What Government Programs Help First-Time Buyers in Edmonton?

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Government Programs Help First-Time Buyers in Edmonton?

1.0 Getting a Helping Hand into the Housing Market

Buying your first home is an exciting milestone, but saving for a down payment can be a major challenge. Fortunately, the Government of Canada offers several programs designed specifically to help first-time homebuyers get into the market sooner. Understanding these programs is a key step in building your financial plan. This guide provides an overview of the most important incentives available to you as of **September 2025**.

2.0 The First Home Savings Account (FHSA)

The FHSA is one of the most powerful tools ever created for aspiring homeowners. It combines the best features of an RRSP and a TFSA.

How it works: You can contribute up to $8,000 per year (to a lifetime maximum of $40,000).
The “Magic”: Your contributions are tax-deductible (like an RRSP), and when you withdraw the funds to buy your first home, the withdrawal is completely tax-free (like a TFSA). It’s the best of both worlds.

3.0 The RRSP Home Buyers’ Plan (HBP)

This long-standing program allows you to borrow from your own Registered Retirement Savings Plan (RRSP) for a down payment.

How it works: You can withdraw up to $35,000 (or $70,000 for a couple) from your RRSPs to put towards your home purchase.
The Catch: The withdrawal is tax-free, but it is a loan to yourself. You must repay the full amount back into your RRSP over a 15-year period, starting the second year after you withdraw.
FHSA vs. HBP: You can use both the FHSA and the HBP for the same home purchase.

4.0 The First-Time Home Buyers’ Tax Credit

This is a simple way to get some money back after you’ve purchased your home. It’s a non-refundable tax credit that provides up to $1,500 in tax relief.

How it works: When you file your taxes for the year you purchased your home, you can claim the Home Buyers’ Amount. It’s designed to help offset the closing costs associated with your purchase, like legal fees and land transfer taxes.

5.0 Provincial and Municipal Programs

While the major programs are federal, it’s always a good idea to check for provincial or municipal incentives. These programs can change from year to year. We can help you identify if any current programs from the Government of Alberta or the City of Edmonton might apply to your situation.

Strategy in Action: Combining Programs for a Larger Down Payment

The power of these programs is that they are not mutually exclusive. A couple buying their first home can combine their individual accounts to assemble a formidable down payment. Let’s look at a sample scenario:

Example Scenario: A couple has been saving for several years

From the HBP: Person A withdraws $30,000 from their RRSP and Person B withdraws $30,000 from theirs. (Total: $60,000)
From the FHSA: Person A has saved and withdraws $16,000 from their FHSA and Person B withdraws $16,000 from theirs. (Total: $32,000)
From Personal Savings: They have an additional $8,000 saved in a TFSA. (Total: $8,000)

In this scenario, by strategically combining programs, they have assembled a total down payment of $100,000, giving them significant buying power.

A qualified mortgage professional can help you explore the best combination of programs for your specific financial situation.

For a complete overview of the buying journey, return to the Ultimate Guide to Buying a Home in Edmonton.

Common Buyer FAQs

If you have more questions or are ready to get started, you can contact us here.

Does it cost me anything to use a Realtor® to buy a home?

No. For a homebuyer, the services of a Realtor® are typically free. The commission is paid by the seller from the proceeds of the sale. This means you get full professional representation—market expertise, negotiation skills, and expert guidance—at no cost to you.

How much are closing costs for a buyer in Edmonton?

As a general rule, you should budget between 1.5% to 3% of the home’s purchase price for closing costs. This covers expenses like your lawyer’s fees, title insurance, and property tax adjustments. For example, on a $400,000 home, your closing costs would likely be between $6,000 and $12,000.

How long does it take to buy a home?

The entire process, from starting your search to possession day, typically takes 2 to 4 months. The search itself can be as short as a few days or as long as a few months. Once you have an accepted offer, the “pending” period (for financing and inspection conditions) is usually about 1-2 weeks, and the final closing period is typically 30 to 60 days after that.

What is the Edmonton real estate market like right now?

As of Fall 2025, the Edmonton market is considered balanced. This is a healthy market where neither buyers nor sellers have a strong upper hand. For buyers, this means there is a good amount of inventory to choose from, and less pressure to make snap decisions or enter into extreme bidding wars compared to a seller’s market.

How do I know what to look for during a home viewing?

During a viewing, look past the furniture and focus on the “bones” of the house. Pay attention to the layout and flow, the amount of natural light, and the condition of major components like windows, the roof, the furnace, and the hot water tank. Check for any signs of water damage, such as stains on the ceiling or a damp smell in the basement.

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Each step in the home-buying journey is an important one. To see how this topic fits into the complete process, review our Ultimate Guide to Buying a Home in Edmonton.