Purchasing costs of buying a home in Calgary


Suburban StreetIt is important when you decide to buy a home for sale in Calgary that you have a full understanding of the costs associated with your purchase. People often assume the only cost of buying a home in the Calgary real estate market is the price of the home, and that is it.

There are many more additional costs that you must be prepared for when buying a home in Calgary, and it is important that you are fully aware of them. You will need to have some additional funds set aside to cover these costs unless you have already made arrangements with your bank or mortgage broker to cover these costs and absorb them into your mortgage.

Your largest initial expense will be your deposit. As a first time Calgary home buyer (or even a repeat buyer) this should generally be approximately 5% of the purchase price; however, it will be up to the seller of the property to determine how much they want in order to feel confident that you won’t walk away from the deal without your deposit if you need to.



You should also be prepared to pay:

  • Legal fees and disbursements
  • When buying a new home (newly built / never lived in) you are sometimes responsible for GST and/or PST if applicable
  • Property or land transfer tax
  • Adjustments (payable to the vendor, such as taxes)
  • Interest
  • Property Taxes
  • Utility Payments
  • If in a Condominium type of ownership, condo or strata fees
  • Home inspection fees or any other ancillary service fees requested by you as the buyer (furnace inspection, appraisal fee, water quality/quantity tests for acreages)
  • Mortgage broker’s fees (if applicable)
  • Mortgage loan insurance premium (if less than 25% down) plus application fee
  • Moving expenses
  • Renovations, repairs, paint, carpeting, and window coverings
  • Furniture
  • Property/Condominium Insurance

Additionally, once you have purchased your Calgary home you will incur regular expenses on a monthly, quarterly, or yearly basis such as:

  • Mortgage payments (you can do these weekly, bi-weekly, or monthly)
  • Water/sewer payments
  • Electricity and gas services
  • Cable/telephone/internet services
  • Property taxes
  • Strata or Condo fees
  • Repair/Maintenance expenses
  • Homeowners insurance

Don’t let this list of additional expenses worry you about buying a new Calgary property in the SE or SW neighbourhoods. All of these costs are part of purchasing a home and are well worth it. If you are interested in buying real estate, be sure to contact me.

When working with you, I will sit down and go over a detailed list of expenses you will incur when buying a home. There are different expenses depending on the type of home you purchase. I can also put you in contact with many different vendors throughout the city of Calgary that will be able to provide you competitive pricing on many of the associated costs.

Be sure to contact me if you are looking to buy a property in Calgary.


Sample annual expenses when owning a $500,000.00, single family residence.

Property Taxes: Conservatively budget 1% of value of house


Hydro: $100.00/month

Gas: $2500.00

Water: $500.00

++ Monthly mortgage payments


Annual house & fire insurance $600/year

Monthly condo maintenance fees if applicable.

If you would like to discuss the benefits of home ownership vs the costs to buy a home in Calgary, AB please get in touch with me!