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Calgary First-Time Home Buyer FAQ: 20 Essential Questions Answered

Your complete, locally focused guide to down payments, credit, incentives, closing costs, inspections, timelines, condos vs townhomes, and more — with official Canada/Alberta resources

Calgary's housing market offers exceptional opportunities for first-time buyers in 2025, with homes under $500,000 available across diverse communities from lake communities in Southeast Calgary to walkable inner-city neighborhoods.

Key first-time buyer advantages include federal programs like the First Home Savings Account (FHSA) allowing $40,000 tax-free savings, RRSP Home Buyers' Plan permitting $35,000 withdrawals per person, and local programs like Attainable Homes Calgary providing down-payment assistance.

Current market conditions favor buyers with balanced inventory levels, stabilizing interest rates, and extensive property options from affordable condos starting under $300,000 to family-friendly townhomes and new construction homes with builder incentives and warranties.

Getting Started: Financial Requirements

Q1: How much down payment do I need to buy a home in Calgary?

Down payments follow federal rules set by the Financial Consumer Agency of Canada (FCAC):

Minimum Down Payment Requirements

  • Under $500,000: 5% minimum
  • $500,001–$999,999: 5% on first $500K + 10% on remainder
  • $1,000,000+: 20% (no mortgage insurance available)

For comprehensive guidance: FCAC — Down Payment Guide.

Q2: What credit score do I need?

Credit requirements vary by mortgage type. Reference: Credit reports & scores (Canada.ca).

Credit Score Guidelines

  • Insured mortgages (<20% down): Often 600 minimum; 680+ preferred for better rates
  • Conventional (≥20% down): 680+ typical; 720+ commonly best rates
  • Poor credit options: Alternative lenders available with higher rates

Q3: Should I get pre-approved before showings?

Yes — pre-approval clarifies budget, holds your rate 90–120 days, and strengthens offers. Learn steps with CMHC — Home Buying and compare lenders using reputable tools (e.g., Ratehub Pre-Approval).

Pre-Approval Benefits

  • Budget clarity: Know exactly what you can afford
  • Rate protection: Lock in current rates for 90-120 days
  • Competitive advantage: Sellers prefer pre-approved buyers
  • Faster closing: Streamlined final approval process

Q4: What are typical closing costs in Calgary?

Budget 1.5%–4% of purchase price for closing costs. See Alberta Land Titles and CMHC Mortgage Insurance.

Calgary Home Buying Costs Breakdown
Cost CategoryAmountNotes
Home Inspection$400–$600Strongly recommended
Legal Fees$1,200–$2,000Lawyer for closing
CMHC Insurance (if <20% down)~2.8%–4.0%Financed into mortgage
Land Title Registration~0.4%Provincial fee
Title Insurance$300–$500Lender/owner policies
Property Tax AdjustmentVariesPro-rated to possession
Home Insurance$1,500–$2,500/yrRequired by lenders
Moving & Utilities$1,000–$3,000Movers & hook-ups

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Calgary Market: Neighborhoods, Timing & Incentives

Q5: Best Calgary neighborhoods under $500,000?

Explore our guides to value communities and current market statistics:

Q6: Is now a good time to buy (October 2025)?

CREB reports balanced market conditions and moderating interest rates. Current market advantages for first-time buyers include increased inventory, stable pricing, and builder incentives. See Calgary Real Estate Board for monthly market releases.

Current Market Advantages

  • Balanced inventory: More choice for buyers than previous years
  • Rate stability: Interest rates showing signs of stabilization
  • Builder incentives: New home incentives and warranties available
  • Seasonal opportunity: Fall/winter markets often favor buyers

Q7: How long does the full buying process take?

Typical timeline: 60–90 days from pre-approval to possession (varies by property & financing). Include time for conditions (inspection/financing) and legal closing.

Typical Timeline Breakdown

  • Pre-approval: 1-3 days
  • House hunting: 2-8 weeks
  • Offer to acceptance: 1-3 days
  • Conditions period: 5-10 days
  • Closing period: 30-60 days

Q8: What first-time buyer programs are available?

Available Programs & Official Links

Process & Offers

Q9: Do I need a home inspection?

Yes — standard and highly recommended. See inspection standards via the Canadian Association of Home Inspectors. Include an inspection condition (often 7–10 days) in your offer.

Inspection Importance

  • Identify issues: Structural, mechanical, and safety concerns
  • Negotiation tool: Request repairs or price adjustments
  • Peace of mind: Know what you're buying
  • Insurance requirement: Some insurers require inspection reports

Q10: What should go into my offer?

Discuss with your REALTOR® and lawyer; learn contract basics from the Real Estate Council of Alberta (RECA). Core items: price, deposit, possession date, inclusions, and conditions (financing, inspection, insurance, condo docs).

Q11: How much below asking should I offer?

Depends on market conditions (hot/balanced/slow), days on market, comparable sales, and property condition. Your agent will prepare a CMA (Comparative Market Analysis). Review CREB market updates: CREB Housing Statistics.

Q12: What if my financing falls through?

Financing Condition Protection

If you have a financing condition and the lender declines, you can typically cancel and recover your deposit within the condition period. Without it, you may risk your deposit and legal action. See FCAC on mortgages: Mortgages — Canada.ca.

Property Types & Ongoing Costs

Q13: Should I buy a condo, townhouse, or detached home?

Calgary Property Type Comparison
TypeTypical Entry PriceProsConsiderations
Condo$200K–$500KAmenities; low exterior maintenanceCondo fees; bylaws; reserve fund
Townhouse$350K–$650KMore space; small yard/patioHOA/condo fees; shared walls
Detached$450K–$800K+Privacy; full control; yardHigher maintenance and costs

Condo buyer? Review the Government of Alberta Condominium Guide.

Q14: How much should I budget monthly beyond the mortgage?

Typical Monthly Items

  • Property taxes: ~$200–$600
  • Home insurance: ~$125–$200
  • Utilities (heat/power/water): ~$150–$300
  • Maintenance reserve: 1%–3% of value annually
  • Condo/HOA fees (if applicable): $200–$500+

Run the numbers with CMHC affordability calculators.

Q15: What's the difference between pre-qualification and pre-approval?

  • Pre-qualification: Quick estimate; no document verification
  • Pre-approval: Verified income/credit; written commitment; rate hold (90–120 days)

See FCAC guidance: Mortgage pre-approval (Canada.ca).

Q16: What are condo fees & special assessments?

Condo fees cover common elements, management, and reserve fund contributions. Review:

Ready to Get Pre-Approved?

Lock in your rate and shop with confidence in Calgary.

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Your Calgary First-Time Buyer Specialist

Diane Richardson guides first-time buyers from pre-approval to possession with neighborhood insight, negotiation expertise, and step-by-step support tailored for Calgary's unique market conditions.

Your Next Steps to Calgary Homeownership

Action Plan

  1. Check credit: Get your free credit report
  2. Run the numbers: CMHC affordability calculators
  3. Get pre-approved: Compare lenders & rates or use our mortgage calculator
  4. Learn the process: Calgary Home Buying Guide
  5. Start shopping: Just-Listed Homes (Updated Hourly)

Information current as of October 2025. Programs, rates, and rules may change — always verify with your lender, lawyer, and REALTOR®.

All information deemed reliable but not guaranteed. © 2025 Diane Richardson. All rights reserved.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.