At the risk of repeating myself, when people think of the costs they need to get out of their heads the thought that Summer Olympics = Winter Olympics.
Not only are there 3x as many events in the Summer Olympics, most of them need venues to be constructed (i.e. physical construction projects of buildings). Most of the Winter Olympics sports on the other hand rely more heavily on the outdoors. Only four sports are indoors (hockey, curling, figure skating, speed skating). That's not to say that the outdoor sports don't require structures to be built (ski jumping and bobsled come to mind), but the infrastructure requirements of the Winter Olympics are infinitely lower than the Summer Olympics.
Then add on the fact that they'd be even lower for Calgary which already has a bunch of those in place (most of the arenas for curling/hockey/figure skating, a speed skating facility, a ski hill with a highway to it, a Nordic centre with a highway to it) and we are light years ahead of somewhere like Sochi which started nearly from scratch in a summer vacation spot of all places.
Will there be costs, of course. But don't get confused with Sochi or Greece type costs.
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