Can I use both my FHSA and RRSP to buy my first home?

Yes. FHSA withdrawals for a first home are tax-free and don't need to be repaid. Under the Home Buyers' Plan you can also withdraw up to $60,000 from your RRSP, repaid over 15 years. Many first-time buyers stack both.

How long does a mortgage pre-approval last?

Most lenders honour a rate hold for 90 to 120 days. Try to time your pre-approval so the hold covers your entire shopping window.

What credit score do I need to buy a house in Alberta?

Most insured lenders want at least 680. Under 680 you may face higher rates or need a larger down payment. Above 720 opens the best pricing.

How much are closing costs in Alberta?

Budget $6,000–$11,000 for legal fees, title insurance, land title registration, home inspection, first-year home insurance, adjustments, and moving. Alberta has no land transfer tax, but there are small registration fees. This is separate from your 3-month safety reserve.

Do I need money beyond the down payment?

Yes. Plan for property tax adjustments, legal fees, home inspection, moving costs, and immediate repairs. Budget an extra 1.5–4% of purchase price.

How much should I save beyond my down payment?

Plan for roughly $13,000–$19,000 total — that is about $6,000–$11,000 in closing costs and extras plus a 3-month housing safety reserve (~$7,000–$8,000). Your true readiness number is down payment + closing + reserve.

Do I need 20% down to buy a house?

No — you can put as little as 5% down on the first $500K. Below 20% you'll pay CMHC default insurance. Above $1.5M, though, 20% is mandatory because insured mortgages aren't available on those homes.

What happens if my home inspection finds problems?

If your offer had an inspection condition, you can renegotiate the price, request repairs, or walk away with your deposit returned. That's the whole point of the condition.

Is there land transfer tax in Alberta?

Alberta has no land transfer tax — one of the few provinces without one. You pay small registration fees at the Land Titles Office (a few hundred dollars, based on price and mortgage size).

Can my family gift me money for a down payment?

Yes. Immediate family can gift down payment funds, provided you supply a signed gift letter confirming the money is a gift, not a loan. Lenders may also want to see it deposited before closing.

What is the mortgage stress test?

A federal rule requiring you to qualify at the higher of your contract rate + 2% or 5.25%. It proves you could still afford the mortgage if rates rise before renewal.

How long does it take to buy a house in Calgary?

From first serious conversation to keys, most first-time buyers take 3–6 months once they're financially ready. If you're still saving, plan on 12–36 months to get to that ready state.

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Free Home Plan · Calgary

See your plan to your first home.

Answer 5 short questions. 2 minutes. Free. We show you: how much money you need, how many months, and what to do each month. Kaya mo 'to.

No email needed to see your plan.

Your plan will look like this

Real numbers. Your numbers.

Sample plan

An 18-month plan to a $450,000 townhouse.

Your timeline

18 months

Minimum down payment

$22,500

Save each month

$1,150/mo

FHSA room (couple)

$16,000/yr

Example plan — Maria & Jon, $450,000 townhouse. Your plan will use your numbers.

Built by Hervin Pesa, CFP

Aware Financial Planning

Real estate partner

Eric Blas, Blas Realty Group · #1 Filipino Realtor, eXp Alberta 2023 · Top 1% in Canada, eXp Realty

Mortgage partner

Worry Free Mortgage · Calgary mortgage professionals for first-time buyers

Real numbers. Real rules. Checked against Government of Canada / CMHC sources.

How it works

Three steps. That is all.

Answer 5 questions

Two minutes. Simple questions. No email.

See your plan

Your money. Your months. Your monthly target.

Follow it month by month

An 8-step plan. Check things off as you go.

FAQ

The questions we hear most.

The minimum is $22,500 — 5% of the first $500,000. If your price crosses $500K, you'd pay 5% on the first $500K plus 10% on the portion above.

Glossary

Home buying words, explained simply.

Money words, mula sa bahay

paunang bayad — down payment
hulugan — installment / monthly payment
utang — debt
ipon — savings
bahay — house

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This is general education, not personalized financial or investment advice. Talk to a licensed advisor about your own situation. Mortgage rules verified against Government of Canada / CMHC sources as of July 21, 2026.