How much of C$43,200 should remain untouched after closing?

M

MinaGale

First-time buyer
Established
I’m considering a 5-bed new-build flat in Calgary at about C$310,500. After the deposit and estimated closing costs, I should have roughly C$43,200 left.

I’m trying to divide that between a true emergency fund, moving, immediate repairs and furniture. The inspection may also uncover ordinary first-year work, and I still need to account for service charges, the insurance excess and the first mortgage payment. Would you set firm amounts for each category, or simply keep most of it untouched? I’d rather buy below my maximum than turn every small defect into a crisis. Yesterday I was excited; today every compromise feels enormous.
 
I’d protect more than half as emergency savings and treat it as unavailable for furniture. Then create separate pots for the move, inspection findings and only the furniture needed to function immediately. Beds and a table matter; filling five bedrooms does not. Keep a final unassigned amount too, because several modest costs arriving together are often harder than one obvious repair.
 
I wouldn’t choose percentages until you know the monthly service or condo charge and what it actually covers. A C$25,000 emergency fund means something different if your regular housing costs leave plenty of monthly surplus than if the budget is already tight.

Also check when the first mortgage payment is due rather than mentally spending that money twice. What would your cash flow look like after mortgage, service charges, insurance and utilities?
 
There’s a caveat with calling every inspection item an immediate repair. Separate safety or water-related findings from cosmetic defects and routine first-year adjustments. Otherwise a long inspection list can make a sound purchase look unaffordable.

I agree with delaying furniture, but I’d get moving quotes before assigning that pot. Moving a lightly furnished household and moving enough belongings for a 5-bed place are very different jobs.
 
One more item: keep the insurance excess available in cash outside the repair budget. If a claim and an unrelated defect happen close together, you don’t want the same dollars allocated to both. Once the inspection and monthly charges are known, sbakker can stress-test the plan by subtracting those costs from C$43,200 and seeing whether the untouched emergency amount still feels adequate.
 
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