In Alberta, your minimum down payment depends on the home’s price:

• 5% on the first $500,000
• 10% on the portion between $500,000 and $999,999
• 20% for homes over $1 million (mortgage insurance not allowed)

A larger down payment reduces your monthly mortgage cost and interest paid over time.

Pro Tip: If you’re a first-time buyer, look into the Home Buyers' Plan (HBP) which lets you withdraw up to $60,000 from your RRSP tax-free for your down payment. You may also qualify for the First-Time Home Buyer Incentive, a shared-equity program from the federal government.

 
Loan Term

In Canada, mortgage terms typically range from 1 to 5 years, even though your full mortgage might be amortized over 25 or 30 years. At the end of your term, you can renew at current rates or renegotiate your loan.

Pro Tip: If you expect to sell or refinance soon, consider a shorter term or an open mortgage. They often cost more up front but can save you from large prepayment penalties later.

 
Mortgage Type

There are two main types of mortgages in Canada:

• Fixed-Rate Mortgages: Your rate stays the same for the full term, giving you stable, predictable payments. Ideal if you want peace of mind.
• Variable-Rate Mortgages: The interest rate can fluctuate based on the lender’s prime rate. These often start lower than fixed rates but can go up or down.

Pro Tip: Fixed rates provide security, while variable rates often save money in the long run. Consider your risk tolerance, income stability, and market outlook when choosing.

 
Interest Rate

Your mortgage rate will vary depending on:

• Credit score
• Down payment size
• Mortgage term and type
• Employment and income stability
• Rates change frequently, so speak with a licensed mortgage broker or bank rep for current offers.

Pro Tip: Even a 0.25% change in rate can mean thousands saved. Don’t just shop for the lowest rate—compare terms, prepayment options, and penalties too.

 
Property Taxes

The City of Calgary charges property taxes based on your home’s assessed value. These are often paid through your mortgage lender, included in your monthly payment.

Pro Tip: Use the City of Calgary Property Tax Estimator to get an accurate estimate before you buy—especially important for new builds or infills.

 
Home Insurance

Home insurance is mandatory for buyers with a mortgage. It protects the property (and your lender’s investment) from damage, theft, or disasters.

Pro Tip: Ask about bundling your home and auto insurance for savings. Also, make sure your policy covers sewer backup and flooding, especially if you’re buying in areas near the river or with older infrastructure.

 
HOA / Condo Fees: 

If you’re purchasing a condo or townhome, monthly fees are paid to the homeowners association or condo board. These cover shared services like building maintenance, landscaping, snow removal, and reserve fund contributions.

Pro Tip: Before you buy, review the condo documents, especially the reserve fund study and recent meeting minutes. A low condo fee isn’t always a good sign—it could mean deferred maintenance or future special assessments.

 
Quick Buyer Tips for the Calgary Market: 

• Get pre-approved before shopping—this strengthens your offer and speeds up the deal.
• Budget for closing costs (1.5–3% of purchase price).
• Don’t max out your budget—leave room for interest rate changes or home maintenance.
• If you're self-employed, get your taxes and income paperwork in order early.
  Consider working with a local mortgage broker—they can shop multiple lenders to find the best fit for your situation.