First-Time Home Buyers Program

The federal First-Time Home Buyer Incentive program ended in 2024. Here's what's actually available to first-time buyers today, in both Calgary and the Okanagan:

Two federal programs apply no matter where in Canada you buy:

• First Home Savings Account (FHSA): tax-deductible contributions up to $8,000/year (lifetime limit $40,000), and withdrawals are tax-free when used toward your first home.

• RRSP Home Buyers' Plan (HBP): withdraw up to $60,000 tax-free from your RRSP toward a purchase, repayable over 15 years.

• In BC, the First Time Home Buyers' Program can fully exempt property transfer tax on homes priced at $500,000 or under, with a partial exemption up to $860,000. In Alberta, there's no provincial land transfer tax at all — a real closing-cost saving for Calgary buyers.

Which of these actually apply depends on your purchase price, your RRSP and FHSA room, and which province you're buying in.

Robert can walk you through exactly which programs you qualify for and how much they're worth to you, whether you're buying in Calgary or the Okanagan.