Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, but there are also a host of other—sometimes unexpected— expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.

These expenses vary: some of them are one-time costs, while others will take the form of monthly or yearly installments. Some may not even apply to your case.  But it’s best to educate yourself about all the possibilities, so you will be prepared for any situation, armed with the knowledge to budget accordingly for your move. Use the following list to determine which costs will apply to your situation prior to structuring your budget: 

1.      Purchase offer deposit.

2.      Inspection by certified building inspector.

3.      Appraisal fee: Your lending institution may request an appraisal of the property. The cost of this appraisal is your responsibility.

4.      Mortgage application at your lending institution.

5.      5% GST: this fee applies to newly built homes only, or existing homes that have recently undergone extensive renovations.

6.      Legal fees: A lawyer should be involved in every real estate transaction to review all paperwork. Experience and rates offered by lawyers range quite a bit, so shop around before you hire.

7.      Homeowner’s insurance: Your home will serve as security against your loan for your financial institution. You will be required to buy insurance in an amount equal to or greater than the mortgage loan.

8.      Land transfer (purchase) tax: This tax applies in any situation in which a property changes owners and can vary greatly.

9.      Moving expenses.

10.   Service charges: Any utilities you arrange for at your new home, such as cable or telephone, may come with an installation fee.

11.   Interest adjustments.

12.   Renovation of new home: In order to “make it their own,” many new homeowners like to paint or invest in other renovations prior to or upon moving in to their new home. If this is your plan, budget accordingly.

13.   Maintenance fees: If you are moving to a new condominium, you will likely be charged a monthly condo fee which covers the costs of common area maintenance.

The home buying process for first-time buyers might seem daunting at first but breaking it down into steps can make it much more manageable. Here's a roadmap to guide you through it:

1. Assess Your Financial Readiness

• Review your savings, income, and current expenses. 

• Check your credit score since it affects mortgage approval and interest rates.

• Save for the down payment (typically 5-20% of the home's price) and account for additional costs like closing fees.

2. Determine Your Budget

• Use mortgage calculators to figure out how much you can afford.

• Get pre-approved for a mortgage, which shows sellers you're a serious buyer.   If you need a referral to a mortgage broker, I can help you with that.

3. Research Programs and Incentives

• Explore first-time homebuyer incentives, such as Calgary's programs or federal initiatives like the RRSP Home Buyers’ Plan. 

• I have listed several programs and incentives below to help you get started. 

4. Hire a Real Estate Agent – Call Me!

A trusted agent can help you navigate the market, find suitable homes, and negotiate with sellers.  As someone with experience in the Calgary area, a strong track record of successful home sales, and a reputation for excellent customer service. When you make the important decision to buy a home, I am committed to going the extra mile to ensure that all your needs are successfully met in a professional and honest manner.

5. Start the Home Search

I have access to a wealth of listings, including homes that may not be publicly listed, giving you more options to choose from.    Together we will look for properties that meet your needs (size, location, amenities, etc.) and schedule private viewings to look at your chosen homes.  I can create a personalized portal for you, providing access to new and updated listings the moment they become available.

6. Make an Offer

• Once we find your ‘dream home, we will work together to make a competitive offer based on market conditions. 

• Be prepared to negotiate with the seller on price, conditions, or closing terms.

7. Home Inspection and Financing

• I would recommend conducting a home inspection to ensure there are no major issues.

• Finalize your mortgage with your lender after receiving the inspection results.

8. Closing Process

• You will need to select a lawyer to represent you, who will prepare all the necessary legal documents and review and sign them about two weeks before the closing date.

• Pay the remaining balance of your down payment and closing costs.

• Receive the keys and officially become a homeowner!

If you're a first-time homebuyer in Calgary, there are several programs and incentives to help you get started:

Attainable Homes Calgary Program: This initiative offers down payment assistance of $2,000 for qualifying individuals. It allows buyers to share in their home's appreciation over the first five years.

RRSP Home Buyers' Plan: You can withdraw up to $35,000 from your RRSP account (or $70,000 if purchasing with a partner) to use as a down payment. The amount must be repaid within 15 years.

Federal First-Time Home Buyers' Tax Credit: This provides a $1,500 tax credit to ease financial burdens.

Shared Equity Mortgage Program: Eligible buyers can borrow 5% or 10% of the home's purchase price as an interest-free loan, reducing monthly mortgage payments.

Pre-construction Homes: Many first-time buyers are exploring pre-construction homes to lock in pricing and access fresh designs.

In Calgary, realtor fees typically follow a "7/3" model: 7% on the first $100,000 of the home's price and 3% on the remaining balance. For example, if a house sells for $400,000, the commission would be $7,000 for the first $100,000 and $9,000 for the remaining $300,000, totaling $16,000. This amount is usually split equally between the buyer's and seller's agents.

It's worth noting that these fees are negotiable and can vary depending on the services provided by the realtor. If you're planning to buy or sell, it's a good idea to discuss the fee structure with your agent upfront to ensure clarity.

Who Pays

In most Canadian real estate transactions, the responsibility for paying realtor fees typically falls on the seller. When a property is listed for sale, the seller and their listing agent agree on a commission rate, which is often calculated as a percentage of the final sale price. This commission is then split between the listing agent, who represents the seller, and the buyer’s agent, who represents the buyer.  This arrangement means that buyers are not directly responsible for paying realtor fees in most cases; instead, these costs are included in the seller’s expenses when selling their property.

