What you need to know
Your affordable price depends on the down payment you can use, your debts, the full monthly housing cost and lender approval. Start with the payment you can comfortably sustain.
Work out the cash you can actually put into the move.
Add savings, any confirmed gift and the equity expected from your current home. Deduct closing costs, moving expenses and the reserve you want to keep. The remainder is the amount available for the down payment.
If you are selling, use the likely proceeds after mortgage payout and all selling costs. Don’s free home evaluation and 2% commission estimate help turn a rough equity guess into a useful planning range. Do not count the full sale price as money available for your next home.
Calculate the minimum down payment.
For a purchase up to $500,000, the minimum is generally 5%. Above $500,000 and below $1.5 million, it is 5% of the first $500,000 and 10% of the remainder. At $1.5 million or more, at least 20% is required. Lender and insurer qualification still apply.FCAC: minimum down payments
| Purchase price | Minimum down payment calculation | Amount |
|---|---|---|
| $450,000 | 5% × $450,000 | $22,500 |
| $700,000 | $25,000 + 10% × $200,000 | $45,000 |
| $1,000,000 | $25,000 + 10% × $500,000 | $75,000 |
| $1,500,000 | 20% × $1,500,000 | $300,000 |
Below 20% down, mortgage default insurance is usually required. It protects the lender and can add to the amount borrowed. Ask for the actual premium and eligibility assessment rather than estimating it as a flat percentage.CMHC: mortgage loan insurance
Build the monthly budget beyond the mortgage.
Write down the proposed payment, property tax, heating, utilities, insurance, condo or association fees and an allowance for upkeep. Then include your existing debt payments, childcare, transport and regular savings.
Compare two homes using the whole monthly cost. A condo with a lower purchase price can have a substantial monthly fee; a detached home may need a larger maintenance allowance. Look at what the fee covers before treating the entire amount as an extra cost.
For example, if your chosen monthly housing budget is $3,500 and tax, fees, insurance and utilities total $900, you have $2,600 left for the mortgage and any maintenance reserve. That is a household planning exercise, not a lender approval.
Ask the lender to test the price range.
Give the lender your income, debts, down payment source and the kind of property you want. Ask about the qualification rate, mortgage insurance, term, amortization and conditions that remain before funding. A pre-approval still needs the specific property and updated finances to satisfy the lender.
Test how the payment changes at renewal or with a higher rate. If a small change eliminates your savings or emergency buffer, reconsider the purchase price. The mortgage calculator lets you compare payment scenarios before that conversation.
Choose homes that fit both the budget and the daily routine.
Set a comfortable range and a firm upper limit before viewing. Decide which features are essential, where you can compromise and which repairs you can realistically take on. Compare commute, parking, space and ongoing costs together.
Don can help connect those priorities with available Calgary homes. If the move starts with selling, request a free evaluation first so your search is based on a realistic equity range.
Sources and further reading
Research checked September 26, 2026. Market figures below use the periods identified in the article.