First time home buyer Calgary: programs, costs and the order of steps

A first time home buyer in Calgary needs a minimum down payment of 5 per cent of the first $500,000 of the price plus 10 per cent of any amount from $500,000 up to $1.5 million, for an insured mortgage. Alberta has no land transfer tax, so closing costs are lower than in provinces that charge one. This guide sets out the numbers, the programs and the steps in the order they happen.

It is general information. Confirm mortgage details with a mortgage broker or lender, tax points with an accountant and legal points with a lawyer. Derek Bryer, a Calgary Associate with eXp Realty and the Justin Havre Real Estate Team, holds the Accredited Buyer’s Representative (ABR) designation and explains each step as it comes up.

What Calgary homes cost right now

CREB reports benchmark prices for the City of Calgary. The September 2026 figures are below. A benchmark describes the typical home based on attributes such as size, location and number of bedrooms, so a specific home will sit above or below it.

Property type	Benchmark, September 2026	Year over year
All residential	$566,700	down 0.82%
Detached	$739,400	down 0.95%
Semi-detached	$685,200	up 0.09%
Row	$412,400	down 5.54%
Apartment	$291,400	down 8.28%

Source: CREB Calgary Monthly Statistics Package, September 2026. The Calgary house prices page follows these monthly figures and the neighbourhoods page shows where each type is found.

Down payment tiers

CMHC states the minimum down payment is 5 per cent. For homes above $500,000 the Finance Canada rules set 5 per cent on the portion of the price up to $500,000 and 10 per cent on the portion between $500,000 and $1.5 million. The property value must be less than $1.5 million to qualify for mortgage insurance. CMHC’s own example is a $760,000 purchase with a minimum down payment of $51,000, which is 5 per cent of $500,000 plus 10 per cent of $260,000.

The table applies the same formula to the September 2026 Calgary benchmarks. These are illustrations, not quotes and your lender decides what you qualify for.

Purchase price	Minimum down payment	Calculation
$291,400 (apartment benchmark)	$14,570	5% of $291,400
$412,400 (row benchmark)	$20,620	5% of $412,400
$685,200 (semi-detached benchmark)	$43,520	$25,000 + 10% of $185,200
$739,400 (detached benchmark)	$48,940	$25,000 + 10% of $239,400

These minimums apply to insured mortgages. Ask your lender how the insurance premium is charged and what it adds on your file. A purchase of $1.5 million or more is above the insured limit, so the down payment is a matter for your lender.

Federal programs for first-time buyers

First Home Savings Account

The FHSA lets you save for a first home with tax-deductible contributions. CRA lists first-year participation room of $8,000, a lifetime limit of $40,000 and a maximum participation period of 15 years. Contributions are deductible, though transfers in from an RRSP are not. Your accountant can tell you how the deduction and your participation room apply to your tax situation.

Home Buyers’ Plan

The HBP lets you withdraw from your RRSP toward a first home. CRA says the withdrawal limit is currently $60,000. The relief for first withdrawals made from January 1, 2026 to December 31, 2028 starts the 15-year repayment in the fifth year after the first withdrawal year. The plan has conditions, so read the CRA page or ask an accountant before withdrawing.

First-Time Home Buyers’ Tax Credit

On line 31270 of the return, CRA says you can claim up to $10,000 for the purchase of a qualifying home. The page covers the 2025 tax year. Check the current year’s amount and eligibility with CRA or an accountant before you plan around it.

GST rebate on new homes

The First-Time Home Buyers’ GST/HST Rebate applies to newly built homes. CRA states it covers 100 per cent of the GST on a new home valued up to $1 million, with a reduced rebate between $1 million and $1.5 million. CRA says it is now accepting applications and builders may credit it at closing. A buyer who is not credited applies through a CRA account or on the purchase form. Dates and conditions matter here and the new construction guide covers the warranty and other points on new homes.

Insured mortgage rules

Finance Canada announced that for insurance applications from December 15, 2024, insured mortgages can have a 30-year amortization for all first-time home buyers and all buyers of new builds. The price cap for insurance rose from $1 million to $1.5 million.

CMHC’s purchase insurance page still states a maximum amortization of 25 years and mentions a 30-year option through CMHC Home Start. Those two statements do not line up, so ask your lender which applies to your file.

The qualifying rate

Lenders must test your payment at a higher rate than your contract rate. CMHC states the qualifying rate is the greater of the contract rate plus 2 per cent or 5.25 per cent. A mortgage broker can model how that affects the price range you qualify for. Use the mortgage calculator to test payments, then confirm the figures with a lender.

Closing costs in Alberta

Alberta has no land transfer tax. The cost that replaces it is the Land Titles registration fee under the Land Titles Act. The transfer fee is $50 plus $5 for each $5,000 or part of it of the value of the land. The mortgage fee uses the same formula on the principal.

