First-Time Homebuyer Programs in Calgary

First-time homebuyers in Calgary have access to various programs designed to make homeownership more attainable. These initiatives provide financial assistance, tax incentives, and unique opportunities tailored to help new buyers navigate the housing market. Here’s an overview of the key first-time homebuyer programs available in Calgary.

1. Attainable Homes Calgary (AHC)

The Attainable Homes Calgary (AHC) program is a significant resource for first-time buyers. This initiative allows participants to purchase a home with a minimal down payment of just $2,000. AHC helps bridge the gap by providing a loan for the remaining down payment, which is interest-free. In exchange, AHC takes a share of the home’s appreciation over time: 

• 100% of appreciation in the first year
• 50% after three years
• 25% after five years

This means that the longer you stay in your home, the more equity you can retain. To qualify, applicants must have a household income of less than $131,424 and total assets of no more than $50,000. There is no minimum residency requirement, making it flexible for buyers who may not wish to stay long-term.

2. First-Time Home Buyers’ Tax Credit

The First-Time Home Buyers’ Tax Credit is another valuable incentive that provides financial relief. This non-refundable tax credit offers up to $1,500, which can help offset some of the costs associated with purchasing a home, such as legal fees and inspections. The credit is available to individuals who are purchasing their first home and can be claimed on your tax return.

3. Home Buyers’ Plan (HBP)

Under the Home Buyers’ Plan, first-time buyers can withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) without facing tax penalties. This program allows individuals to use their savings towards their down payment while providing flexibility in repayment over a period of up to 15 years. To qualify, funds must have been in the RRSP for at least 90 days prior to withdrawal.

4. Federal Assistance Programs

While specific programs like the First-Time Home Buyer Incentive were discontinued as of March 2024, other federal initiatives still support first-time buyers across Canada. The First Home Savings Account (FHSA) allows individuals to save for their first home with tax-deductible contributions up to $8,000 annually, with a lifetime maximum of $40,000. Withdrawals for purchasing a home are tax-free, making it an effective savings tool.

Navigating the housing market as a first-time buyer can be daunting, but programs like Attainable Homes Calgary, tax credits, and withdrawal options from RRSPs provide essential support. By leveraging these resources, prospective homeowners in Calgary can make informed decisions and work towards achieving their dream of homeownership more easily. Understanding eligibility requirements and how each program works is crucial for maximizing these benefits and successfully entering the housing market.

Contact Diane Richardson

If you're a first-time homebuyer in Calgary, Diane Richardson can guide you through the process and help you make the most of these programs.

Phone: 403.397.3706

Email: diane@mypadcalgary.com

Get in touch today to explore your options and take the first step toward owning your dream home!

All information herein deemed reliable, but not guaranteed.Copyright © 2024, Diane Richardson, all rights reserved.