Your First Home Starts With the Right Guidance
If you're a first time buyer in Calgary or Alberta, you're probably wondering how much home you can afford, how much you need for a down payment, and where to start. That is exactly what we help with, from pre-approval to possession day.
The short answer
To buy your first home in Calgary you need at least 5% down on the first $500,000 (10% on the portion above that), a credit history lenders can review, and income that passes the stress test at 5.25% or your rate plus 2%. Start with a free pre-approval so you know your budget before you shop. You can use the FHSA, the RRSP Home Buyers' Plan (up to $60,000) and the First Time Home Buyers' Tax Credit together.
Lacroix Mortgage Group is a Calgary mortgage team licensed with and powered by Mortgage Connection Inc., a mortgage brokerage licensed in Alberta by the Real Estate Council of Alberta (RECA), and part of the DLCG network. Our brokers are individually licensed. See licence details.
The Home Buying Process Made Simple
Four steps from first conversation to keys.
- 1
Get Pre-Approved
We review your finances and confirm what you can afford, so you start your Calgary home search with a clear budget.
- 2
Find Your Home
With your pre-approval in hand, your REALTOR® can focus on homes that fit your budget.
- 3
Finalize Your Mortgage
Once your offer is accepted, we compare 50+ lenders for the best terms for your situation.
- 4
Get Your Keys
We coordinate with your lawyer for a smooth closing. Then it's possession day.
Why First Time Buyers Choose Us
We help first time buyers in Calgary and Alberta understand their options and get through the process without surprises. Use our mortgage payment calculator and affordability calculator before you shop.
- Help using first time buyer programs: FHSA, RRSP Home Buyers' Plan and tax credits
- Guidance on down payment strategies and gifted funds
- Clear closing cost estimates so there are no surprises
- Step by step support from pre-approval through possession
- Access to 50+ lenders for more mortgage options
- Personal advice, not a one size fits all product
Start Your Pre-Approval
A Calgary mortgage broker will be in touch within 24 hours. No obligation.
The Complete First Time Buyer's Guide
Work out your budget, understand down payment rules, use the FHSA and RRSP Home Buyers' Plan, estimate closing costs and understand the stress test when buying in Calgary or Alberta.
Read the Complete Guide →Resources for First Time Buyers
Guides written for first time home buyers in Calgary and Alberta.
First Time Home Buyer Guide: From Dream to Keys
Your complete roadmap to buying your first home in Calgary and Alberta, from pre-approval to closing day.
Read Article →How Much Do I Really Need for a Down Payment?
Minimum down payment rules in Canada with real Alberta examples.
Read Article →Mortgage Pre-Approval vs Pre-Qualification
The difference, and why a real pre-approval matters for first time buyers.
Read Article →Questions First Time Buyers Ask
Clear answers to what Calgary and Alberta first time buyers ask most.
What are the steps to buying my first home in Calgary?
There are six steps: plan your budget, get pre-approved, search for a home, make an offer with conditions, finalize financing, and close with a lawyer on possession day. Start with your budget and down payment, then get a pre-approval before you shop seriously.
Read the complete guide → What is the minimum down payment for a first time buyer in Canada?
5% on the first $500,000 and 10% on the portion from $500,000 to $1,500,000. Homes at $1,500,000 or more need 20% down. Most first time buyers in Calgary put down 5% to 10% and pay mortgage default insurance.
Down payment options → How does CMHC insurance work for first time buyers?
Mortgage default insurance is required when your down payment is under 20%. The premium, about 2.8% to 4% of the mortgage depending on your down payment, is added to the loan and protects the lender. It lets you buy with less cash up front. First time buyers with an insured mortgage can also choose a 30 year amortization.
How does the mortgage stress test work in Canada?
You must qualify at the higher of 5.25% or your contract rate plus 2%. That lowers the most you can borrow even when today's rate is lower. The rule is set by OSFI and applies to most mortgages in Canada.
Understanding the stress test → What are closing costs for a first time buyer in Alberta?
Closing costs are paid on top of your down payment. In Alberta they include legal fees, title insurance, land titles registration fees, property tax adjustments and a home inspection. Alberta has no land transfer tax. Most Calgary buyers budget about 1.5% to 3% of the price.
