Buying a home in Calgary

Real Estate's Most Frequently Asked Questions to REALTORS®

FAQ'S For Calgary House Buyers

Should I buy a new home or a resale home?

There truly are benefits to both scenarios and it ultimately depends on your situation! Lets start with the cons of buying a new home in Calgary: Amenities, services, and important details to many buyers like access to public transportation may not be built for many years. New communities like Auburn Bay will eventually have LRT lines directly accessible from the community, but these developments do take time! With new home builds, you'll also be paying the GST on the purchase, you won't be able to see the home until it's finished. Benefits of buying a new home in Calgary: New! From the bones, to the walls, the floors, the windows, and the guts of the home (furnace/Hot water tank/Etc) typically backed by a brand new Alberta home owners builder warranty! You'll find these homes have lower costs as they're more efficient in numerous ways.

How much can I afford to spend on a home in Calgary?

There are numerous ways of calculating how much home you can afford, but our general guideline is to take your total monthly costs for housing which includes taxes, maintenance, utilities, insurance, and mortgage payments SHOULD NOT exceed over 30% of your gross monthly income. With plenty of financial representatives often stating that you should not exceed 40% of your income for all monthly debts (Credit card, car payments, mortgage payments, etc) We highly recommend that you speak with one of our mortgage Impact partners, they'll help you find a realistic and well thought out budget for your next home approval, this process will help you understand what your purchasing power is, and from there you can shape and form your search further! Some factors that will shape your purchasing power are Your total debts and monthly payments (current) Your credit score and history Current interest rates How much of a down payment you have saved up Your income

How much do REALTORS® charge to buy a home in Calgary ?

Nothing! We typically have clients that are shocked to hear and find this out, but as a buyer, you aren't going to be shelling out any cash for utilizing our team as a home buyer. Our fees are compensated through the sellers, it's one of the many reasons you should always consult with the Real Estate Partners team and to review any exclusive buyers agent agreement, all the terms and conditions of compensation and our duties as REALTORS® are completely outlined!

I'm interested in a home that's listed with another brokerage, can your REALTORS® help me?

Absolutely we can help! In fact when you work with an agent who isn't on the listing side, you know you're working with someone who solely has your interests in mind.

Is there a limit to how many homes I can see?

Not necessarily! The biggest limitation will be inventory, if (for example) you're in search of a home built from 2004 to present, over 1,800 square feet, under $650,000 in any newer community, you'll have plenty of options to pick from, but if you're looking for a Bungalow renovated after 2006 in a select few inner city communities, you may be limited to how many options you have. In terms of volume, after you've seen anywhere from 3 to 10 homes, many buyers are able to develop a more thorough and clear understanding of what they need, want, and prefer in a home and are able to move faster (i.e. write an offer) as well. It's also important to note that the number of showings to when you write an offer is a personal preference and comes down to how you prefer to operate. We have buyers who write offers on their first viewings, while we have others who see upwards of 30 homes over a few months of searching.

How much money do I need to have for my down payment?

The typical minimum down payment for purchasing a home on a principal residence is 5%, when the property is for investment purposes, you'll typically be required to have a 20% down payment. A $400,000 property for example at minimum would require $20,000 down, and would require $80,000 for a standard uninsured mortgage where you wouldn't have insurance fees. There are exceptions to all of these numbers and details, and we always recommend you speak with our mortgage impact partners to fully understand your purchasing power.

What are my costs for purchasing a home in Calgary?

There are a number of costs associated with purchasing a property in Calgary, as a buyer you won't be responsible for the costs of utilizing the services of a REALTOR®, but you will have a few other costs that should be considered. When you purchase a home, typically you'll have a few conditions, these can be financing, home inspection, condo document review, and others. Condominium document review, these typically will cost between $350 - $500 This cost and typical condition allows you to have someone professionally review the management of a condominium's documents and finances, allowing you to have a better understanding of how healthy the condominium corporation is and whether there are potential upcoming special assessments that could end up costing you tens of thousands of dollars or more. Moving - If you're not ready or are unable to take on the task of moving your home, a moving company becomes an incredible relief to your move and will typically cost you anywhere from $500 to $1,000 for your average bungalow and two storey home. Legal Fees - These are the costs associated with the closing of your home, money is held in trust, title transferred to you, and much more. Legal fees will vary depending on the price you pay for the home, but will typically run you between $800 and $1,500 Cleaning the home - Many of our clients are surprised to find out that a home doesn't have to be fully cleaned before being handed over to you the new buyers, this can be sometimes inserted as part of the contract, it's not seen very often, and if you'd like to ensure your home is cleaned professionally before you move in, expect to budget at least 3 hours and you'll typically see rates of $35 to $40 per hour. Home Inspections are on average done 90% of the time our buyers purchase a property, there are times where we don't see them, for example when a client is buying a condominium they sometimes will not perform a home inspection, or when purchasing a new build it varies whether a client will have their own inspection done. The costs for a professional home inspection will also vary depending on the size of the home, but your typical costs for a home inspection will be $350 - $600

1. How to Find Your Dream Home

Our guide to helping you find your dream home.  

To get started, utilize our one tap registration and unlock the true power of our site!

Members can also create saved searches, collect their favorites and sign up for instant email alerts when new homes that fit their criteria come on the market. Search Homes For Sale in Calgary Right Now: Use our customized home search tools to browse a wide variety of detached single-family homes, duplexes or apartments / condominiums, townhomes, or land! 

  • Search Homes For Sale in Calgary Right Now: Use the search tool to browse the wide variety of single-family homes, duplexes and condominiums on the local real estate market.

  • First-Time Buyer? Read about some things you need to be aware of, if you're new to this process.

  • Learn About the Pros and Cons of a Community in Calgary and homes in the surrounding area before you invest by watching our Youtube playlist that breaks down the great things communities have to offer and the things you should look out for!

  • Buy Your Home with a REALTOR®: Read our buyer's guide and find out why working with a REALTOR® takes the guesswork out of buying a home.

  • Use our Mortgage Calculator to figure out understand what your mortgage payments will be on the home you want.

  • Connect to a Professional: Contact us anytime you need to know more about the area or any property that interests you. When you're ready to take the next step toward purchasing a home, we're here to help.

2. Setting up your financing 

Get started with a quick mortgage form below, it takes 30 seconds and will go straight to one of our mortgage partners who will follow up and get the process started and answer any questions you may have! 

Related Resources:

3. Refine your search 

  • Plumbing issues you can find in Calgary - Know what types of plumbing you might encounter on your search. Don't stress too much about this though, your agent on our team trains multiple times weekly on key real estate elements (like construction knowledge) and will be able to give you a comprehensive understanding of what to look out for, what to expect in certain communities, and how to leverage this knowledge in negotiations. 

  • Viewing homes online vs in Person - A quick guide to understanding just how important it is to see homes in person vs online 

4. How to Setup Your Financing

4. Calgary Moving Checklist 

Pick up a copy of our city guide! It has tons of great information and resources 

  • Good things to know about your home when you move in

Moving from out of town to Calgary

 Here's a few resources that may help:

New to Canada Mortgage Information 

Some other great resources to help guide your next home purchase

 Here's a few resources that may help guide your purchase (or your next steps after buying)

  • Biggest renovation mistakes home owners make - Save yourself time, money, and 

Please fill out the form below and one of our qualified agents will be in contact to help you get started on your home search:

Contact Information

Provide a valid email address.

Mailing Address

Property Information

Moving Details

Newsletter consent

*Your information will never be shared with any third party.