most in short videos, with new uploads each week. Follow along on YouTube.

Common questions

How much do I need for a down payment in Calgary?

In Canada the minimum is 5% of the first $500,000 of the purchase price and 10% of the portion between $500,000 and $1.5 million; homes at $1.5 million or more need 20%. For example, a $450,000 home needs at least $22,500, and a $600,000 home needs at least $35,000. With less than 20% down, you also pay a mortgage default insurance premium, usually added to the mortgage.

What closing costs should I budget for when buying in Alberta?

Alberta has no land transfer tax. You pay Land Titles registration fees of $50 plus $5 per $5,000 of value — once for the transfer and once for the mortgage, so roughly $550 each on a $500,000 purchase. Add legal fees, a home inspection, property tax and condo fee adjustments, and moving costs. New homes also carry GST, which first-time buyers may be able to recover through the first-time home buyers’ GST rebate.

Can I use both the FHSA and the RRSP Home Buyers’ Plan?

Yes. You can use the First Home Savings Account and the Home Buyers’ Plan toward the same qualifying home, as long as you meet the conditions of each. The FHSA allows up to $8,000 a year and $40,000 in total; the Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSP.

Is there a GST rebate for first-time home buyers?

Yes, on newly built or substantially renovated homes. The first-time home buyers’ GST rebate covers the full GST, up to $50,000, on homes priced up to $1 million, and phases out between $1 million and $1.5 million. Eligibility rules apply, including not having lived in a home you or your spouse owned in the current year or the four years before.

Should my first home be a condo, a townhome or a house?

It depends on your budget, how long you plan to stay and how much maintenance you want. Condos cost less to get into, and in 2026 Calgary buyers have had more room to negotiate on them — but check the reserve fund, fees and any special assessments carefully. A townhome or house usually holds value better over the long run but needs a larger down payment.

Thinking about your first home?

Let’s sit down — in person, by phone or on a video call — and go through what you can afford, what’s available in your price range, and which programs you qualify for. No obligation, and no pressure to start looking before you’re ready.

  • No obligation, no pressure
  • Straight answers
  • Personal reply within one business day

Rather talk? Call or text 403-993-8393.

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Sources & further reading

This guide is general real estate information for Alberta. It is not legal, tax, mortgage or accounting advice, and it does not create an agency relationship. Rules, programs and timelines change — confirm anything that affects your situation with your own lawyer, accountant or lender. Kylian Pomares is a real estate associate licensed in Alberta with Standard Realty Co., and a REALTOR®.