How Much Do You Need to Buy a Home in Calgary? (Calculator + 2026 Numbers)

First-time buyers · Calculator

"How much do I actually need?" is one of the first questions every first-time buyer asks. The honest answer depends on the price, your down payment and your rate, so I built a calculator you can play with. Below it, I've worked through real Calgary numbers so you can see what each type of home costs to get into.

Numbers on this page are current as of November 2026 and are estimates only. Your lender confirms the real figures when you get pre-approved.

Try the numbers yourself

What homes cost in Calgary right now

CREB's October 2026 benchmark prices for the city, with the minimum down payment you'd need at each:

Home type	Benchmark price	Minimum down payment
Apartment condo	$288,800	$14,440 (5%)
Row / townhome	$407,500	$20,375 (5%)
Semi-detached	$685,200	$43,520
Detached	$735,100	$48,510

The minimum is 5% of the first $500,000 and 10% of the part above it, so the jump from a townhome to a semi-detached roughly doubles what you need saved. Condo and townhome prices have softened over the past year, and apartments have more than five months of supply on the market, which gives first-time buyers room to negotiate.

What the monthly payment looks like

Monthly mortgage payment with the minimum down payment, a 4.5% rate and mortgage insurance added to the loan:

Home	25 years	30 years
Apartment, $288,800	$1,580	$1,440
Townhome, $407,500	$2,230	$2,030
Semi, $685,200	$3,690	$3,370
Detached, $735,100	$3,950	$3,610

That's the mortgage only. Add property tax (in Calgary, roughly $6.65 a year for every $1,000 of assessed value, so about $160/month on the apartment and $230/month on the townhome), utilities, home insurance and any condo fees.

Mortgage insurance, in plain English

Put down less than 20% and your mortgage needs default insurance from CMHC or a private insurer. You don't pay it up front: the premium is added to your mortgage. With 5% down it's 4% of the loan, and less as your down payment grows (3.1% at 10% down, 2.8% at 15%). First-time buyers can now take a 30-year amortization on an insured mortgage, which lowers the payment but adds a small extra premium (0.20%) and more interest over time.

The income banks look for

Lenders qualify you at a higher "stress test" rate: the greater of 5.25% or your rate plus 2%. At a 4.5% rate, that's 6.5%. They also want your housing costs (mortgage, property tax, heat and half of any condo fee) to stay under about 39% of your gross income, and all your debts under about 44%.

As a rough guide, with no other debts:

• Apartment at $288,800: household income of roughly $74,000
• Townhome at $407,500: roughly $98,000
• Semi-detached at $685,200: roughly $152,000
• Detached at $735,100: roughly $163,000

Car loans, credit card balances and student loans all reduce what you qualify for, so pay those down before you apply if you can. A pre-approval gives you your real number.

Don't forget the cash to close

On top of your down payment, budget 1.5% to 4% of the price for closing costs: lawyer, title insurance, inspection, Land Titles fees and adjustments. Alberta has no land transfer tax, which saves you thousands compared with Ontario or BC. I break down every line in Closing Costs in Alberta: What First-Time Buyers Actually Pay.

Ways to get there faster

For the full step-by-step, start with my First-Time Home Buyers Guide.