Unlocking Homeownership: Cash Incentives and Government Programs for First-Time Homebuyers in Canada

Dreaming of owning your first home in Calgary, Airdrie, Chestermere, or Rocky View County? You’re not alone—and the good news is, there are several cash incentives and government programs designed to help first-time buyers like you get a foot in the door! Let’s break down what’s available, how they work, and how you can take advantage of these opportunities.

1. The First-Time Home Buyer Incentive (FTHBI) 🏡

The Government of Canada offers the First-Time Home Buyer Incentive, which provides 5% or 10% of your home’s purchase price to put toward your down payment. This shared-equity program can lower your monthly mortgage payments, making homeownership more affordable. Eligibility depends on your income, the home’s price, and a few other factors.

2. Home Buyers’ Plan (HBP)

With the HBP, you can withdraw up to $35,000 from your RRSP tax-free to use as a down payment. If you’re buying with a partner, that’s up to $70,000! You’ll have 15 years to repay the amount to your RRSP, making it a flexible option for many buyers.

3. First Home Savings Account (FHSA)

Launched recently, the FHSA lets you save up to $8,000 per year (to a lifetime limit of $40,000) for your first home, with contributions and withdrawals both tax-free when used for a qualifying purchase. It’s a powerful way to build your down payment faster.

4. Land Transfer Tax Rebates

While Alberta doesn’t have a provincial land transfer tax, if you’re moving from another province or considering a second property elsewhere, check for available rebates. Some local municipalities may also offer incentives for new buyers.

5. Local and Provincial Programs

Keep an eye out for local grants or municipal incentives that pop up from time to time in Calgary, Airdrie, Chestermere, and Rocky View County. These programs might cover closing costs, energy-efficient upgrades, or down payment assistance.

How to Get Started

• Review your eligibility for each program
• Gather documentation early (income statements, savings, ID)
• Consult with a mortgage specialist or trusted real estate agent (like me!) to maximize your options
• Apply as soon as you’re ready—some programs have limited funds or deadlines

Taking advantage of these incentives can help you move into your dream home sooner and with less financial stress. If you have questions or want to explore which programs are right for you, reach out anytime. I’m here to guide you every step of the way!