Buying your first home in Calgary

1. Get a real pre-approval

A rate hold from a lender or mortgage broker tells you your actual budget and protects your rate while you shop. Do this before booking showings — it changes which homes are worth your time.

2. Budget for closing costs, not just the down payment

Plan for these on top of your down payment:

• Lawyer fees and disbursements
• Title insurance where applicable
• Home inspection
• Property tax and utility adjustments
• Moving costs and immediate setup

3. Write an offer with the right conditions

Typical residential conditions in Alberta cover financing, a home inspection, and — for condominiums — review of the condominium documents. Each has a deadline, and each is there to give you a way out before the purchase becomes firm.

4. Read the condo documents properly

For a condo, the document package tells you about the reserve fund, planned special assessments, bylaws, pet and rental rules, and the board's minutes. This is where problems show up long before they show up in the unit.

5. Possession day

Funds move through the lawyers, keys are released once the seller's lawyer confirms receipt, and possession time is set out in the contract. Do a final walkthrough before possession to confirm the property is in the condition agreed.