Closing cost calculator → What first time buyer incentives are available in Canada?
The First Home Savings Account (FHSA) lets you save up to $40,000 tax free for a first home. The RRSP Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP. The First Time Home Buyers' Tax Credit is worth up to $1,500. You can combine them.
First time buyer incentives → Is a fixed or variable mortgage better for first time buyers?
Neither is always better. Fixed gives payment certainty for the term. Variable moves with prime and can cost less or more over time. Many first time buyers choose fixed for a predictable budget in the first years.
Fixed vs variable → How much can I realistically afford for my first home?
It depends on your income, debts, credit, down payment and the stress test, not just what a lender will approve. Many buyers pick a price below their maximum to keep payments comfortable. A personal affordability review is more accurate than an online calculator.
Should I talk to a mortgage broker or a REALTOR® first?
Talk to a mortgage broker first so you know your budget. Then your REALTOR® can focus on homes you can actually buy. The two work best together from the start.
What should I do in the next 7 days if I want to buy my first home?
Work out a realistic budget from your income, debts and down payment. Gather your last two years of tax returns, recent pay stubs and 90 days of bank statements. List every down payment source, such as savings, FHSA, RRSP and gifts. Then book a pre-approval.
Questions About Working With a Mortgage Broker
How does a mortgage broker get paid in Alberta?
Mortgage brokers in Alberta are usually paid by the lender when your mortgage closes, not by you. The lender pays the brokerage a finder's fee, so for most standard residential mortgages our service costs you nothing.
How much do I need for a down payment in Calgary?
In Canada the minimum down payment depends on the purchase price. Up to $500,000 you need 5%. Between $500,000 and $1,500,000 you need 5% on the first $500,000 and 10% on the rest. At $1,500,000 or more you need 20%. Many Calgary first time buyers put down 5% to 10%.
How does the mortgage stress test work in Canada?
You must qualify at the higher of your contract rate plus 2% or the 5.25% minimum qualifying rate. The rule is set by OSFI (the Office of the Superintendent of Financial Institutions), not the Bank of Canada, and applies to federally regulated lenders. It checks that you could still afford payments if rates rise.
Is it better to go with a bank or a mortgage broker?
A bank can only offer its own products. A broker compares dozens of lenders, including major banks, credit unions and alternative lenders, and matches you to the best fit. Brokers often find better rates, more flexible terms, or approvals a single bank would not offer, at no cost to you for most mortgages.
When should I start shopping for my mortgage renewal in Alberta?
Start about 120 days before your term ends. Most lenders will hold a rate for up to 120 days, which gives you time to compare offers without rushing. A broker can review your renewal letter and show you what else is available.
Can you help if I'm self employed or my income has changed?
Yes. Self employed borrowers and people with commission, contract or changing income often benefit most from a broker. We work with lenders that specialize in business for self and non traditional income, and matching you to the right lender matters more when documents are not straightforward.
When should I talk to a mortgage broker?
Before you start house hunting. A pre-approval gives you a clear budget, can hold a rate for 90 to 120 days, and shows sellers you are serious. If you are renewing or refinancing, reach out at least four months before your term ends.
What Calgary Clients Say on Google
5.0 from 239 Google reviews
"We had the pleasure of working with Mike Shanks when looking at mortgage options for our home. He was very reliable, responsive, and patient when answering our many questions. He would always check in or follow up with us to make sure that everything was okay, which we really appreciated, especially being first time homebuyers."
"Tim's team was incredible throughout the entire process. What initially felt like a really daunting experience quickly became something that was easy to follow and understand. At no point did we feel unsure about where things stood or what the next steps were. Thanks to the support and guidance from Tim and his team, we felt confident in every decision we made. It ended up being an extremely smooth and enjoyable experience. When the time comes to find our next home, there is no doubt Tim's team will be the first people we reach out to."
"Tim and his team were absolutely excellent during my first home purchase. As a woman navigating a solo homebuying experience, I felt seen, heard, and genuinely valued. Tim took the time to explain my options and walk me through my finances so I could purchase a home that truly met my needs. I would highly recommend Tim and his mortgage team."
Ready to Take the First Step?
A quick conversation helps you understand your budget and options before you start house hunting.
Or call (403) 648-1541