FIRST-TIME HOME BUYERS · ALBERTA
Your first home.
Start with a plan.
Make room for the life you want, with a buying budget and a clear next step. Explore homes across Alberta and get help working through your search, offer and possession plans.
01 / KNOW YOUR NUMBERS
Budget for the whole purchase.
A lender’s maximum and a comfortable household budget are different starting points. Leave room for regular ownership costs and unexpected work.
Cash before possession
Plan the down payment, deposit timing, legal and registration charges, inspection or document-review costs, moving expenses and any closing adjustments. Ask for estimates that fit the property and transaction.
Alberta registration information →Monthly ownership costs
Compare the mortgage with property taxes, utilities, insurance and maintenance. For a condominium, review fees, what they cover and the financial information that can affect future costs.
Explore condominium options →Financing that fits
Ask a lender or mortgage broker about the amount, terms, supporting documents and remaining approval requirements. Preapproval is useful planning information; it is not final mortgage approval.
Understand preapproval →02 / CHECK YOUR ELIGIBILITY
Know which programs fit.
Program definitions differ. Check the rules for your circumstances before moving money or relying on a tax benefit.
First Home Savings Account
An FHSA is a registered savings account for eligible first-time buyers. Participation room generally starts at $8,000 when the account is opened, with a $40,000 lifetime limit. Contributions, transfers and qualifying withdrawals have different rules.
Check CRA’s FHSA rules →RRSP Home Buyers’ Plan
The HBP currently permits eligible withdrawals of up to $60,000 per participant for a qualifying home. It is different from a grant: repayment requirements and timing apply. Check eligibility before withdrawing.
Check CRA’s HBP rules →Home buyers’ amount
This is an eligibility-based, non-refundable federal tax credit. The claim amount and the tax saving are different figures. Confirm the rules and value for the applicable tax year rather than treating a headline amount as cash for your down payment.
Check the home buyers’ amount →03 / FIND WHAT FITS
A first home is personal.
Start with the places and features that matter to you: travel time, access, space, upkeep and the costs you can sustain. Compare the property itself, not just a price band.
Start with a location
Explore Edmonton, Calgary, St. Albert or nearby communities. Share your location so showing support and the next steps can be confirmed.
Compare property types
Consider condominiums, townhouses, duplexes and other homes for sale. Investigate any advertised suite and its approvals for the intended use. For more than one unit, explore small multifamily options.
Use a starting budget
Browse homes under $400,000, under $500,000 or under $1 million, then refine the live map. Availability and displayed information depend on the current source.
04 / ASK BEFORE YOU COMMIT
Make the next decision a considered one.
Before an offer
- Review representation, services and compensation in writing.
- Discuss price, deposit, possession and appropriate conditions.
- Identify financing, inspection and document-review work that needs time.
Before removing conditions
- Resolve lender requirements for the actual property.
- Review inspection findings and relevant condominium or property documents.
- Understand the contract deadlines and the consequences of proceeding.
Use the Edmonton first-home guide for further reading, and discuss transaction-specific questions with the appropriate professional. Alberta’s purchase guidance explains written service agreements and important property checks.
More reading: the step-by-step Edmonton buyer guide and buyer kit details.
QUESTIONS, ANSWERED
First-home planning FAQs.
What counts as a first-time home buyer?
The definition depends on the program. FHSA, the Home Buyers’ Plan and the home buyers’ amount have separate eligibility rules, including ownership and occupancy tests. Check each CRA program before contributing, withdrawing or claiming a credit.
How much down payment do I need?
For an eligible one- or two-unit owner-occupied home, the minimum generally starts at 5% of the first $500,000 and 10% of the portion above $500,000 for a home below $1.5 million. A purchase of $1.5 million or more generally needs at least 20%. Other property types, lenders and insurers can require more.
Can I combine an FHSA and the Home Buyers’ Plan?
They can be used for the same qualifying purchase when the requirements of both programs are met. The HBP currently allows eligible withdrawals of up to $60,000 per participant. Check qualifying withdrawal timing, documentation and HBP repayment obligations with CRA and your financial institution.
Does mortgage preapproval guarantee financing?
No. Preapproval helps establish a search budget, but final approval also depends on the property and the lender’s requirements. Confirm what has been reviewed, any rate-hold expiry and the conditions still to be met before making a commitment.
How soon can I move in?
Possession timing is negotiated in the purchase contract. Allow time for financing, inspections, document review and legal closing, and plan for your current lease or sale. An enquiry or preapproval does not establish a possession date.
Down-payment information: CMHC mortgage insurance guidance. Program references checked . This is general planning information; confirm eligibility, financing and legal or tax implications for your transaction.
YOUR NEXT STEP
Tell us what home means to you.
Share your preferred area, budget, timing and questions. The enquiry form prepares a message for you to review and send.