Buying Your First Condo in Calgary

Set two budgets before you tour

Write down a monthly number you can live with and a separate cash-at-closing limit. Include the mortgage, full condo fee, property tax, unit insurance, utilities billed separately and any parking costs. Keep some savings available for repairs or an assessment after closing.

Ask your lender how it treats condo fees and what it needs to approve the particular unit and building. For closing cash, ask your lawyer for an estimate that includes legal costs, Land Titles registration and adjustments. Add document review, inspection, moving costs and any elevator deposit to your own budget.

Give yourself time to review the corporation

1. Before the offer. Ask which parking stall and storage locker come with the unit and how those rights are documented. Confirm what the fee includes and request the corporation’s documents.
2. Write the deadlines into the offer. Discuss financing, an independent condo document review and any inspection conditions. Allow enough time for the full package to arrive and for the people reviewing it to report back.
3. Review before you waive. Ask your reviewer to compare the budget, financial statements, minutes, reserve fund study and funding plan. Ask your insurer about the corporation’s deductible and your exposure. Have your lawyer check title and the estoppel certificate.

Check first-home programs before using the money

Check the CRA’s rules for the First Home Savings Account (FHSA) and the Home Buyers’ Plan (HBP) separately. Have your provider confirm withdrawal timing before relying on either for closing.

For a newly built condo, ask the builder to show GST and any assumed rebate in writing. Check the CRA’s first-time buyer rebate rules and ask who files the claim, what the written price includes and how the deal changes if you do not qualify.

Official resources: First Home Savings Account · Home Buyers’ Plan eligibility and withdrawals · First-time home buyers’ GST/HST rebate