How Much Down Payment Do You Need for a House in Calgary?

The down payment is the single biggest hurdle for most Calgary home buyers. You might have steady income, a solid credit score, and a clear picture of what you want—but saving up that initial lump sum takes time.

The good news? You don't need 20% to buy a home in Canada. The rules are more flexible than many people realize, and there are several government programs designed specifically to help first-time buyers build that down payment faster.

This guide breaks down exactly how much you need for a house in Calgary, what your options are at different price points, and how to get there faster.

Minimum Down Payment Rules in Canada

Canada's down payment requirements are tied to the purchase price. Here's how it works:

• Under $500,000: Minimum 5% down
• $500,000 to $999,999: 5% on the first $500K + 10% on the portion above $500K
• $1 million and above: Minimum 20% down

Let's apply this to Calgary price points:

$400,000 home (Typical starter condo or townhome in Calgary):

• Minimum down payment: $20,000 (5%)
• You'll need CMHC insurance

$600,000 home (Detached home in many Calgary neighbourhoods):

• First $500K: $25,000 (5%)
• Next $100K: $10,000 (10%)
• Total minimum: $35,000
• You'll need CMHC insurance

$800,000 home (Newer detached in established areas):

• First $500K: $25,000 (5%)
• Next $300K: $30,000 (10%)
• Total minimum: $55,000
• You'll need CMHC insurance

With Calgary's median detached home price sitting around $650,000 as of early 2026, most buyers are looking at roughly $40,000 to get into the market with the minimum down payment.

The 20% Advantage

Putting down 20% or more unlocks several benefits:

No CMHC Insurance: This is the big one. Mortgage default insurance can add thousands to your purchase cost. On a $600,000 home with 5% down, you're looking at roughly $22,800 in CMHC premiums added to your mortgage.

Better Interest Rates: Some lenders offer preferred rates when you have 20% equity. Even a 0.10% rate difference saves you thousands over the life of a mortgage.

More Lender Options: Credit unions and alternative lenders often require 20% down. Having that equity opens up more competitive options.

Instant Equity Cushion: You start with meaningful equity in your home, which provides financial flexibility if you need to sell or refinance.

Lower Monthly Payments: Higher down payment means a smaller mortgage amount, even before factoring in the CMHC premium savings.

For a $600,000 Calgary home, 20% down is $120,000. That's a significant sum, but the long-term savings are substantial.

CMHC Insurance Costs

When you put down less than 20%, your lender requires mortgage default insurance through CMHC, Sagen, or Canada Guaranty. Here's what it costs:

The premium is added to your mortgage amount, so you pay interest on it over the life of your loan.

Example: $600,000 purchase, $40,000 down (6.67%)

• Mortgage amount: $560,000
• CMHC premium: $22,400 (4.00% of $560,000)
• New mortgage amount: $582,400

That premium costs you roughly $45,000 in interest over a 25-year amortization at 5% interest.

This is why every extra dollar toward your down payment matters. Getting from 5% to 10% down on that same home drops the premium from 4.00% to 3.10%, saving you over $5,000.

Gifted Down Payments

Most lenders allow you to use gifted funds from immediate family members for your down payment. This is common in Calgary—parents helping their kids get into the market.

Key rules:

• The gift must be from immediate family (parents, siblings, grandparents)
• You need a signed gift letter stating the money is a gift, not a loan
• Lenders will want to see proof of the transfer
• Some lenders require the gift to be in your account for 30-90 days before closing

The entire down payment can be gifted. You don't need to contribute your own savings, though having some reserves for closing costs and emergencies is smart.

If a family member wants to help but doesn't have cash available, some lenders offer programs where parents can use equity in their own home as security. These arrangements are more complex and worth discussing with a mortgage broker.

FHSA (First Home Savings Account)

The First Home Savings Account is the best thing to happen to Canadian first-time buyers in years. If you qualify, this should be your primary savings vehicle.

