Thinking about buying a house in Calgary? You're not alone. With the Rocky Mountains as your backyard and a growing tech scene downtown, Calgary attracts buyers from across Canada.
But Calgary's market is different. It moves with oil prices and has unique weather challenges. And with so many great neighbourhoods, choosing the right location when buying a house can be tough.
Let’s explore how to buy a home in Calgary without getting overwhelmed.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
Quick Tips for Calgary Home Buyers
Save these when you're ready to start house hunting:
- Get pre-approved before looking (rates change fast in Calgary)
- Budget extra for winter heating costs and home maintenance
- Consider flood-prone areas carefully (2013 taught us that lesson)
- Factor in commute times to downtown during snowy season
- Ask about basement waterproofing in older neighbourhoods
Ready to Own a Home in Calgary?
Before you start scrolling through home listings, check your financial situation. Calgary's economy fluctuates with energy prices, so having solid finances matters more here than in other cities.
Look at your savings, debt, and job security.
Your credit score affects everything. A score of 680 gets you decent rates. Above 720 gets you the best deals. Under 620 makes buying much more complex and expensive.
Think long-term, too. If you’re comparing Calgary to Toronto or Vancouver, know the market in Cowtown can recover more slowly.
Save for a Down Payment
Start putting money away now. Set up automatic transfers to a separate savings account every payday. Even $200 per month adds up.
Get your paperwork ready while you save: bank statements, tax returns, pay stubs. Organizing everything will speed up the mortgage process later.
Down Payment Requirements for Calgary Homes
Here's what you need to have ready for everything from affordable studio to condos to stunning luxury homes in Calgary:
- Homes under $500,000: 5% minimum down payment
- Homes $500,000 to $999,999: 5% on the first $500,000, then 10% on the rest
- Homes $1 million and up: 20% down payment (no exceptions)
Let's do the math for Calgary's current market. The average detached home costs around $804,000. You'd need a $40,000 down payment ($25,000 for the first $500,000 plus $15,000 for the remaining $304,000).
Condos in Calgary average $353,000. That's a minimum down payment of $17,650.
Townhouses average $483,000. That's a minimum down payment of $24,150.
Are you new to Canada? If you don't have an established job history here, you might need 35% down. That's a big difference—plan accordingly.
Finding Down Payment Money
There are several ways to build your down payment faster:
- Automatic savings transfers: Set it and forget it approach
- GICs or conservative mutual funds: Grow your money safely while you save
- Home Buyer's Plan (HBP): Take up to $60,000 from your RRSP tax-free (increased from $35,000 in 2024)
- First Home Savings Account (FHSA): Save $8,000 per year, up to $40,000 total, tax-free
- Family gifts: Many Calgary parents help their kids with down payments
Keep gift money documentation. Lenders need proof it's not a loan.
Get Pre-Approved for a Calgary Mortgage
Get pre-approved before house hunting. This will lock in your interest rate for 120 days and show sellers you're serious.
In recent years, Calgary's market has moved fast in many neighbourhoods. Having pre-approval ready can mean the difference between getting your offer accepted and losing out.
With more inventory available today, you have more time to think. However, pre-approval still matters for budgeting and negotiating power.
Calgary has local lenders who understand our market. Oil and gas workers often need specialized mortgage products, and a good mortgage broker can connect you with the right lender for your situation.
Papers You'll Need for Pre-Approval
Gather these documents:
- Pay stubs (last 2-3 months)
- T4 slips from last year
- Bank statements showing your down payment savings
- If self-employed: Notice of Assessments for 2-3 years
- Gift letter if family is helping financially
- Credit report (lender pulls this, but check yours first)
Having everything ready speeds up the process from days to hours.
Pick Your Calgary Neighbourhood
Each Calgary area has different benefits and costs:
Northwest Calgary (Kensington, Hillhurst, Rosedale): Close to Downtown Calgary, walkable, higher prices. Great if you work downtown or love city life.
Northeast Calgary (Redstone, Cityscape, Cornerstone): Newer developments, good value, longer commute. Perfect for families wanting modern homes.
Southwest Calgary (Marda Loop, Altadore, Kingsland): Established communities, trendy restaurants, close to Chinook Centre. Mix of older character homes and new builds.
Southeast Calgary (Mahogany, Auburn Bay, Seton): Master-planned communities with lakes and amenities. Great for families, farther from downtown.
City Centre Calgary (Mission, Inglewood, Bridgeland): Historic neighbourhoods, walkable, expensive but gaining value. Ideal if you want to walk to work and restaurants.
Check these factors:
- Commute time during winter (add 15-20 minutes for snow)
- LRT or bus access (especially important in winter)
- School ratings if you have kids
- Flood history (check the city's flood maps)
- Future development plans that might affect traffic or views
Drive through neighbourhoods at different times. A quiet street during the day might be a busy cut-through during rush hour.
