here to help

First Time Home Buyers Incentive


The First-Time Home Buyers Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their finanical burdens.

The First-Time Home Buyers Incentive is a shared-equity mortgage with the Government of Canada.                                             

It offers:

The Incentive's shared-equity mortgage is one where the government has a shared investment in the home.  As a result, the government shares in both the upside and downside of the property value.

By obtaining the incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage.  The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.

The homebuyer will have to repay the Incentive based on the property's fair market value at the time of repayment.  If a homebuyer received a 5% Incentive, they would repay 5% of the home's value at repayment.  If a homebuyer received a 10% incentive, they would repay 10% of the home's value at repayment.

The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first.  The homebuyer can also repay the Incentive in full any time before, without a prepayment penalty.

Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.