First Time Home Buyer Incentives in Alberta 2021

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First Time Buyer Calculator Alberta

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Property Type

Existing/ResaleNew Construction

You could qualify for...

First-Time Buyer Land Transfer Tax Rebate
$00
Shared-Equity Incentive
$25,00025k
Home Buyer's Plan (RRSP)
up to $35,00035k
Find out more about national incentive programs
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Interest Rate

The annual interest rate on the mortgage loan amount. A lower interest rate can drastically reduce your mortgage payments.

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Goverment Incentive Option

Your Monthly Payment
$1,9651.96k
/month
Down Payment
(Incl. Incentive)
$50,00050k
Mortgage Amount
(Incl. CMHC Premium)
$463,950464k

Alberta First-Time Home Buyer Incentives

The Government of Alberta offers the Public Essential and Key (PEAK) Program, which helps low-income earners with a downpayment on their first home. The PEAK Program achieves this by providing applicants with a second mortgage for the downpayment of their home, up to a maximum of 5% of the purchase price. This second mortgage is interest free for the first five years. Interest will start to accrue after the initial five year period. Repayment is not needed until the home is sold. After three years, PEAK participants retain all of the equity in their home.

To qualify for the PEAK program, you must have a household income less than $80,000 per year, or $90,000 if you have children living at home. You must have the ability to be pre-approved for a five-year fixed mortgage, and you must not be able to afford a 5% down payment. Since 2009, the PEAK Program has helped 111 individuals and families.

Edmonton First Place Program

The City of Edmonton's First Place Program provides a five-year deferral on land costs for first-time home buyers on select properties. These properties are town homes on redeveloped vacant school sites by select builders. Current developments eligible for the First Place Program include Belle Rive, Kirkness, and Michaels Park. Applicants must also have a combined household income less than $117,000.

Attainable Homes Calgary

Attainable Homes Calgary helps home buyers purchase a home with a downpayment of only $2,000. The program then loans you the rest of the down payment, with no interest on the loan. In exchange, the AHC program takes a portion of your home's appreciation. This starts from 100% of the home's appreciation in the first year of ownership, to 25% after five years of home ownership.

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This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.