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First-Time Homebuyer in Alberta? Here’s What Really Counts

General Cedric Pelletier 12 Sep

In Canada, first-time homebuyer doesn’t always mean “never owned a home.”
Federal programs each define it differently—and understanding those rules can save you thousands when buying in Alberta.

Mortgage Broker

RRSP Home Buyers’ Plan (HBP)

What it is: Withdraw up to $60,000 per couple from RRSPs tax-free for your down payment.

Key rules (4-year look-back):

  • You and your spouse/common-law partner must not have lived in a home you owned in the current year or the previous 4 calendar years.

  • You need a signed agreement to buy or build a qualifying home.

  • The home must become your principal residence within one year.

💡 Tip: Even if you owned property in the past, you may qualify again after four years of renting—perfect for anyone starting fresh.

First Home Savings Account (FHSA)

What it is: A new tax-sheltered account that combines the perks of an RRSP and TFSA, letting you contribute up to $40,000 toward your first home.

Key rules:

  • Must be 18–71 and a Canadian resident.

  • You must not have owned or jointly owned—or lived in—a qualifying home in the year before opening the account or during the previous four calendar years.

  • Spousal ownership counts if you lived in that property.

💡 Tip: You must meet the definition when you open the FHSA, not just when you buy.
Open one early—even with a small deposit—to start tax-free growth and lock in eligibility.

Mortgage Insurance Bonus

Being a first-time buyer can also affect your mortgage structure:

  • First-time buyers can qualify for a 30-year insured amortization on both resale and new homes.

  • Repeat buyers are limited to 25 years on resale properties (30 years is allowed only for new construction).

Your Next Steps

  1. Talk to a mortgage professional early to confirm which programs you qualify for.

  2. Open an FHSA as soon as possible if you think you might buy within the next few years.

  3. Be upfront about any past ownership—even outside Canada—to avoid surprises.

Bottom line:
Whether this is your first purchase ever or your first in a while, knowing how the federal programs define “first-time homebuyer” can put thousands of dollars back in your pocket.