First Time Home Buyer
First Time Home Buyer Program
Buying your first home is a big step, and it can feel exciting but also a little overwhelming. The good news is that there are special programs and flexible mortgage options to help first time buyers. I’ll guide you through each step so you know what to expect and can move forward with confidence.
Programs and Incentives for First Time Buyers
- RRSP Home Buyers’ Plan (HBP) – Use up to $60,000 from your RRSP without paying tax right away. You’ll pay it back over time.
- First Home Savings Account (FHSA) – Save money for your first home with tax breaks, up to $8,000 per year, and take it out tax-free when you buy.
- Lower Closing Costs in Alberta – Unlike other provinces, Alberta doesn’t charge a land transfer tax, which means lower final costs for you.
Steps to Buying Your First Home
- Figure out your budget – We’ll look at your income, savings, and monthly expenses so you know what price range you’re comfortable with.
- Get pre-approved – This shows you how much you can borrow and locks in an interest rate for up to 120 days.
- Explore programs and savings – I’ll make sure you take advantage of every first time buyer program you qualify for.
- Choose the right mortgage – Mortgages can be set up for different lengths of time, with amortization periods of up to 30 years. A longer amortization lowers your monthly payment, while a shorter one helps you pay off your home faster.
- Close the deal – I’ll work with your realtor and lawyer to keep everything on track so you can move into your new home without stress.
