First-Time Home Buyer Mortgages in Calgary
On the Calgary Real Estate Board's August benchmarks, a Calgary apartment costs $295,400 and needs $14,770 down, and a detached home costs $744,300 and needs $49,430 down. Alberta has no land transfer tax, so the government's share at closing is a land titles fee of a few hundred dollars. At those numbers, the order you do things in (credit, then down payment sources, then a reviewed pre-approval) decides how smoothly the purchase goes.
How much down payment do I need to buy a home in Calgary?
You need 5% of the first $500,000 of the price and 10% of the part between $500,000 and $1,500,000. On every Calgary benchmark that works out to less than $50,000, and 20% down removes mortgage insurance altogether.
| Home type (August benchmark) | Price | Minimum down | 20% down |
|---|---|---|---|
| Apartment | $295,400 | $14,770 | $59,080 |
| Row home | $415,200 | $20,760 | $83,040 |
| Semi-detached | $690,500 | $44,050 | $138,100 |
| Detached | $744,300 | $49,430 | $148,860 |
Below 20% down, the mortgage has to be insured, and the insurance premium is added to your mortgage balance. For many first-time buyers in Calgary that trade is worth making, because saving 20% on a detached home means finding another $99,430 before you can buy.
What are the closing costs for a first-time buyer in Calgary?
Alberta charges no land transfer tax. You pay a land titles fee of $50 plus $5 for every $5,000 of the price, the same again on the mortgage, and then legal fees, title insurance and property tax adjustments.
- Apartment at $295,400: transfer fee $350, plus about $335 to register a $280,630 mortgage, for about $685 in government fees.
- Detached at $744,300: transfer fee $795, plus about $745 to register a $694,870 mortgage, for about $1,540.
A first-time buyer in BC paying $744,300 would still owe $4,886 in property transfer tax after the first-time buyer exemption, and $12,886 without it. A Calgary buyer can put that money toward the down payment or a cash cushion instead. Lenders want to see closing money on top of your down payment, so keep that cushion separate from the down payment itself.
Can I use my FHSA and RRSP together for a Calgary down payment?
Yes. A First Home Savings Account (FHSA) takes $8,000 a year up to $40,000, and the Home Buyers' Plan lets you take up to $60,000 from your registered retirement savings plan (RRSP). You can use both on the same home.
For a couple with full room in both, that's up to $200,000 between the 2 programs, enough for 20% down on the semi-detached benchmark. The FHSA money never has to be paid back, while the Home Buyers' Plan money goes back into your RRSP over time, so we usually spend FHSA money first when a buyer has to choose.
What is a true pre-approval, and why does it matter in Calgary right now?
A true pre-approval means a lender has reviewed your documents, your income, credit and the source of your down payment, before you shop. A quick online pre-qualification only checks what you typed in, and it can fall apart after you've made an offer.
CREB reported close to 6 months of apartment supply and over 3 months for detached homes in August, which gives buyers time and room to negotiate. Sellers facing that much competition can be more likely to accept an offer subject to financing, and a file a lender has already reviewed lets you keep that condition short. Start yours with the READY assessment.
How does the stress test change what I can buy in Calgary?
The lender checks that you could still make the payment at a rate higher than the one you'll pay, and that your housing costs and other debts fit inside limits set against your income. The stress test decides your maximum price more than your down payment does.
2 things help first-time buyers here. Since December 15, 2024, first-time buyers with an insured mortgage can choose a 30-year amortization, which lowers the payment the lender tests. And on a Calgary condo, part of the condo fee counts in the test, so a unit with a lower fee can qualify you for a higher price than a cheaper unit with a high fee.
What should a first-time buyer in Calgary do first?
- Pull your credit report and fix anything wrong on it.
- Add up your down payment by source: savings, FHSA, RRSP and any gift from family.
- Gather 2 recent pay stubs, a job letter and your last 2 Notices of Assessment.
- Get a reviewed pre-approval before you book showings.
- Shop inside the number you're comfortable paying, which may sit below the number you qualify for.
The first-time home buyer guide covers each step in more depth.
Frequently asked questions
Is there a land transfer tax in Calgary?
- No. Alberta has no land transfer tax. You pay a land titles fee of $50 plus $5 for every $5,000 of the price, and the same formula on your mortgage amount. On a $744,300 detached home that's $795 for the transfer.
What's the minimum down payment on a $500,000 home in Calgary?
- $25,000, which is 5% of $500,000. Above $500,000 you add 10% of the extra, so a $600,000 home needs $35,000. Under 20% down, your mortgage must be insured and the premium is added to the balance.
Can I get a 30-year mortgage as a first-time buyer in Alberta?
- Yes, if your mortgage is insured. Since December 15, 2024, all first-time buyers with an insured mortgage can choose a 30-year amortization. With 20% down or more, 30 years is also available at many lenders on uninsured mortgages.
Can my parents gift me my down payment?
- Most lenders accept a gift from immediate family. They'll ask for a signed gift letter saying the money doesn't need to be repaid, and proof the funds are in your account before closing.
How long does a pre-approval last?
- Many lenders hold a pre-approval rate for a few months. The approval itself only holds if nothing in your file changes, so avoid new debt, a job change or a large purchase until you close.
Does it cost anything to use Flow as a first-time buyer?
- On a standard mortgage the lender pays us, so there's no fee to you. If your file needs a lender that charges a fee, we tell you before you apply.