Buying your first home in Calgary? Here’s a clear path from pre-approval to keys in hand—plus what makes our market unique (hello, RMS!) and the real costs you should plan for in Alberta. I’ll keep the jargon light and the steps practical, so you can move confidently at every stage.
Step 1: Get Pre-Approved (and know your true budget)
Why it matters: Pre-approval sets your price range, strengthens your offer, and prevents surprises during financing.
What lenders look for
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Income & employment stability
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Down payment & source of funds
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Credit score & existing debt (TDS/GDS ratios)
Documents to prepare
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Government ID
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Recent pay stubs / T4s (or NOAs if self-employed)
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Employment letter
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Bank statements (90 days)
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Down payment proof (including gift letter if applicable)
Tip: Ask for a rate hold (often 90–120 days). If rates drop, you can usually float down; if they rise, you’re protected.
Step 2: Understand Calgary’s Market (and where you fit)
Every quadrant has its own vibe and value profile.
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NW: Nature & UCalgary proximity, established streets, great parks
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NE: Value, newer communities, airport access
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SW: Scenic, mature pockets, Glenmore/Elbow corridors
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SE: Newer master-planned areas, lake communities, Ring Road access
How I help: We’ll match budget + lifestyle (commute, schools, parks, amenities) and create a shortlist of neighbourhoods you’ll actually love.
Explore: NW Calgary • NE • SW • SE
Step 3: RMS in Plain English (Calgary’s measurement standard)
You’ll see “RMS” on listings. It stands for Residential Measurement Standard—Alberta’s method for measuring a home’s above-grade size.
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Above grade only: Basements (even walkouts) aren’t counted in RMS square footage.
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Condo note: RMS uses interior paint-to-paint measurements; they can differ from condo plan sizes.
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Why it matters: Apples-to-apples comparisons. When we comp homes, we compare RMS to RMS to avoid over/under-valuing.
Pro move: We’ll focus on layout, functionality, and usable space—not just the number.
Step 4: Tours & Shortlisting (seeing homes like a pro)
What to look for on showings
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Natural light, noise levels, and sightlines
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Floor plan flow (kitchen triangle, bed/bath separation)
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Mechanical age (roof, furnace, HWT, windows)
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Storage, parking, and outdoor space
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For condos: building upkeep, amenities, visitor parking, reserve fund
Your “must-have” vs “nice-to-have” list
I’ll help you separate deal-breakers from preferences so great homes don’t slip by.
Step 5: Writing a Strong Offer (terms that win)
A great offer is more than just price.
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Deposit norms: Typically due within 24–48 hours of final acceptance
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Common conditions: Financing, home inspection, condo document review (if applicable)
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Timing: Possession dates, condition periods (usually 7–10 days), irrevocable time
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Strategy: Price positioning, inclusions (appliances, window coverings), negotiating credits vs repairs
In competitive scenarios: Clean timelines, strong deposit, and proof of pre-approval can make all the difference.
Step 6: Conditional Period (your due diligence window)
Inspection: Structure, roof, electrical, plumbing, HVAC, exterior grading, moisture.
Condo docs: Financial health, reserve fund study, bylaws, minutes, upcoming special assessments.
Financing: Lender appraisal and paperwork finalization.
Outcomes
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Waive conditions and proceed
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Renegotiate based on findings
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Walk away with your deposit protected (if within the agreed condition terms)
Step 7: Closing Costs in Alberta (plan these early)
Budget ~1.5–3% of purchase price (varies by property/financing). Typical items include:
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Lawyer / conveyancing: Title transfer, disbursements, adjustments
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Title insurance / RPR solutions: If needed to address survey/title concerns
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Home inspection: Usually $400–$700+
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Appraisal (if required by lender): ~$300–$500
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Adjustments at closing: Property taxes, condo fees, utilities (pro-rated)
First-time buyer note: Ask about land transfer / tax nuances and any available lender/insurer programs you might qualify for.
Move-In Checklist (quick start)
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Set up home insurance (effective on possession day)
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Book movers and reserve elevator (for condos)
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Utilities & internet: Transfer or open accounts 1–2 weeks before possession
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Keys & locks: Re-key after possession for peace of mind
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Mail: Canada Post change of address
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Safety sweep: Smoke/CO detectors, furnace filter, shut-off valves
Calgary Buyer FAQs
Is a basement suite included in RMS square footage?
No—RMS only includes above-grade areas. We still assess basement functionality and suite potential/value.
How much do I need for a deposit?
Varies by price point and competitiveness; we’ll choose an amount that signals commitment without over-exposing your cash.
What’s better: new build or resale?
New builds offer warranties and modern layouts; resales often have mature locations and lot sizes. We’ll compare apples-to-apples by area and total cost (including upgrades/landscaping).
How long does the whole process take?
From pre-approval to keys, many first-time buyers close within 45–90 days. Timelines vary by search scope and possession date.
Can I avoid a bidding war?
We can target less competitive segments, move quickly on good fits, and craft terms that win without overpaying.
Do I need a lawyer?
Yes. In Alberta, real estate lawyers finalize title and funds. I can recommend excellent local options.
About David
I’m a Calgary REALTOR® focused on education-first guidance. If you want clear steps, fast communication, and a local who knows the quadrants inside-out, let’s chat.