Example	Calculation	Fee
Transfer of $412,400	83 units of $5,000, so $50 + $415	$465
Mortgage of $391,780	79 units, so $50 + $395	$445
Transfer of $739,400	148 units, so $50 + $740	$790

These are illustrations using the published formula. The mortgage amount is the row benchmark less a 5 per cent down payment. Real fees depend on the registered value and mortgage. The Alberta land title fees calculator works out your own amounts.

Other closing items

Expect to pay your lawyer for the title search, mortgage registration and closing. A registry agent may add a service charge. You may also pay for the home inspection, an appraisal if your lender requires one, home insurance and moving costs. Property tax adjustments between buyer and seller are handled by the lawyers on the statement of adjustments. Dollar amounts for these vary, so ask your lawyer and lender for written estimates.

Property tax after you move in

Calgary’s 2026 total residential rate is 0.0066499 per dollar of assessment. The City lists the median single detached home at an assessment of $706,000, with $2,746.76 to the City and $1,948.06 to the province. Bills are due on the last business day of June and the City offers a monthly payment plan.

A worked illustration

This example uses published formulas and the September 2026 detached benchmark of $739,400. It is an illustration only, not an offer or a quote. Your lender sets the actual terms.

Item	Figure	How it is worked out
Purchase price	$739,400	CREB detached benchmark
Minimum down payment	$48,940	5% of $500,000 plus 10% of $239,400
Mortgage before any insurance premium	$690,460	Price less down payment
Land Titles transfer fee	$790	148 units of $5,000, so $50 + $740
Land Titles mortgage fee	$745	139 units of $5,000, so $50 + $695

The down payment is the large figure and the registration fees are small by comparison. The fees that do not appear in the table are the lawyer, the inspection, insurance and moving. Get written estimates for those from the professionals involved before you commit to an offer, so that the cash you need on closing day is not a surprise. Your lawyer will also confirm the final figures on the statement of adjustments. A mortgage broker will also tell you the qualifying rate for your actual contract rate and the payment it produces.

Rent, save or buy

Whether to buy now is your decision. Neither this guide nor Derek will predict where prices or rates go. CREB reports last month and last year, which is why the tables are labelled with the month. If you are still saving, the FHSA and the Home Buyers’ Plan both have limits and rules that your accountant can map to your income and your savings.

The order of the steps

1. Check your budget and credit. Talk to a mortgage broker, find your pre-approval and ask what qualifying rate is applied.
2. Plan your down payment and closing money, including any FHSA, Home Buyers’ Plan or savings you will draw on.
3. Choose areas and a property type using the CREB district data. See the buyers page.
4. Sign a buyer representation agreement when you are ready. Rule 43 requires a written service agreement in residential real estate and Rule 55 requires written disclosure of the nature of the services first. Read both and ask questions.
5. Tour homes and compare them against the benchmark for the type and area.
6. Make an offer with conditions such as financing and inspection and name your lawyer.
7. Complete the conditions, including the inspection and the lender’s requirements.
8. Sign with your lawyer, pay the closing funds and take possession.

The buyer agreement

The Real Estate Council of Alberta (RECA) requires a written agreement with the brokerage and the Consumer Relationship Guide is mandatory for residential trades. The agreement is with the brokerage, not the individual. Read the term, the services and the remuneration clauses before you sign.

The home inspection

An inspection is a condition you choose to include in an offer. A licensed home inspector reviews the property and you are welcome to attend. Derek spent more than 20 years in residential construction before real estate, so he can point out what he sees, such as roof condition, grading or signs of water. He is not an inspector or an engineer and the formal findings come from the inspector.

Condominiums also have documents to review beyond the inspection. The condo buying guide covers the reserve fund study, the estoppel certificate and the bylaws. In Calgary hail is a known risk, so ask about the roof’s age and material and see the hail and roof guide.

Choosing a home type and a location

Benchmarks differ by type and by CREB district. Based on the September 2026 figures, an apartment or row home sits well below the detached benchmark and districts such as the North East and East show lower detached benchmarks than the West. Months of supply also differ: 3.31 for detached homes and 5.29 for apartments in September 2026.

Communities with a lot of recent building, such as Auburn Bay, Cranston and Evanston, show up in every price range, as do the towns near Calgary such as Airdrie. If you are new to the area, the relocation guide explains the layout of the city. The services page lists the first-time buyer service.

Questions to ask before you make an offer

• What is the lender’s qualifying rate and the maximum price on my pre-approval?
• Does the community have an annual fee registered on title and what is the current amount?
• How old is the roof and what is it made of?
• For a condominium, what do the reserve fund study and the bylaws say?
• For a new build, is the home covered by the new home warranty and who is the builder?
• What will my lawyer need from me and when?

Derek replies himself. You can contact him at 587-325-2992.