Alberta First Time Home Buyer Incentives & Grants in 2024
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What First-Time Home Buyers In Alberta Need to Know in 2024
Welcome to the starting line of your home-buying journey in Alberta! There are several incentive programs available for first-timers in Alberta. Combined with some thoughtful planning, this assistance can improve your chances of landing that elusive first home. With us, top-rated Alberta mortgage brokers, you're not just stepping into the market; you're being guided, step-by-step, to the front door of your dream home.
Are you ready to stop paying rent and start investing in a place of your own? We get it. The road to buying your first home is filled with excitement, a few butterflies, and lots of questions. But guess what? Our team is here to make this ride as smooth as possible, blending expert advice with a stress-free process!
We take the hassle out of home financing, so you can focus on finding your dream property within your budget.
Incentive programs for first-time home buyers in Alberta
As a first-time home buyer in Alberta, you can take advantage of three fantastic programs to help you level up on your path to homeownership:
First-Time Home Buyer RRSP Program
This program lets you withdraw up to $35,000 from your RRSP without tax penalties or claiming the funds as income. Withdrawal can take 2-10 business days, so plan ahead!
First-Time Home Buyers Incentive Program
Discontinued effective March 21, 2024
This program offers extra down payment funds of 5% or 10% as a shared equity program with the Government of Canada
First Time Home Buyers Tax Credit
The First-Time Home Buyers Tax Credit lets you claim $10,000 for the purchase of a qualifying home if you meet specific criteria. This is a non-refundable credit and will reduce the amount of taxes you owe by $750.
First Home Savings Account
The First Home Savings Account (FHSA) is a type of registered savings plan introduced by the federal government in 2022. A FHSA is designed to help you save for your first home, tax-free and help you reach your vision of owning a home faster!
A FHSA combines some of the features of an RRSP and TFSA. Contributions will generally be tax-deductible, and when a qualifying withdrawal is made, the amount withdrawn is not-taxable.
1. Know Your First-Time Home Buyer Budget in Alberta
First things first: let's talk numbers. How much can you really afford to spend on your new home? We've got the tools and the talent to help you figure that out.
• Try Our Online Affordability Calculator: Just a few clicks and you'll have an estimate of what you can afford, helping you to budget wisely from the start.
• Mortgage Pre-Approval: Fill out our easy online application, and we'll work out the maximum mortgage you could get, complete with estimated monthly payments and interest rates. Any questions? Our team is always here to help.
Pro Tip: Wondering about the down payment? There are RRSP loans specifically designed for first-time home buyers like you. Let's chat about your options.
2. Get Your Mortgage Pre-Approval
Taking the first step toward homeownership is a big leap, and a smooth start is essential. As leading mortgage brokers for first-time home buyers in Alberta, we believe in offering more than just competitive rates - we're all about the whole package!
We're experts at financing options for first-time home buyers, providing guidance throughout the process. Our team is dedicated to ensuring you feel confident, informed, and ready to begin your homeownership journey.
3. Embark On Your Alberta Home Search With Confidence
We know every mortgage application is unique, and we'll help you navigate the numbers, so you can focus on properties within your pre-approved price range.
With our assistance, you and your real estate agent will know exactly how much you can comfortably afford. Enjoy the confidence of a locked-in mortgage rate for up to 120 days at no cost to you as you hunt for your dream home in Alberta.
Let's Make Your Homeownership Dream Come True
Ready to turn the key in the lock of your new home? We're here to guide you from dream to reality with personalized support every step of the way.
Expert Advice and Your Best Rates for Unparalleled Savings
First Home Savings Account
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