Key features:

• Contribute up to $8,000 per year
• $40,000 lifetime contribution limit
• Contributions are tax-deductible (like an RRSP)
• Withdrawals for a first home purchase are tax-free (like a TFSA)
• Investment growth is tax-free

Who qualifies:

• First-time home buyer (haven't owned a home in the past 4 years)
• Canadian resident, age 18+
• Must open the account before you turn 71

The math: If you're in a 30% tax bracket and contribute $8,000, you get a $2,400 tax refund. Do that for 5 years and you've contributed $40,000 while getting $12,000 back in tax refunds. If your investments grow modestly, you could have $50,000+ for your down payment.

The FHSA can stay open for 15 years or until the year after you buy your first home, whichever comes first.

Strategy tip: Max out your FHSA first, then look at the RRSP Home Buyers' Plan.

RRSP Home Buyers' Plan

The Home Buyers' Plan (HBP) lets you withdraw up to $60,000 from your RRSP tax-free for a down payment. If you're buying with a partner, you can each withdraw $60,000 for a combined $120,000.

Key details:

• Must be a first-time buyer (or haven't owned a home in the past 4 years)
• Funds must be in your RRSP for at least 90 days before withdrawal
• You have 15 years to repay the amount (minimum 1/15th per year)
• Missed repayments are added to your taxable income

FHSA vs HBP: The FHSA is better for most people because you don't have to repay it. The HBP requires disciplined repayment, and if you miss a payment, it gets taxed.

That said, you can use both programs. Max out your FHSA ($40,000) and tap your RRSP HBP ($60,000) for a combined $100,000 down payment from your own savings.

Creative Saving Strategies

Getting to your down payment goal faster takes intentionality. Here's what works in Calgary:

High-Interest Savings Account: Park your down payment fund in a HISA or GIC. EQ Bank, Tangerine, and Simplii regularly offer 4-5% rates. On $30,000, that's $1,200-1,500 per year in interest.

Automatic Transfers: Set up automatic transfers on payday. Even $500 per paycheck adds up to $13,000 per year. You won't miss what you don't see.

Side Income: Calgary's strong economy creates opportunities. Drive for Uber on weekends, pick up freelance work, rent out a parking stall. Direct 100% of side income to your down payment fund.

Shared Equity with Parents: Some families formalize a co-investment where parents contribute part of the down payment in exchange for a share of appreciation when you sell. This requires legal documentation but can work well.

Delay Lifestyle Inflation: Got a raise? Put it directly toward savings. Hold off on the vehicle upgrade or expensive vacation until you've hit your down payment goal.

Cut One Big Thing: Most budgets have one major expense that's negotiable. Rent a basement suite instead of a one-bedroom. Drive your paid-off car another two years. Cancel subscriptions you don't use. One significant cut accelerates your timeline more than dozens of small sacrifices.

Calgary Price Examples

Here's what you need at different down payment levels for typical Calgary home prices:

Remember: these amounts don't include closing costs (typically $4,000-8,000) or your emergency fund (recommended 3-6 months of expenses).

The Bottom Line

Most Calgary first-time buyers start with 5-10% down. That's normal and expected. The minimum is achievable—for a $600,000 home, you're looking at $35,000-40,000.

But every dollar you add to your down payment:

• Reduces your CMHC premium
• Lowers your mortgage amount
• Decreases your monthly payment
• Builds instant equity

Use the FHSA if you qualify. Layer in the RRSP HBP if needed. Accept family gifts if they're available. And save aggressively.

The market won't wait forever, but rushing in with zero reserves is risky. Aim for your minimum down payment plus $10,000-15,000 in savings for closing costs and emergencies.

Ready to talk numbers specific to your situation? Let's look at your income, timeline, and goals to build a realistic plan. Use the affordability calculator to see what you qualify for, check the CMHC calculator to understand insurance costs, or reach out directly.

Calgary's housing market is strong, but it's still accessible for prepared buyers. Let's get you there.