Buying a home is such an exciting milestone — but let’s be honest, it also comes with a whole new language. If you’ve ever found yourself nodding along while secretly thinking “what does that even mean?”, you’re not alone.

To help make your buying journey smoother (and a lot less intimidating), here’s a warm, easy-to-understand guide to the most common real estate terms you’ll hear in Alberta. Think of this as your little cheat sheet — one you can revisit anytime.

Pre-Approval vs. Pre-Qualification

• Pre-Qualification is a quick estimate of what you might afford.

• Pre-Approval is the real deal — a lender reviews your finances and gives you a clear budget.

Why it matters: A pre-approval makes your offer stronger and helps you shop with confidence.

Fixed vs. Variable Mortgage Rates

• A Fixed-Rate Mortgage gives you the same interest rate the entire term.

• A Variable-Rate Mortgage can move up or down depending on the market.

Think of it like this: fixed is stable and predictable, variable can offer savings but comes with some movement.

Deposit

This is the money you put down once your offer is accepted, showing you're committed. It’s held in trust and eventually goes toward your down payment.

Conditions

These are the “just to be safe” steps built into your offer. The most common are:

• Financing — making sure the bank signs off on everything

• Home inspection — so you know exactly what you’re buying

• Condo document review (for condos)

Conditions give you the chance to do your due diligence without pressure.

Condition Date

This is your deadline to either remove your conditions or walk away from the deal. A very important date — and one your realtor keeps a close eye on for you.

Chattels vs. Fixtures

• Chattels: Items that aren’t attached (appliances, curtains, etc.).

• Fixtures: Items that are attached (light fixtures, built-ins, etc.).

If you love something you see, make sure it’s written into the contract.

Real Property Report (RPR)

An RPR is a detailed map of the property showing boundaries and structures.
In Alberta, sellers typically provide this, and it’s an important safety check to make sure everything is compliant.

Title Insurance

A one-time insurance policy that protects you from surprises like boundary issues or missing permits. It can sometimes be used instead of an updated RPR.

Closing Costs

These are the extra expenses that come up right before or on possession day, such as:

• Legal fees

• Title insurance

• Home insurance

• Property tax adjustments

Most buyers budget around 1–3% of the purchase price.

Possession Day

The best day of all. The funds are transferred, the keys are released, and the home officially becomes yours. Time to celebrate.

CMHC Mortgage Insurance

If your down payment is under 20%, your mortgage will need to be insured.

This allows buyers with as little as 5% down to enter the market — a huge help for first-time buyers.

Buyer Brokerage Agreement (BBA)

This is the agreement between you and your realtor that outlines the relationship and expectations. In Alberta, signing a BBA is required before submitting an offer.

MLS®

The MLS® system is the hub of real estate listings — accurate, up-to-date, and used by realtors across the province.

Appraisal

An unbiased estimate of a property’s value, usually required by lenders. It helps ensure the home you’re buying is priced fairly.

Amortization vs. Term

• Amortization: The total length of time it will take to pay off your mortgage.

• Term: The length of your current mortgage agreement (often 1–5 years).

At the end of each term, you’ll renew until the mortgage is paid off.

Final Thoughts

Buying a home should feel exciting, not overwhelming. Understanding these key terms will help you feel more prepared, more confident, and more empowered throughout the process.

And of course — you never have to figure this out alone. A great realtor will guide you every step of the way, translate the jargon, and make sure you feel supported from your first showing to possession day and beyond.

If you ever have questions or want to chat about the next steps in your buying journey, I’m always here to help.

If you have been following the Calgary real estate scene lately, you have likely noticed the market shifting gears — and that’s actually a healthy sign. After a few whirlwind years of record demand, bidding wars, and limited supply, we are seeing things settle into a more balanced rhythm this fall. October brought a mix of encouraging trends — steady demand, a small dip in new listings, and a bit more breathing room for buyers — all while sellers continue to enjoy strong property values.

Let’s take a closer look at what’s happening across Calgary right now.

