Can You Buy a Home in Calgary With 5% Down?

Thinking of buying your first home in Calgary but worried about saving up a huge down payment? Here’s some good news: yes, you can buy a home in Calgary with as little as 5% down! Let’s break down how it works and what you need to know before you start house hunting.

How the 5% Down Payment Works

In Canada, you’re allowed to put down just 5% on homes priced up to $500,000. For homes between $500,000 and $1 million, you’ll need 5% for the first $500,000 and 10% for anything above that. For example, if you’re eyeing a $450,000 condo or townhouse, your minimum down payment would be $22,500. Not bad for getting your foot in the door!

What About Mortgage Insurance?

If your down payment is less than 20%, you’ll need to pay for mortgage default insurance (often called CMHC insurance). This protects the lender, but it also lets you buy a home sooner without waiting years to save up a larger down payment. The cost is added to your monthly mortgage payment, so you don’t need to pay it all upfront.

Who Qualifies for 5% Down?

• You must have good credit and prove you can afford the monthly payments.
• The home must be your primary residence (not a rental property).
• You’ll need to show proof of income and employment stability.

Finding the Right Home

The 5% down payment option opens doors for many first-time buyers. Calgary’s market has plenty of homes—especially condos and townhouses—that fit these criteria. Working with a knowledgeable agent can help you zero in on the best options for your budget and lifestyle.

Ready to Start Your Home Search?

Buying a home with 5% down is possible—and often more affordable than you think. If you’re ready to explore your options or need help finding low down payment homes, contact Jay! I’m here to guide you every step of the way. 🏡