First-Time Home Buyer Programs in Edmonton: What You Need to Know

First-time buyers in their new Edmonton home.

Buying your first home in Edmonton is an exciting milestone, but it can also feel overwhelming, especially when it comes to understanding the various programs and incentives available to help. Whether you’re a young professional, a new family, or a recent newcomer to Canada, there are first-time home buyer programs in Edmonton designed to make homeownership more affordable and accessible.

In this guide, we’ll break down everything you need to know about local, provincial, and federal programs that can assist you in getting into your first home. What Qualifies as a First-Time Home Buyer in Edmonton?

In most cases, you’re considered a first-time home buyer if:

• You have never owned a home before

• You haven’t owned a home in the past four years (for certain federal programs)

• You’re purchasing a home with someone who is a first-time buyer
  

It’s important to review the eligibility requirements for each program, as they may vary.

Key First-Time Home Buyer Programs Available in Edmonton

Bright and cozy living space in an Edmonton starter home.

1. First-Time Home Buyers’ Tax Credit (HBTC)

This federal tax credit offers up to $1,500 in tax relief (as of 2022) to help cover closing costs such as legal fees, home inspections, and land transfer taxes.

2. Home Buyers’ Plan (HBP)

Eligible buyers can withdraw up to $60,000 (as of 2024) from their RRSP to put toward a down payment, tax-free, as long as the funds are repaid over 15 years.

3. First Home Savings Account (FHSA)

This new program allows you to contribute up to $8,000 per year (to a lifetime limit of $40,000) toward your first home. Contributions are tax-deductible, and withdrawals are tax-free when used for a qualifying home purchase.

4. CMHC First-Time Home Buyer Incentive

This program offers 5% or 10% of a home’s purchase price as a shared equity mortgage with the Government of Canada, reducing your monthly mortgage payments without adding to your debt.

Alberta-Specific Assistance for First-Time Buyers

While Alberta does not have a provincial land transfer tax (which is a huge bonus compared to other provinces), there are still local supports available to Edmonton buyers:

1. Edmonton Affordable Housing Programs

The City of Edmonton runs several initiatives aimed at improving access to housing, including the First Place Program, which offers townhomes in designated communities with deferred land payments.

2. Down Payment Assistance Programs

Some local nonprofits and credit unions offer down payment assistance or match savings plans to support first-time buyers. Working with a local mortgage professional like Tina Kha can help you explore these niche options. Additional Tips for First-Time Home Buyers in Edmonton:

• Get Pre-Approved Early

Before browsing listings, get a pre-approval so you understand your buying power and can lock in a rate.

• Work with a Local Mortgage Broker

Edmonton’s housing market is unique, having someone local who understands lender criteria, city zoning, and market trends will give you a major advantage.

• Factor in Closing Costs

Don’t forget additional costs like home inspections, legal fees, property taxes, and insurance. These can add up quickly for first-time buyers.

• Compare Mortgage Programs

You may be eligible for other options like cashback mortgages, low-down-payment insured loans, or flexible repayment plans. Tina Kha can walk you through the pros and cons of each. Learn More: First-Time Home Buyer Solutions – Tina Kha

If you want to explore more tailored advice, Tina Kha breaks down her first-time buyer services in greater detail on her dedicated mortgage solutions page. From education to approval, she’s here to guide you step by step.

Ready to Buy Your First Home in Edmonton?

Planning their future in a new Edmonton home.

Navigating your first home purchase is easier with the right expert on your side. Tina Kha has helped countless Edmonton residents find the best mortgage options to make their dream home a reality. Whether you need help with pre-approval, understanding which programs you qualify for, or negotiating a better rate, she’s ready to help.

Contact Tina Kha Today and let’s get you on the path to homeownership in Edmonton.