As someone who’s helped many families navigate their first home purchase in Calgary, I can say this with confidence: the advantages of homeownership can’t be overstated. But if you’re buying your first home, it can be hard to know what the real monthly cost will be.
Most people focus on the mortgage, and that’s a great starting point. But there’s more to owning a home than just the mortgage payment. From utilities and taxes to insurance and maintenance, here’s what you really need to budget for.
Mortgage Payments: Your Biggest Monthly Expense
Your monthly mortgage payment depends on the purchase price, your down payment, and your interest rate. Calgary’s real estate market offers a wide range of price points depending on property type and neighbourhood.
Based on December 2024 benchmark prices:
Detached homes: $747,500
Semi-detached homes: $677,600
Row homes: $447,400
Apartments/condos: $332,400
Estimated monthly mortgage payments (20% down, 5-year fixed at 5.2%):
Detached: ~$3,275
Semi-detached: ~$2,970
Row home: ~$1,960
Condo: ~$1,460
If you’re putting down less than 20%, expect to pay mortgage insurance—usually an extra $100–$300 per month.
Home Insurance: Non-Negotiable Protection
Your lender will require home insurance, and it’s an important part of protecting your investment.
Typical monthly premiums:
Single-family home: $130–$180
Townhouse: $100–140
Condo (contents insurance): $40–65
Pro tip: bundle your home and auto insurance to save 10% or more.
Calgary Property Taxes: What to Expect
Property taxes are based on your home’s assessed value (not always the same as purchase price).
Estimated monthly property taxes:
Detached: ~$385
Semi-detached: ~$345
Row home: ~$230
Condo: ~$170
Rates change annually based on city assessments. Calgary also offers tax assistance for low-income homeowners and seniors—worth looking into if you qualify.
Utilities: Another Monthly Must
Utilities in Calgary can swing a lot depending on home size, age, and season. Winter heating can be especially costly.
Typical monthly utility costs:
Single-family home: $400–$550
Townhouse: $300–$450
Condo: $200–$350
Breakdown includes:
Electricity: $100–$350
Natural gas (heating): $100–$220
Water/sewer/waste: $150–$400
Newer homes in communities like Mahogany or Livingston tend to be more energy-efficient and can save 20–30%.
Condo Fees: A Hidden Cost for Many Buyers
If you're buying a condo or townhouse, don’t forget about monthly condo fees.
Average monthly condo fees:
High-rise condos: $400–$700
Low-rise condos: $300–$550
Townhouse complexes: $250–$450
What’s included varies—some cover utilities, others just exterior maintenance. Always check if any major repairs (special assessments) are coming up.
Maintenance: The Most Overlooked Expense
Owning a home means taking care of it. These are the average monthly budgets you should set aside for maintenance:
Monthly maintenance reserves:
Single-family: $300–$400
Townhouse: $150–$250
Condo: $50–$100 (interior only)
Examples of big-ticket items to budget for:
Furnace: $150–$350/year
AC servicing: $100–$300/year
Roof/window replacements: $10,000–$25,000 every 20–25 years
Snow removal or lawn care (if hired out): $200–$400/month (seasonal)
Internet, Cable, and Security
Modern living comes with modern bills:
Internet: $50–$70
Cable/Streaming: $50–$150
Home security: $30–$150
Putting It All Together: Monthly Totals
Let’s add it all up based on December 2024 benchmark prices.
Detached Home ($747,500):
Mortgage: $3,275
Insurance: $175
Property taxes: $390
Utilities: $475
Maintenance: $350
Internet/Cable/Security: $200 Total: ~$4,865/month
Other Property Types:
Semi-detached: ~$4,350/month
Row home: ~$3,270/month
Condo: ~$2,600/month (including condo fees)
Final Thoughts: Know What You’re Getting Into
Owning a home in Calgary is an incredible milestone—but it comes with responsibilities and costs many buyers don’t expect. The more you plan ahead, the more confident and comfortable you’ll be in your new home.
If you're unsure about what you can afford or want a breakdown tailored to a specific home, I’d be happy to help. Let’s connect and make sure you're ready for every part of the homeownership journey.