First-time buyers · FHSA · HBP · 30 years
First-Time Home Buyer in Calgary: 2026 Playbook
A first-time buyer in Calgary needs at least 5% down on the first $500,000: $21,925 for a median townhouse ($438,500). An FHSA ($8,000 a year) and the RRSP Home Buyers' Plan ($60,000 each) can fund it tax-free, a 30-year insured amortization lowers the payment, and a new home can earn a GST rebate of up to $50,000.
How do first-time buyers save the down payment?
The First Home Savings Account gives each first-time buyer $8,000 of contribution room a year, up to $40,000; contributions are deductible and withdrawals for a first home are tax-free. Source: Canada Revenue Agency, Contributing to your FHSA. Checked . The Home Buyers' Plan lets you borrow up to $60,000 from your RRSP, repaid over 15 years. Source: Canada Revenue Agency, What is the Home Buyers' Plan. Checked . A couple using both can put well over $100,000 toward a first Calgary home. The home buyers' amount adds a $1,400 federal tax credit for 2026. Source: Canada Revenue Agency, Line 31270: Home buyers' amount. Checked .
What does a first purchase look like in numbers?
The median Calgary townhouse in the 2026 assessment roll is $438,500 (our calculation from City data). With the minimum $21,925 down and an example $350 condo fee:
| 25 years | 30 years | |
|---|---|---|
| CMHC premium | $16,663 | $17,496 |
| Mortgage payment | $2,307 | $2,094 |
| All-in monthly | $3,521 | $3,308 |
| Income lenders want | $103,785 | $97,992 |
| Cash to close | $25,002 | $25,002 |
How long does it take to save the minimum down payment?
FHSA room arrives at $8,000 a year per person, up to $40,000. Counting contributions only (no investment growth), here is when one saver, or a couple, reaches the minimum down payment on each median home type in the 2026 roll:
| Median home | Minimum down | One saver | A couple |
|---|---|---|---|
| Apartment condo ($301,500) | $15,075 | 2 years | 1 year |
| Townhouse (condo) ($438,500) | $21,925 | 3 years | 2 years |
| Semi / duplex ($592,500) | $34,250 | 5 years | 3 years |
| Detached house ($718,500) | $46,850 | more than the lifetime limit; add the HBP | 3 years |
Add the Home Buyers' Plan and the timeline shortens sharply, because RRSP savings you already have can be used at once. Remember the closing money on top: Land Titles fees, the tax adjustment and a lawyer, which the closing cost calculator works out for your date.
What can a first-time buyer afford on each income?
With $40,000 saved, no other debts, a 30-year insured amortization at 4.12% and a townhouse with an example $350 fee, here is the lender's maximum and the price that keeps the all-in cost at 30% of gross income, CMHC's affordability benchmark:
| Household income | Lender maximum | All-in at 30% of income | Price at that budget |
|---|---|---|---|
| $70,000 | $324,000 | $1,750 / month | $168,000 |
| $90,000 | $417,000 | $2,250 / month | $255,000 |
| $110,000 | $512,000 | $2,750 / month | $343,000 |
| $130,000 | $607,000 | $3,250 / month | $430,000 |
| $150,000 | $650,000 | $3,750 / month | $518,000 |
At every income the 30% budget sits below the lender's maximum: a lender will usually approve more than is comfortable. The gap is the room you keep for savings, childcare and the first repairs. Check the median townhouse in the 2026 roll ($438,500) against your row of the table.
What does the first year of owning cost?
On the median townhouse with the minimum down payment, the first year asks for $25,002 on closing day (down payment, Land Titles fees, the tax adjustment and example legal costs) and then about $39,692 over twelve months, of which about $7,532 is principal you keep as equity. Budget a cushion on top for what new owners always find: window coverings, a lawnmower or snow shovel, and the first repair the inspection didn't catch.