A Balanced Market Is Taking Shape

In October, Calgary saw 6,471 homes on the market and 1,885 sales, which puts our months of supply at roughly three and a half months. That means if no new listings hit the market, it would take about three and a half months to sell through what’s available — a clear sign of a balanced market.

Compared to September, inventory actually eased a little, as fewer new listings came on and sales picked up slightly. So while we have seen some cooling compared to last year’s red-hot market, Calgary remains steady and resilient — especially compared to many other Canadian cities.

Detached and semi-detached homes continue to perform the best, with balanced conditions that lean only slightly in favour of buyers. Meanwhile, apartment condos and row-style properties have seen a bit of a build-up in supply, which gives buyers in those categories more choice and room to negotiate.

Calgary Home Prices Hold Their Ground

The benchmark price for Calgary homes in October was $568,000, down just under 1% from last month and about 4% lower than this time last year. But don’t let that small decline fool you — this is after several years of strong appreciation. The Calgary market has held its value exceptionally well and continues to outperform long-term trends.

Here’s how things look across different property types:

• Detached homes remain the market’s strongest segment, with a benchmark price of $744,400. That’s only about 1% lower than last year — and still up over 1% year-to-date. In some central communities, we’re still seeing modest price gains.

• Semi-detached homes are also holding steady, with prices sitting around $683,100, nearly 1% higher than last year and up over 3% year-to-date.

• Row homes and apartment condos have experienced the most adjustment due to higher inventory. Row homes now sit at $431,200, and apartments at $318,200 — both great entry points for first-time buyers or investors looking to enter the market while prices are easing.

This mix of balance and opportunity is exactly what makes the Calgary market so unique right now — steady enough to give sellers confidence, but more approachable for buyers who have been waiting on the sidelines.

What This Means for Buyers

If you’ve been waiting for the right time to make a move, this fall might be it. More listings, slightly longer days on market, and fewer bidding wars mean you can take the time to find a home that truly fits your needs.

Buyers exploring apartments, townhomes, or row homes will especially find more inventory and flexible pricing compared to the fast-paced conditions of the past couple of years. It’s also a great time to lock in a home before interest rates shift again — giving you stability heading into 2026.

What This Means for Sellers

If you are a seller, there’s still plenty of good news. Well-presented and properly priced homes are absolutely selling. Detached and semi-detached properties are seeing strong, consistent demand — particularly in established family neighbourhoods and newer suburban communities.

Buyers are still looking for move-in-ready homes, curb appeal, and functional layouts. A bit of staging, professional photography, and thoughtful pricing strategy can go a long way in helping your property stand out — even in a more balanced market.

And What About Airdrie?

Just north of Calgary, Airdrie’s market has followed a similar pattern — a little cooler, a little calmer, but still full of activity.

As of October, there were 535 homes on the market and 136 sales, keeping inventory around four months of supply. This added balance gives buyers more choice, while sellers still benefit from the city’s long-term growth and strong reputation as a family-friendly community.

Airdrie’s benchmark price currently sits at $520,400, down just under 1% from last month and about 5% lower than last year — but still very much aligned with long-term averages. With more new construction options and strong community amenities, Airdrie continues to attract families looking for more space, value, and small-city charm within easy reach of Calgary.

The Bottom Line

The Calgary real estate market has entered a new phase — one that’s balanced, stable, and full of opportunity. Detached and semi-detached homes continue to perform well, while row and apartment-style properties offer fantastic value for first-time buyers and investors.

Meanwhile, nearby markets like Airdrie are offering more selection than we’ve seen in years, with prices that make homeownership more accessible — all while staying close to Calgary’s job market, lifestyle, and amenities.

Whether you’re thinking about buying, selling, or just staying informed, this is a great time to have a conversation about your next move.

Curious about what your home is worth? Or wondering how today’s conditions fit your goals? Let’s connect — I’d love to help you navigate the Calgary and Airdrie markets with confidence.