A real estate agent handles all negotiations in the best interest of their clients. They will be able to identify potential problems and know what you are legally entitled to. An experienced real estate agent will help you avoid overpaying for a home and handle negotiations on your behalf, potentially saving you thousands of dollars. Finally, a real estate agent can access sales information online and use comparable properties as reference points for the home you are considering. By working with a real estate agent, you can save time, avoid costly mistakes, and increase your chances of achieving your goals in the real estate market.

When hiring a realtor to sell your home, look for realtors who provide enhanced marketing strategies, including high quality photography, virtual tours, 3D presentations, videos, drone photos and high-quality print material. 

Ultimately, the goal is to select a realtor whose expertise aligns with your real estate objectives and who offers value that corresponds to their fees. Additionally, it's important to choose someone you feel comfortable working with, who is honest and trustworthy. This approach will ensure a seamless transaction process and maximize the potential return on your investment.

Yes, first impressions do matter.

Lots of people out there want to buy your home. The right asking price will attract attention and get you maximum return. Setting a fair market value on your home will get the most out of interested buyers.

It’s nearly impossible to replace the initial flurry of interest and activity a new listing will generate.  REALTORS® in your area will want to see your home right away and tell their buyers all about it.  Be sure you’re priced and poised to capitalize on this first wave of excitement.

You don’t want to set your price too low or too high.

Setting too low a price means you could miss out on thousands of dollars that some buyer would have paid.

Setting too high a price can scare away willing buyers and leave your home on the market for too long. When you lower the price, people may assume you are under pressure to sell and lower their offers even further.

It’s not easy to price your home on your own. REALTORS® know the general factors affecting your market, so work with them to get a price that’s right for you.

The Right Price 

The Benefits of Pricing Calgary Homes Right

Your home may sell faster

• A well priced home not only captures the attention of potential buyers, it also prompts interested buyers to act. The sooner they act, the more likely someone will make an offer and get the process underway.

• Your property sells faster because it is exposed to more qualified buyers.  You’ll target the right buyers

• If the price is right, your home will attract the right buyer who can afford your home. Your home does not lose its marketability

• The right price will attract showings, which will generate offers.

• Most activity on a new listing occurs in its early days on the market. As soon as a property comes on the market, there is a flurry of activity of surrounding it. Don’t let that excitement end with an overpriced home.

• REALTORS® will be enthusiastic about showing your property to buyers.

• Most listings have the most interest in the first four weeks of being on the market.

Common Reasons for Overpricing

Save yourself time, energy, and money by avoiding these common overpricing mistakes

• Over improved property makes improvements to your home for your enjoyment not just for resale. You cannot expect to add items to your home, use it and then expect a buyer to pay for it.

• Original purchase price was high It is possible you paid market value for your home and now the market has changed.  It is not that you paid too much but rather the current market has changed significantly resulting in a lower market value.

• Desire for negotiating room it is easier to negotiate upwards to a fair market value than to an inflated price.

• Financial Need An owner’s need for money does not increase the value of the home nor does a buyer care about how much you need to walk away with.

• Just Fishing. You are not really motivated to move but, if you got the right price, you would. It is important to price correctly to preserve your marketing opportunities when and if the move becomes urgent.

• Mortgage/Appraisal issues your buyer will need a mortgage; the mortgage lender requires an appraisal. If comparable sales and current market conditions do not support the sale price, the house won’t appraise.  Your deal falls apart or you try to renegotiate the price but only if the buyer is willing to listen.

Bottom Line

• Ultimately, the asking price that you decide on should reflect your overall selling goals. Are you looking to sell quickly, or do you have time to wait for the right offer to come around.

• Make sure to consider why you are selling before setting your asking price.

• There is no exact price; your home is worth what a buyer is willing to pay.

• The market determines value; together you and I can determine asking price.

The market remains balanced, with steady demand and a sales-to-new-listings ratio (SNLR) of 55%.   Calgary's real estate market has seen varied price trends across different property types in 2025:

• Detached Homes: The average price is $839,250, reflecting a 5.4% increase year-over-year.

• Semi-Detached Homes: Prices have slightly declined by 0.3%, now averaging $695,000.

• Townhouses: The average price has risen by 3.1%, reaching $487,000.

• Condo Apartments: Prices have increased by 2.5%, now averaging $367,000.

If you are thinking of selling, a good place to start is to determine your home’s worth.  Give me a call and we can get started with a free home evaluation.

If you are thinking of buying, there are a lot of options to consider.  Let’s have a chat and we can determine your best options depending on your current situation,

Let me put my 38+ years of experience to work for you.

The Calgary real estate market is transitioning towards balanced conditions, with increased inventory easing pressure on prices, according to WOWA and CREB reports. While home sales have decreased, the average home price remains relatively stable as noted by Canadian Mortgage Trends.   

Here's a more detailed look:

Key Trends:

• Increased Inventory:

  Calgary has seen a significant surge in new listings, leading to a higher months of supply according to CREB reports. 

• Balanced Market:

  The increased supply has moved Calgary into balanced market territory, meaning that the number of homes for sale is more closely aligned with the number of buyers.   

• Stabilized Prices:

  While prices have generally increased over the past year, the pace of growth has slowed due to the increased inventory.   

• Sales Decline:

  Home sales have decreased year-over-year, indicating a potential cooling off in the market.  

Specific Property Types:

• Detached and Semi-Detached:

  These property types continue to experience some tightness in supply, with prices remaining higher than a year ago according to CREB.

• Apartments and Townhouses:

  These property types are seeing more balanced conditions and slower price growth due to the increased inventory, as reported by CREB. 

Overall, the Calgary real estate market is undergoing a shift towards a more balanced and sustainable environment. While the pace of price growth may be slowing, the market remains active, and buyers are likely to have more options and negotiating power than in recent years.