While buying a home in Alberta is somewhat easier than Ontario or B.C. the average price of a home in the province, especially large cities like Edmonton and Calgary, can still be quite expensive. That said, Alberta-specific and nation-wide incentive programs can help turn your dream of owning property in Wild Rose Country into a reality.
Attainable Homes Calgary (AHC)
AHC offers financial assistance to help individuals new to the home buying process in covering their down payments. By contributing an initial $2,000, AHC will loan you the remaining funds necessary to reach 5% of the total purchase price of a home.
First Place Home Ownership Program
This partnership with banks and builders transforms unused surplus school properties in Edmonton into appealing townhomes. The homes are then sold at market prices, but with a unique feature: the land portion of the mortgage has a deferral period of five years. By taking the amount of land off the total price of the home, mortgage payments are significantly smaller, making them particularly accessible to first-time home buyers.
Of course, in addition to the above incentive programs, there are also several programs available across Canada that can help put home ownership for first time buyers in Alberta within reach. Those include the First-Time Home Buyer Incentive (FTHBI), First-Time Home Buyers’ Tax Credit, First Home Savings Account (FHSA) and more.