Calgary Real Estate FAQ and Knowledge Bas

FAQ

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  • Developments
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  • Townhomes
How do I buy my first home?
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Step one is getting pre-approved for a mortgage. When you get pre-approved, you know exactly what you can afford. That knowledge informs all the other choices you make, from neighbourhood to home style.

How long does it take to buy a house?
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Depending on market conditions as well as the neighbourhood you select, buying a house can take several months. Our community pages have market statistics on homes for sale in that area, including how long they generally stay on the market.

What’s the minimum down payment I need for a house?
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You’ll need 5% for homes under $500,000. For more expensive homes, budget 5% for the first $500,000 home value and another 10% for the remaining amount. For homes priced at a million dollars or more, the down payment minimum is 20%.

Do I need a home inspection when buying a condo?
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You’re not required to obtain a home inspection by law, but in practice it’s a good idea. A home inspection can alert you to problems within the condo before you commit to buying. If you’re buying a brand-new condo, you will instead receive a PDI (pre-delivery inspection) which you can supplement with your own private inspection if you choose.

What does it mean to offer a “pre-construction sale”?
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Pre-construction sales are condos sold before construction is complete. Sale of existing condos is usually referred to as condo resale. You’ll want an Agent with experience in pre-construction sales when buying a new condo, as there are many complexities and differences compared to resales.

When I buy a pre-construction condo, what is my mortgage rate?
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In general, pre-approval mortgage rates have a limited window in which they can be claimed. Your pre-approval rate will likely be held for 30-120 days. If your condo construction will extend beyond that window, you will have to determine your new mortgage rate. An experienced pre-construction Agent can explain the options to you.

What’s the difference between a townhouse and a condo?
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A townhouse typically has a separate front and back entrance, multiple floors, and one or more communal walls. A townhouse can be a nice balance between the space and indepence of home living and the communal ownership and community spirit of condo living.

Do townhouses have an owner’s association?
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Most townhome complexes have a board or owner’s association to handle groundskeeping, communal area maintenance, hiring of contractors, etc. As a townhouse owner, you’re generally responsible only for the interior of your unit, not the outdoor properties.

Will I have to pay fees if I purchase a townhouse?
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In general, you will have to pay fees to your townhouse association. These fees cover general maintenance, repairs, landscaping, service costs, and other expenses that are shared throughout the community. Your Agent can help you understand the costs and fees associated with a townhouse purchase.

Can you show me properties in a specific development?
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We have up-to-date MLS listings of Calgary homes, including new developments, condos, and townhouses. Contact us and let us know the development you’re interested in. We’d be happy to look into available properties for you.

How many new developments are there in Calgary?
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There are over 200 new developments currently underway in Calgary, with more announced all the time. If you’re looking for a new construction home or pre-construction condo, our Agents can discuss the many options open to you.

What are some new development trends in Calgary?
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Some of the current trends we’re seeing include homes and condos with smaller “footprints”; multi-family homes, especially in the suburbs; developments built to take advantage of public transit; and more construction that includes secondary suites.

How do I decide what neighbourhood to buy in?
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We’ve developed comprehensive guides to Calgary’s communities that can help you narrow down your search. When you first meet with your real estate Agent, you can discuss the life you envision for yourself and the property type that you think will suit your needs. From there, our Agents can make a neighbourhood recommendation.

What is the best neighbourhood to live in?
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Every neighbourhood has its own character, charm, and amenities. The best neighbourhood for you depends on your lifestyle and the type of property you’re looking to own. According to a recent evaluation by Avenue Magazine, the current top-rated neighbourhoods in Calgary are Brentwood, Huntington Hills, and Bowness.

How many neighbourhoods are there in Calgary?
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At most recent count, there are over 200 distinct neighbourhoods in Calgary and the surrounding area! This means plenty of options for you to choose from as you determine where to make your new home.

Knowledge Base

Find out how much you can borrow immediately with our easy-to-use mortgage calculator.

Mortgage Calculator

Apply online for mortgage pre-approval from our trusted partners.

Mortgage Pre-Approval

Consult our list of common financial terms and abbreviations for up-to-date definitions.

Financial Terms Glossary

Apply for your free market analysis and property evaluation from our experienced agents.

Free Market Analysis

Our team is committed to providing you with the highest quality of customer service, whether you’re a first-time home buyer or an investor looking for properties with secondary suites. Contact our team at 403-870-8704 for expert advice from local Agents. Your dream house at the right price awaits you in Calgary.

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