C$20,250 left after closing on a Calgary new build—enough buffer?

M

MinaGale

First-time buyer
Established
The 3-bed Calgary new build is attractive, but I am uneasy about completing with only about C$20,250 in cash after the deposit and estimated closing costs. The purchase price is around C$668,200, and an inspection may still uncover work during the first year.

Would that remaining amount be a reasonable cushion once moving expenses, the insurance excess, urgent inspection items and the first round of household purchases are allowed for? My instinct is to reserve most of it for genuine emergencies and furnish gradually, even if that means choosing a property below the top of my budget. What costs would you ring-fence before deciding the purchase is affordable?
 
I would treat most of the C$20,250 as untouchable emergency money, not as a furnishing budget. First reserve enough for moving, the first mortgage payment, insurance costs and any service charges due near completion. Then keep a smaller amount for inspection items that genuinely cannot wait. A table and basic bed can be bought early; matching furniture can wait.
 
What is included in the closing-cost estimate, and do you know when the first mortgage payment and service charge will actually be collected? Those timing details can make the first month look very different.

I’d also ask the inspector to separate urgent defects from cosmetic items and anything that may be the builder’s responsibility. Without that distinction, “repairs” can become an unnecessarily large placeholder.
 
I wouldn’t create a separate cash pot for every possible event. The emergency fund can cover overlapping risks, including an insurance excess, rather than leaving money idle in several artificial buckets.

C$20,250 might be comfortable or thin depending on monthly expenses and income stability. The bigger concern is whether the closing estimate includes every known payment and whether ongoing service charges leave enough room in the regular budget after the purchase.
 
That’s fair—the buckets can be planning categories rather than separate accounts. I’d confirm completion-day costs, payment dates, service charges and insurance first; price the move second; then wait for the inspection before assigning a repair amount. Whatever remains should stay liquid. Furniture gets the last claim on it, because it is the easiest spending to delay.
 
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