First-time home buyers · Calgary & Cochrane
Your first home, explained plainly.
Buying your first place is a big step. I'll walk you through the money, the paperwork and the market in plain language, so you know what to expect at every stage and never feel rushed.
First-home calculator
What will you need upfront?
Slide the price and your down payment. It works out the minimum down payment, mortgage insurance and closing costs using Canadian and Alberta rules.
Alberta has no land transfer tax. You pay land title registration fees instead, which are much smaller.
Cash you'll need at closing
$0
Down payment plus estimated closing costs
Estimates only. Rules and fees change, so confirm your numbers with your lender and lawyer.
Programs that help
Money on the table for first-time buyers.
First Home Savings Account (FHSA)
Save up to $8,000 a year, to a $40,000 lifetime limit. Contributions are tax-deductible, and withdrawals for your first home are tax-free.
- Unused room carries forward, up to $8,000 into the next year
- Can be combined with the RRSP Home Buyers' Plan
- Buying with a partner? You can each have one, up to $80,000 together
RRSP Home Buyers' Plan
Withdraw up to $60,000 from your RRSP for a first home, tax-free, then pay it back into your RRSP over 15 years.
- Money needs to sit in the RRSP at least 90 days before you withdraw it
- Missed repayments are added to your taxable income that year
- Buying with a partner? You can each withdraw, up to $120,000 together
GST rebate on new homes
Full GST relief on a newly built home up to $1 million, and a partial rebate between $1 million and $1.5 million.
- For purchase agreements signed on or after March 20, 2025
- The home needs to be your primary residence
- Usually claimed within two years of taking ownership
Longer amortization
First-time buyers can stretch an insured mortgage (less than 20% down) to 30 years, which lowers the monthly payment.
- You'll pay more interest over the life of the mortgage
- Adds 0.20% to the mortgage insurance premium
- Try both in the calculator above to compare
Higher insured cap
You can buy with less than 20% down on homes up to $1.5 million, up from the old $1 million limit.
- Minimum down: 5% of the first $500,000, 10% of the rest
- Mortgage insurance is added to your loan
- At $1.5 million and up, 20% down is required
No land transfer tax
Alberta charges only small land titles registration fees, not a percentage tax on the purchase price like Ontario or BC.
- Title and mortgage registration fees are based on the price and loan amount
- Budget for legal fees, an inspection and adjustments too
- The calculator above shows your closing costs
Check eligibility with your mortgage broker or accountant. I'll make sure the timing of your purchase lines up.
Talk it through: (403) 616-6309First-time buyer questions
Straight answers.
Do I have to pay you as a buyer?
In most Calgary resale purchases, the buyer's agent is paid out of the sale proceeds on the seller's side, so you don't write me a cheque. I'll explain exactly how it works on your purchase, in writing, before you sign anything.
Should I get pre-approved before I start looking?
Yes. A pre-approval tells you your real budget, holds a rate for a period of time, and makes your offer stronger. It's free and usually takes a few days.
What is the mortgage stress test?
Lenders check that you could still afford your payments at a rate higher than the one you're actually getting. It's why your approved amount can be lower than you expect. A good mortgage broker will show you the numbers.
Condo, townhome or house for a first home?
It depends on budget, lifestyle and how long you plan to stay. Condos are lower-maintenance and currently the most negotiable. Townhomes and semis give you more space and often a yard. On our call I'll show you what each budget actually gets you in different neighbourhoods.
Keep reading
Guides for first-time buyers
Live from the MLS® · Calgary
What your budget buys, right now.
Homes listed for sale in Calgary today at first-home prices. Tap any box to see them.
Counts of homes listed for sale in the City of Calgary, updated each time the page loads. Houses include detached and semi-detached homes.
First Time Home Buying Guide
