First-time home buyer guide for Calgary

Buying your first home is a big step, and in Calgary it’s an achievable one: there’s no land transfer tax, and the federal government has several programs for first-time buyers. Here’s the whole path, in order.

1. Check that you count as a first-time buyer

For most federal programs, you’re a first-time buyer if you haven’t lived in a home that you, or your spouse or common-law partner, owned in the current year or the previous four calendar years. Some programs also count people who recently separated from a spouse or partner. The exact rule differs slightly by program, so confirm it for each one you use.

2. Save the down payment and closing costs

The minimum down payment is 5% of the first $500,000 and 10% of the part above it; see how much down payment you need. On top of that, set aside roughly 1.5% to 4% of the price for closing costs.

Two accounts make saving cheaper:

• First Home Savings Account (FHSA). Contribute up to $8,000 a year, to a lifetime total of $40,000. Contributions are tax-deductible and a qualifying withdrawal for your first home is tax-free. Unused room carries forward (up to $8,000) once you’ve opened your account, so open one early even if you can’t fill it yet. You need to be a Canadian resident and at least 18.
• RRSP Home Buyers’ Plan. Withdraw up to $60,000 from your RRSP to buy your first home, and repay it over 15 years. For first withdrawals made from 2022 through 2028, repayments start in the fifth year after the withdrawal.

A couple can each use both, which adds up quickly.

3. Build and protect your credit

At least one borrower on an insured mortgage generally needs a credit score of 600 or more, and a better score gets better terms. Pay every bill on time, keep credit card balances low, and avoid new loans (like a car) in the months before you buy.

4. Get pre-approved

A mortgage specialist checks your income, debts, credit and savings, and tells you how much you can borrow. Lenders qualify you at the stress-test rate: the higher of your rate plus 2 points, or 5.25%. Rene can connect you with a trusted mortgage specialist, and the mortgage calculator gives you a first estimate.

25 or 30 years?

First-time buyers with an insured mortgage (less than 20% down) can choose a 30-year amortization. Monthly payments are lower, but you pay more interest over time, and the insurance premium is 0.20% higher.

5. Choose the type of home and the community

Decide what fits your budget and your life: a condo, a townhouse or a detached home (see the comparison), and which part of the city works for your commute and schools (see the community guides).

6. View homes, make an offer, clear your conditions

Rene books the showings, tells you what he sees in each home, and writes your offer with conditions that protect you: financing, a home inspection and, for a condo, the condo documents. See how offers work in Alberta.

7. Close and move in

Your lawyer registers the transfer and your mortgage at Land Titles, the lender sends the money, and you get the keys on possession day.

8. Claim what you’re owed

• First-Time Home Buyers’ Tax Credit. Claim $10,000 on your tax return for the year you buy. It’s a non-refundable credit at the lowest federal tax rate, worth $1,400 for a 2026 purchase. A couple can split it.
• First-Time Home Buyers’ GST rebate (new homes only). If you buy a newly built home from a builder, you may get back the full GST, up to $50,000, on a home up to $1 million, with a partial rebate up to $1.5 million. It applies to agreements signed from March 20, 2025, and you must be a Canadian citizen or permanent resident, at least 18, and a first-time buyer.

Programs that have ended

The federal First-Time Home Buyer Incentive, a shared-equity mortgage, no longer takes applications. If you read about it online, it’s out of date.