Short answer: On CREB's October 2026 benchmark prices, a Calgary household with no other debts needs roughly $77,000 a year for a typical apartment condo, $102,000 for a row townhouse, $133,000 for the citywide benchmark home and $170,000 for a typical detached house, using the minimum down payment, a 25-year amortization and a labelled example contract rate of 5.00%. A 30-year amortization (available on insured mortgages to first-time buyers and buyers of newly built homes) lowers each figure by about $3,000 to $9,000, and a 20% down payment lowers it more. Car loans, credit card balances and high condo fees raise the number, so a pre-approval on your own figures is the only reliable answer.
Income needed by home type (Calgary, October 2026)
| Home type | CREB benchmark price, Oct 2026 | Minimum down payment | Income needed: min. down, 25 yrs | Income needed: min. down, 30 yrs* | Income needed: 20% down, 25 yrs |
|---|---|---|---|---|---|
| Apartment condo | $288,800 | $14,440 | about $77,000 | about $74,000 | about $65,000 |
| Row (townhouse) | $407,500 | $20,375 | about $102,000 | about $97,000 | about $86,000 |
| All homes (citywide benchmark) | $564,200 | $31,420 | about $133,000 | about $126,000 | about $111,000 |
| Semi-detached | $685,200 | $43,520 | about $159,000 | about $151,000 | about $134,000 |
| Detached | $735,100 | $48,510 | about $170,000 | about $161,000 | about $143,000 |
*30-year amortization on an insured (high-ratio) mortgage is available to first-time buyers and to buyers of newly built, never-occupied homes (CMHC Home Start; Government of Canada rules in force since December 15, 2024). Prices: CREB, October 2026 statistics, published November 2, 2026. Figures are rounded to the nearest $1,000.
How these figures were worked out
- Example contract rate (illustration only): these numbers use a round 5.00% example contract rate. That is an illustration only. It is not a current offer, a quote or a posted rate. The qualifying rate used is 7.00% (the example rate plus 2 percentage points), which is the greater of the contract rate plus 2 percentage points or 5.25% (OSFI, minimum qualifying rate; the same test applies to CMHC-insured purchases). Payments are calculated with semi-annual compounding, the usual convention for Canadian fixed-rate mortgages. See today's posted rates.
Rates are set by lenders and may change at any time without notice. Please contact me to confirm current rates and availability before making any decisions.
Rates may not be available in certain regions. Please reach out to confirm availability.
- Debt-service limit: housing costs at or below 39% of gross income (gross debt service, GDS) and all debts at or below 44% (total debt service, TDS) for insured mortgages (CMHC). The table assumes no other debts.
- Down payment: 5% of the first $500,000 and 10% of the portion from $500,000 to $1.5 million; at least 20% at $1.5 million or more (FCAC, down payment).
- Mortgage insurance: the CMHC premium is added to the loan: 4.00% of the loan at 90.01% to 95% loan-to-value on a 25-year amortization, or 4.20% on a 30-year amortization under Home Start (a 0.20% surcharge) (CMHC premiums; CMHC Home Start). Alberta charges no provincial sales tax on the premium.
- Property tax: City of Calgary 2026 combined residential rate of 0.66499% of assessed value (municipal 0.38906% + provincial education 0.27593%) (City of Calgary), applied to the benchmark price. Your actual bill is based on assessed value, which can differ from the purchase price.
- Heat: $125 a month, a common lender assumption, not a quote of your utility bill.
- Condo fees: half the fee counts in GDS (a common lender practice; confirm with your lender). Assumed fees: $450/month (apartment) and $300/month (row). Your building's real fees change the answer.
What changes the number most
| Factor | Effect on income needed | Example |
|---|---|---|
| Other monthly debt payments | Raises it once debts use up the gap between the 39% and 44% limits | Above that point, each $100/month of debt payments adds about $2,700 of income needed |
| Condo fees | Raises it | Every $100/month of fees adds about $1,500 of income needed (half the fee counts) |
| Bigger down payment | Lowers it | 20% down removes the insurance premium and shrinks the loan |
| 30-year amortization (eligible buyers) | Lowers it | About 5% less income needed on the same home |
| Higher contract rate | Raises it | Each 0.5 point higher example contract rate adds roughly 4% to the income needed |
| Two incomes | Combine | Lenders add both applicants' qualifying income |
Calgary market context (October 2026)
- October sales were 1,592 units and inventory was 6,173 units, leaving just under four months of supply (CREB, November 2, 2026).
- The apartment condo benchmark was $288,800, 8% lower than a year earlier; the detached benchmark was $735,100, less than 1% lower (CREB).
- The Bank of Canada raised its policy rate by 0.25 points to 2.50% on October 28, 2026; the next scheduled decision is December 9, 2026 (Bank of Canada).
Thinking about a condo? See also the Calgary condo mortgage guide and first-time home buyers in Alberta. Ready to test your own numbers? Start a pre-approval.
Where the down payment can come from
Savings, a gift from an immediate family member (with a signed gift letter), a First Home Savings Account (FHSA) and the RRSP Home Buyers' Plan (up to $60,000 per person) are all common sources. Lenders usually want to see 90 days of history for the funds. See FHSA deadline: December 31, 2026 and the Home Buyers' Plan in Alberta.
Next steps
- Start your pre-approval online (secure Pineapple application, opens in a new tab)
- Book a 30-minute phone call
- Book a 1-hour appointment
- Call or text 403-438-0761
A pre-approval is not a guarantee of final mortgage approval. Buying or refinancing in Calgary? See Calgary mortgage services, or John's local sites for Airdrie, Olds and Mountain View County, Red Deer and Edmonton.
John Antle, Sub Mortgage Broker - Team Lead, Pineapple National Inc.
General information only, not personalized financial or mortgage advice. Please speak with a licensed mortgage professional about your situation. Figures are examples based on the sources and assumptions shown, including a labelled 5.00% example contract rate, and will differ for your situation. They are not an offer, a quote or a guarantee of approval. Every mortgage is subject to lender approval and, where applicable, mortgage default insurer approval.
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