How do the FHSA and the Home Buyers' Plan compare?
| FHSA | Home Buyers' Plan | |
|---|---|---|
| How much | $8,000 a year, $40,000 lifetime | Up to $60,000 from your RRSP |
| Going in | Deductible | Already in your RRSP (deducted when contributed) |
| Coming out for a first home | Tax-free, never repaid | Tax-free, but repaid to the RRSP over 15 years |
| Use both? | Yes, for the same home, and so can your spouse or partner | |
The FHSA is the better first dollar for most people: you get a deduction going in and pay nothing back. The HBP is useful when you already have RRSP savings, but the repayments come out of your budget for 15 years: on a full $60,000 withdrawal that is $4,000 a year, about $333 a month, on top of the mortgage. Missed repayments are added to your income for the year. Put that monthly figure into the budget you test in the calculator, and count only the FHSA and savings you'll have by closing, not money you hope to contribute later. Source: Canada Revenue Agency, Contributing to your FHSA. Checked . Source: Canada Revenue Agency, What is the Home Buyers' Plan. Checked .
Which rules help first-time buyers?
- 30-year insured amortization for all first-time buyers since December 15, 2024 (premium +0.20 points). Source: CMHC, 30-year amortization for first-time buyers and new builds. Checked .
- $1.5 million insured price cap, so buyers up to that price can put less than 20% down. Source: Department of Finance Canada, Mortgage reforms in force: $1.5M insured price cap, 30-year amortization, effective December 15, 2024. Checked .
- First-time home buyers' GST rebate of up to $50,000 on new homes. Source: Department of Finance Canada, Bill C-4 receives Royal Assent (first-time home buyers' GST rebate in law), effective March 12, 2026. Checked .
- No land transfer tax in Alberta, so there is no first-time exemption to chase: just Land Titles fees. Source: Government of Alberta, Land Titles and Surveys common documents fee schedule, effective October 1, 2026. Checked .
What are the steps, in order?
- Find your all-in budget with the true monthly cost calculator, not just a payment.
- Check what a lender will allow with the affordability calculator and get a pre-approval.
- Set aside closing costs separately using the closing cost calculator.
- Compare current rates on CalgaryMortgageRates.com.
How does it work on a real example?
Two first-time buyers who each put $8,000 a year into an FHSA for two years and each withdraw $20,000 from an RRSP, buying the median Calgary semi.
| Price | $592,5002026 median semi / duplex unit, our calculation from the City's open roll |
|---|---|
| FHSAs (2 × $16,000) | $32,000 |
| Home Buyers' Plan (2 × $20,000) | $40,000repaid over 15 years |
| Down payment | $72,000 (12.2%)the minimum is $34,250 |
| CMHC premium (30 years) | $17,1773.30% of the loan |
| Mortgage payment | $2,593 a month4.12%, 30 years |
| All-in monthly cost | $3,959income lenders want: $114,435 |
What this means for you
- Open an FHSA now, even with a small deposit: room starts accruing only once the account exists.
- Use both programs. FHSA withdrawals never need repaying; HBP withdrawals do, over 15 years.
- Keep closing money separate from the down payment: Land Titles fees, the tax adjustment and a lawyer.
- Compare 25 and 30 years on your own numbers before you choose.
What do the terms in this guide mean?
- First-time home buyer
- For the FHSA and HBP, someone who hasn't lived in a home they or their spouse owned in the current year or the previous four.
- Home buyers' amount
- A federal non-refundable tax credit worth $1,400 for 2026 when you buy a first home.
Frequently asked questions
How much do I need to buy my first home in Calgary?
At least 5% of the first $500,000 and 10% of the rest, plus closing costs. For the median townhouse in the 2026 roll ($438,500) the minimum down payment is $21,925, plus Land Titles fees, a lawyer and usually an inspection.
Can first-time buyers get a 30-year mortgage in Calgary?
Yes, on an insured mortgage, since December 15, 2024, with a 0.20-point premium surcharge.
Related
Sources
- Canada Revenue Agency — Contributing to your FHSA. Checked .
- Canada Revenue Agency — What is the Home Buyers' Plan. Checked .
- Canada Revenue Agency — Line 31270: Home buyers' amount. Checked .
- CMHC — 30-year amortization for first-time buyers and new builds. Checked .
- Department of Finance Canada — Mortgage reforms in force: $1.5M insured price cap, 30-year amortization (effective December 15, 2024). Checked .
- Department of Finance Canada — Bill C-4 receives Royal Assent (first-time home buyers' GST rebate in law) (effective March 12, 2026). Checked .
- Government of Alberta — Land Titles and Surveys common documents fee schedule (effective October 1, 2026). Checked .
- City of Calgary (Open Data) — Current Year Property Assessments (Parcel), dataset 4bsw-nn7w, Open Government Licence – City of Calgary (effective July 1, 2025). Checked .