Downsizing to a Condo in Calgary

Compare your current home with the full condo cost

Put your actual last year of home costs beside the condo estimate. Include property taxes, insurance, utilities and a realistic maintenance allowance for your current home. For the condo, use its full fee, unit insurance, tax, uncovered utilities and mortgage, if any.

Estimate net sale proceeds after mortgage payout, any penalty, selling costs and legal fees. Then subtract the condo purchase and closing costs, any move overlap, storage and immediate work. Decide how much cash you want to keep after the move.

Bring a tape measure and your daily routine

1. Measure the essentials. Check the sofa, bed and dining table against doorways, elevator dimensions and the actual wall lengths. Look at turning space and where guests, hobbies or work would fit.
2. Use the parking and storage. Try your own vehicle in the stall. Walk the route with groceries. Ask what the title or agreement says about the stall and locker, and check bike, visitor and EV arrangements if you use them.
3. Check the building’s rules. Read current bylaws for pets, renovations, balcony use and moving. Get the current budget, reserve study and funding plan so you can compare what the corporation handles and what you still pay for.

Work backwards from the move-in date

Compare selling first, buying first and allowing overlap. Put your sale proceeds, deposit, funding date, key handover and elevator booking on one timeline. Ask your lender about bridge financing eligibility before counting on it.

Ask both buildings and the mover about elevator reservations, insurance, deposits and access. If a builder’s possession date can shift, budget for a backup place to stay and a storage option.

Official resources: Purchasing a new home