If you’re buying or selling a home in Calgary, you’ve probably heard words and phrases that sound familiar—but might not know exactly what they mean. From interest rates and closing costs to property types and purchase price, understanding the language of real estate can make the process smoother and less stressful.
Whether you’re searching for houses for sale in Altadore, browsing south Calgary homes for sale, or preparing to list your property, this glossary will help you feel more confident every step of the way.
1. MLS System (Multiple Listing Service)
The MLS system, or MLS Multiple Listing Service, is a database where real estate professionals list homes for sale. It’s used by licensed real estate agents across Canada to share property details, photos, and pricing.
When you see listings online, many come directly from the MLS system. It allows agents to connect buyers with suitable homes and sellers with qualified prospects—keeping the Canadian real estate market transparent and competitive.
2. Purchase Price
The purchase price is the agreed amount a buyer will pay for a home. It’s not always the same as the listing price, which is what the seller hopes to get. The purchase price is finalized when both parties accept an offer.
For example, a single family home in Altadore might be listed at $850,000, but the sale price could end up slightly lower or higher depending on market demand and negotiation.
3. Closing Costs
These are the extra fees you’ll pay on top of the purchase price when buying a home. They typically include:
- Legal fees
- Land transfer tax
- Home inspection
- Title insurance
- Adjustments for property taxes or utilities
Closing costs can add up to 2–4% of the home’s price, so it’s important to plan for them early in the process.
4. Down Payment
Your down payment is the amount of money you pay upfront when buying a property. In Canada, the minimum down payment depends on the home price. For example, homes under $500,000 require a minimum of 5%, while higher-priced homes need more.
The rest of the money is borrowed from a lender as a mortgage.
5. Mortgage and Mortgage Payment
A mortgage is a loan you get from a financial institution to buy a home. Your mortgage payment is the amount you pay monthly (or biweekly) to cover the principal loan and interest. Lenders base your mortgage payment on the total borrowed amount, your down payment, and interest rates. Working with a mortgage advisor or broker helps you understand your options and choose what fits your budget best.
6. Conditional Offer
A conditional offer means the buyer wants to purchase the home but with specific conditions—like a home inspection, financing approval, or the sale of their current home. If those conditions are met by the deadline, the offer becomes firm. If not, the deal can fall through without penalty.
7. Possession Date
The possession date is the day ownership officially transfers to the buyer. On this day, you get the keys and can move in. For sellers, it’s when the sale is complete, and funds are received. The possession date is agreed upon during the negotiation process and outlined in the purchase contract.
8. Appraisal
An appraisal is an independent estimate of a home’s value, typically ordered by a lender before approving a mortgage. Appraisers look at similar south Calgary homes for sale, property condition, and recent sale prices in the area to determine fair market value.
This step protects both the buyer and the lender from overpaying for a property.
9. Detached, Semi-Detached, and Townhomes
These terms describe different property types:
- Detached homes – Standalone houses with no shared walls.
- Semi-detached homes – Share one wall with another home, often mirror images.
- Townhomes – Multiple units connected in a row, usually sharing two walls.
In neighbourhoods like Altadore, you’ll find a mix of these homes in Calgary, ranging from luxury homes in Calgary to modern infills and renovated character homes.
10. Home Inspection
Before you buy, a home inspection helps uncover potential issues like foundation cracks, plumbing problems, or roofing concerns. It gives buyers peace of mind and can influence negotiations if repairs are needed. Even newer Altadore homes for sale benefit from a professional inspection—it’s a small investment that protects a big purchase.
11. Offer to Purchase
An offer to purchase is a written contract that outlines what you’re willing to pay, your conditions, and your preferred possession date. Sellers can accept, reject, or counter the offer. It’s one of the most important documents in buying or selling real estate, so working with a trusted real estate agent ensures your interests are properly represented.
12. Property Taxes
Every homeowner in Calgary pays property taxes, which fund city services like road maintenance, parks, and public transit. Taxes are calculated based on your home’s assessed value and the municipal tax rate set by the City of Calgary. When you’re selling a home, your lawyer or agent will adjust taxes on closing so that each party pays only for their portion of the year.
13. Market Value
Market value is the estimated price a home would sell for in current conditions. It’s based on real estate listings, buyer demand, and local trends. If you’re wondering, “What’s my home worth?” or planning on selling my Calgary home, market value is what determines your listing price.
14. Multiple Offers
When several buyers submit offers on the same property, it’s called a multiple-offer situation. This can drive up the final sale price, especially in popular areas like Altadore or Marda Loop, where demand for south Calgary homes for sale remains high.
Your agent will help you navigate this process—whether you’re a buyer trying to compete or a seller weighing the best offer.
15. Real Estate Professionals
In Canada, all real estate professionals must be licensed and follow ethical standards set by local and national boards. These professionals are trained to guide clients through every step of the process—from pricing a property to marketing, negotiations, and closing. Working with an experienced agent ensures you understand contracts, timelines, and all costs involved in buying a home or selling a home.
Key Takeaways for Buyers and Sellers in Calgary
Understanding real estate terms gives you more control and confidence when making major decisions. Whether you’re browsing houses for sale in Altadore, researching luxury homes in Calgary, or preparing to list your own property, knowing the language helps you ask better questions and avoid surprises.
If you’re unsure where to start, connect with a licensed real estate agent familiar with the Calgary real estate market. They can explain these terms in context and guide you through everything—from the first showing to the final signature—so your next move is an informed one.
Houses for Sale Altadore
Whether you’re buying your first home or looking to move closer to the city, Altadore offers a range of options to suit every lifestyle.
