If you’re like most Calgarians, buying a home will be the biggest financial move you make in your lifetime. Like any major purchase, having a budget is crucial to ensure that you can afford the home you want without compromising your financial stability.

That said, Calgary real estate is unique. As a market defined by fast growth from incoming relocators and a diverse mix of housing styles and communities, building an effective home budget can hinge on a number of different factors.

Keep reading for a step-by-step guide to building an effective and accurate budget for your Calgary home purchase.

Know What to Expect

Calgary makes an amazing place to call home, and, thanks to the city’s comparatively affordable real estate buyers can start their homeownership journey sooner than they would in other major Canadian cities. That said, there are some misconceptions floating around about what the average cost of a home in Calgary is and what buyers can expect to get from their budget.

As a Calgary real estate team that specializes in working with relocators, we occasionally meet buyers who are under the impression that Calgary homes are dramatically undervalued. This isn’t the case. While yes, Calgary real estate is comparatively affordable next to housing in cities like Toronto or Vancouver, market prices accurately reflect property values.

With that in mind, Calgary buyers who are expecting to land an extravagant home for an extraordinarily low price will need to adjust their perspective before building out a home budget. A great way to get a sense of what homes in Calgary are selling for is to explore active real estate listings and communities with your realtor.

Thinking about buying a home in Calgary? Have a look at these related blogs for helpful tips!

Contact Your Mortgage Broker & Get Pre-approved

The best place to start when building out a budget for your home purchase is to contact a local mortgage broker and seek pre-approval. Whether you have a rough idea of what you can afford to spend on a home or are totally unsure, applying for a mortgage pre-approval is a relatively easy way of understanding where you stand financially.

Here’s how it works – when you apply for pre-approval, a bank or lender takes a close look at your finances. If you’re buying with someone else like a spouse or family member, they’ll look at their financial details too. After analyzing things like your annual income, any existing debts you’re paying off, your credit score, and any high-value investment assets you may be holding on to, they’ll provide you with a maximum amount that they’re willing to lend you. With this number in your pocket, you now know the upper limit on how much can realistically afford to spend on a home in Calgary.

Factoring in Moving or Relocation Costs

If you’re moving to Calgary from elsewhere in Alberta, Canada, or the world, you should also consider your moving and relocation costs as you draft a financial plan for your home purchase Depending on the scale and distance of your move, relocation costs can add up quickly and potentially eat away at your overall budget. If you’re moving to Calgary as part of a corporate or work-related move, be sure to ask your employer about potential reimbursements for any expenses you accrue during the relocation process.

Planning a move to Calgary? Read these blogs next.

Get In Touch With a Calgary Real Estate Agent

Once you have a strong understanding of what Calgary homes cost, how much of a loan you qualify for, and any other major expenses you may face as part of your move, the next step is to get in touch with a local real estate agent. As a knowledge professional, they can help you find a home that not only suits your budget but also makes a great fit for your needs and lifestyle.

Buying With Dolce Real Estate Group

If you’re searching for an experienced and locally knowledgeable real estate team to guide you through the Calgary market, look no further than Dolce Real Estate Group.

As Calgary real estate professionals who specialize in supporting newcomers, our unique buying system can help you find the perfect property and make a smooth, enjoyable transition to your new city!

If you’re looking for an expert to guide you through the process of buying a home in Calgary, look no further than our dedicated team of Realtors. Call 403.999.5882 to reach us or click to send us an email.

Get Our Newsletter

And get all you need to keep up with Calgary real estate.

Sign Up