Your First Home.
Buying your first home in Alberta is a huge move and it's easier than most people make it sound. Straight talk on pre-approval, down payment, FHSA and HBP, and what actually happens on closing day.
How It Actually Works.
Six steps from "thinking about it" to keys in hand. No jargon, no surprises.
Get Pre-Approved
Before you fall in love with a listing, talk to a mortgage broker. A pre-approval locks in a rate for 90–120 days and tells you exactly what you can spend.
Save Your Down Payment
Minimum is 5% on the first $500K and 10% on the portion $500K–$1.5M. Under 20% down means CMHC insurance is rolled into your payment.
Shop Smart
Your agent sets up a search matching your budget, must-haves, and neighbourhood. We flag red flags, and give you honest opinions — not sales pitches.
Make An Offer
When you find the one, we build a competitive offer with conditions that protect you: financing, inspection, and condo document review if applicable.
Conditions & Inspection
You typically have 7–14 business days to satisfy conditions. We coordinate the inspection and finalize financing with your lender.
Closing & Possession
Your lawyer handles the legal side of closing. On possession day we meet you at the house, hand over the keys, and then you're offically a home owner!
Programs For Alberta Buyers.
Free money, tax breaks, and provincial perks most first-time buyers don't know about. Combined, they can shave tens of thousands off your first purchase.
First Home Savings Account (FHSA)
Contribute up to $8,000/year (max $40K lifetime). Contributions are tax-deductible AND withdrawals for a first home are tax-free. Combines the best of an RRSP and a TFSA.
RRSP Home Buyers' Plan (HBP)
Withdraw up to $60,000 from your RRSP tax-free toward a first home ($120K for couples). Repay over 15 years starting the second year after withdrawal.
First-Time Buyers' Tax Credit
A $10,000 non-refundable federal tax credit worth up to $1,500 back at tax time. Automatic when you file, just check the box.
No Land Transfer Tax
Alberta is one of the only provinces with NO land transfer tax. You'll pay a small land title registration fee, roughly $50 + $2 per $5,000 of value.
GST New Housing Rebate
You may qualify for a federal GST rebate of up to $50,000 on new builds under $1M. There's also a smaller long-standing rebate for homes under $450K. Both are federal programs with their own rules, so confirm eligibility with your lawyer or accountant.
Multigenerational Reno Credit
Buying with plans to add a secondary suite for a parent or adult family member? You may qualify for up to $7,500 back on renovation costs.
FAQ.
On a $400,000 home, 5% down is $20,000. Add roughly $6,000–$10,000 for closing costs. Realistically, plan for $26,000–$30,000 before you shop.
Ready To Start?
Tell us about your timeline and we'll pair you with a Red Door YQL agent who specializes in first-time buyers. No pressure, no spam.
Or Just Call Us.
Prefer a real conversation? Reach out any time, we're locals, we pick up.