Make an Offer on a Calgary Home
Once you’ve found the right house, it's time to make an offer. Your realtor can help structure the offer with price and conditions.
Know your maximum budget before making any offer. Include a deposit (usually $5,000-$10,000 in Calgary) to show you're serious. This money sits in trust until closing.
Calgary-Specific Conditions to Consider
Home inspection condition: Essential for older homes in neighbourhoods like Hillhurst or Upper Mount Royal, where foundation issues are common.
Financing condition: Protects you if the mortgage approval falls through.
Sale of current home condition: If you need to sell first.
Radon testing: Calgary has higher radon levels than most Canadian cities. This gas causes lung cancer, so test before buying.
Condo document review: For buildings in Beltline or East Village, review budget, reserve fund, and special assessments.
Calgary's market varies by neighbourhood. Areas like Aspen Woods might get multiple offers. Others give you negotiating room. Your realtor knows which areas move fast and which don't.
Get Final Mortgage Approval
After your offer gets accepted, finalize your mortgage. Visit your lender to sign papers and arrange the property appraisal.
The lender orders an independent appraisal to confirm the home's value. They also review your finances again through "underwriting."
Get home insurance quotes now. No lender approves a mortgage without fire insurance in place.
Budget for Calgary Closing Costs
Closing costs add 1.5% to 4% to your home's purchase price. For an $800,000 Calgary home, budget $12,000-$32,000 extra.
The most common closing costs in Calgary include:
- Home inspection: $450-$600 (slightly higher for older homes)
- Legal fees: $800-$1,500
- Title insurance: $300-$500
- Property tax adjustments: Calgary bills annually in May
- Moving expenses: $1,200-$3,000 depending on distance
- Condo document review: $400-$800 (if buying a condo)
- Radon testing: $200-$400
- Home insurance: $1,200-$2,400 annually
Alberta's land transfer fees are lower than in Ontario or BC but still add to your costs.
Home Buying Programs That Help in Calgary
Several programs make buying easier:
Attainable Homes Calgary: City program for moderate-income buyers with just $2,000 down payment required
Calgary property tax assistance: Programs for seniors and low-income homeowners
Alberta affordable housing programs: Various options across Calgary neighbourhoods
Home Buyers' Plan (HBP)
Take up to $60,000 from your RRSP without tax penalties (increased from $35,000 in April 2024). This boosts your down payment significantly.
You repay this money to your RRSP over 15 years. Miss a payment and it becomes taxable income.
First Home Savings Account (FHSA)
For your first home, save up to $8,000 per year (maximum $40,000 total) tax-free. Contributions are tax-deductible. Withdrawals for your first home purchase are tax-free.
This works alongside other savings strategies and RRSPs and helps you maximize down payment savings.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
Your Next Steps to Calgary Homeownership
Start with your finances. Get pre-approved. Then explore top Calgary neighbourhoods that match your lifestyle and budget.
Calgary's market has seasonal patterns.Spring and summer bring more listings but also more competition. Winter offers fewer choices but better negotiating power.
Consider working with a buyer's agent who specializes in your target neighbourhoods. They know which communities offer the best value and which have hidden problems.
Stay organized, be patient, and don't rush into the biggest purchase of your life. With good planning and current market conditions, you can find the right Calgary home at a fair price.
Quick Answers for Calgary Home Buyers
What's the average home price in Calgary right now?
Detached homes average $804,000. Condos average $353,000. Calgary’s townhouses average $483,000. Prices vary significantly by neighbourhood.
What's the minimum down payment needed?
5% for homes under $500,000. For pricier homes, you need 5% on the first $500,000 and 10% on the rest. Homes over $1.5 million require 20% down.
Which Calgary neighbourhoods offer the best value for first-time buyers?
Northeast communities like Redstone and Cityscape offer newer homes at lower prices. Southeast areas like Mahogany and Auburn Bay provide family amenities. Check commute times and transit access for your situation.
What Calgary-specific closing costs should I budget for?
Home inspection, radon testing, legal fees, property tax adjustments, title insurance, and moving costs. Budget 1.5% to 4% of your home's price. Don't forget condo document review fees if applicable.
How does Calgary's economy affect home buying?
Calgary's housing market follows oil prices and energy sector employment. Economic downturns can mean lower prices but also job uncertainty. Having stable income and emergency savings matters more here than in other cities.
Should I wait for prices to drop more?
Market timing is difficult. Current inventory levels favour buyers with more choices and negotiating power. Interest rates and your personal financial situation matter more than trying to time the market perfectly.
If you're interested in Calgary real estate, contact Justin Havre Real Estate Team with eXp Realty with Calgary Homes at (403) 217-0003 to get in touch with a local real estate agent who can help you find your Calgary dream home today.