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Home Buying Incentives

Home buying Incentives

The Government of Canada has two popular programs - the First Time Home Buyer Incentive and the Home Buyers Plan that can help make your dream of purchasing a first home more affordable.


First Time Home Buyer Incentive

Canada's housing agency (CMHC) launched a 3-year, $1.25bn first-come-first-served First Time Home Buyers Incentive (FTHBI) in September 2019.


If you’re eligible, the program can provide you with an interest-free Incentive toward your down payment that enables you to reduce your monthly mortgage repayment - making the purchase of a house more affordable. You can receive 5% of the purchase price on a resale home, or 5% or 10% of the purchase price on a newly constructed home. The larger Incentive amount is intended to help encourage the home construction needed to address some of the housing supply shortages in Canada, particularly in our largest cities.
You’ll repay the government for this Incentive either when you sell your first home, or at 25 years, whichever comes first. You can also repay the Incentive in full at any time, without a pre-payment penalty. Refinancing of the first mortgage will not trigger repayment. The repayment amount is the same % as your original Incentive; although it is calculated based on the fair market value of your home at that moment in time.


HOw To Qualify

In four simple steps, we'll help you through the process to access the First Time Home Buyer Incentive. 

  Find out if you’re eligible through the CMHC eligibility calculator

  Download, read and sign the:

  Book an appointment with us to qualify for your mortgage* and bring the downloaded materials with you.

  Once you’re approved, we'll do the rest!


Enrolment Criteria To Be Aware Of:

  • You need the minimum down payment of 5% for an insured mortgage before you start.

  • The total household income that you will use to qualify for a mortgage must be less than $120,000.

  • The purchase price of the property, including the 5-10% Incentive, cannot be more than four times your income.

  • One of the borrowers must be a first time home buyer**.

RRSP Home Buyers Plan

The Home Buyers' Plan (HBP) is a separate government program that can be used in conjunction with the First Time Home Buyers Incentive. The program allows first time home buyers** to borrow up to $35,000 ($70,000 for a couple) from your RRSP for your down payment. These funds are considered tax free, as long as you repay the amount into your RRSP within a 15-year period.


How To Enrol

  1. Download and complete the government's T1036 form.

  2. Book an appointment to qualify for your mortgage with us and bring this with you.

HBP Eligibility Criteria To Be Aware Of:

  1. Borrowers must be first time home buyers.

  2. You must intend to live in the house within one year of purchase as your primary residence.

  3. RRSP funds must be in your account 90 days prior to withdrawal.

  4. You must make the annual RRSP repayment amount for funds borrowed to remain tax-free.


Talk to us today to discuss your  option(s)!


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?Did You Know

Just a half percentage point less on your mortgage rate could save you a few thousand dollars per year! When you choose First Calgary you won’t need to haggle - we always offer you the very best rate you qualify for!

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The Legal Stuff:

*Terms and conditions apply. Rates are subject to change without notice. Specials offers may be changed, withdrawn or extended at any time, without notice. Rates are applicable to residential mortgages only and subject to First Calgary Financial lending criteria, fees and charges for residential properties. The advice on our website is prepared without knowing your personal objectives, financial situation or needs. Before you act on this or any advice, please consider if it's right for you, and reach out to our teams to help determine if the product is appropriate for you. Legal Terms of Use apply.


**To qualify as a first time home buyer, you must meet one of the following criteria:

  • you have never purchased a home before;

  • you are experiencing the breakdown of a marriage or common-law partnership; or,
  • in the last four years, you did not occupy a home that you or your current spouse or common-law partner owned.