First-time home buyers
Your first home, without the guesswork.
The federal First-Time Home Buyer Incentive ended in 2024. Here's what still helps first-time buyers in Alberta and BC today.
Federal programs
These apply anywhere in Canada.
$40,000
First Home Savings Account (FHSA)
Contribute up to $8,000 a year, to a $40,000 lifetime limit. Contributions are tax deductible and withdrawals for your first home are tax free.
$60,000
RRSP Home Buyers' Plan (HBP)
Withdraw up to $60,000 from your RRSP tax free toward your purchase, then repay it over 15 years.
Provincial
Where you buy changes the math.
BC
Property transfer tax exemption
The First Time Home Buyers' Program can fully exempt property transfer tax on homes up to $500,000, with a partial exemption up to $860,000.
AB
No land transfer tax
Alberta has no provincial land transfer tax at all, which keeps closing costs down for Calgary buyers.
Which programs you qualify for depends on your price, your FHSA and RRSP room, and which province you buy in. Rob can walk you through it and show what each one is worth to you. Program details can change, so confirm specifics with your lender or accountant.
Rob Thomson, REALTOR®, Real Broker. All trades conducted through Real Broker. REALTOR®, REALTORS®, MLS®, Multiple Listing Service® and associated logos are trademarks owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Not intended to solicit buyers or sellers currently under contract.