You have been saving your money for a time. You found a home you really like. The down payment is still a little out of reach. What if I told you that you might be able to get some money that you did not even know was available to you? As a property management company in Calgary Green Casa has helped a lot of renters find out about home buying grants and loan options that they did not know about.
Today I am going to tell you about some programs that people often overlook. You will learn about loans with no interest, tax withdrawals and shared equity programs. By the end of this you will see ways to buy a home that your lender probably did not tell you about.
The Home Buyers Plan Is More Than Withdrawing Money From Your RRSP
Most people know that the Home Buyers Plan lets you take out $35,000 from your RRSP without paying tax. Here is something you might not know. If you have a spouse or partner, they can also take out $35,000 from their RRSP. That is a total of $70,000. You do not have to pay back the money for two years. Then you have 15 years to pay it back.
If you miss a payment, that amount gets added to your income for that year. Here is a strategy that a lot of first-time buyers do not know about. You can put money into your RRSP today. Take it out under the Home Buyers Plan in as little as 90 days. The money you put into your RRSP gives you a tax refund, which you can then add to your payment. This is like getting money from your tax refund. Among all the home-buying assistance programs, the Home Buyers Plan is one of the most flexible.
The First Time Home Buyer Incentive Is Like Having The Government As Your Partner
Have you heard of equity? The government has a program called the First-Time Home Buyer Incentive, which gives you 5 or 10 percent of the price of the home you are buying. If you are buying a resale home you get 5 percent. If you are buying a home you get 10 percent. You do not pay any interest on this money. You pay back the incentive when you sell the home or after 25 years.
You pay back the percentage of the homes value at that time. So if the government gave you $20,000 for a $400,000 home and later you sell it for $500,000 you pay back 5 percent of $500,000 which’s $25,000. Yes you pay back more if the homes value goes up. You also pay back less if the homes value goes down. This is not a loan. It is a shared equity program with no payments.
The Alberta Down Payment Assistance Program
The government of Alberta wants you to buy a home. Through the Alberta First Time Home Buyer Program you can get a loan of up to 10 percent of the price of the home up to a maximum of $40,000. This loan has no interest for the five years. After five years the interest rate is prime minus one percent. You must have a household income under $120,000.
You must buy a home that costs than $400,000. The home must be your residence for least four years. This program is for buyers with credit and stable jobs who cannot quickly save for a down payment. As a property management company in Calgary we have seen this program help renters become owners in neighborhoods like Marlborough, Forest Lawn and Ogden.
CMHC First Time Home Buyer Mortgage Loan Insurance
You have probably heard of CMHC insurance. Did you know that CMHC also gives refunds to first-time buyers? If you buy an energy- home or a home in a designated revitalization area you can get a refund of up to 25 percent of your mortgage insurance premium. For example on a $400,000 home with 5 percent down your CMHC premium is about $15,200.
A 25 percent refund puts $3,800 back in your pocket. You also have the option to add your CMHC premium to your mortgage or pay it upfront. This reduces the cash you need to pay at closing. Many buyers do not realize that mortgage insurance is not a penalty. It is a tool that lets you buy a home with than 20 percent down.
The GST New Housing Rebate For Buyers
If you buy a home you pay GST. The government gives you a rebate of 36 percent of the GST you paid up to a maximum of $6,300. For homes that cost than $350,000 you get the full rebate. For homes that cost between $350,000 and $450,000 the rebate gets smaller. For homes that cost than $450,000 there is no rebate.
The builder often applies this rebate directly when you close the deal so you never pay the GST upfront. This lowers the price of a home by thousands of dollars. For buyers looking at condo developments in Calgary communities like Seton, Evanston or Walden this rebate can be the difference between affording the home or not.
Why Alberta Has An Advantage Over Other Provinces
Here is a benefit for buyers in Calgary compared to Ontario and BC. Alberta does not have a land transfer tax on home purchases. You only pay a fee of about $50 to $200 for title registration. In Toronto or Vancouver buyers can pay $10,000 to $20,000 in land transfer taxes. That money can go towards your payment moving costs or new furniture instead.
So while this is not a grant or a loan it is a saving that makes Calgary one of the affordable major cities for buyers. When people ask me why they should buy in Calgary of Toronto I start with this.
How To Combine These Hidden Programs For Maximum Benefit
It is about strategy. Imagine you are buying a $380,000 townhouse in Calgary. You and your partner take out $35,000 each from your RRSPs under the Home Buyers Plan giving you $70,000. Then you apply for the First Time Home Buyer Incentive for 5 percent, which’s $19,000. Your total payment is now $89,000 or 23.4 percent. You do not need CMHC insurance because you have than 20 percent down.
Then you claim your First Time Home Buyers Tax Credit for $1,500. Your effective payment is $90,500. You used a combination of assistance programs to get a payment that would normally take years to save. The key is to apply for the programs in the order and understand which ones can be combined.
Conclusion
You just learned about hidden home buying grants and loan options that many lenders do not tell you about. The Home Buyers Plan, the First Time Home Buyer Incentive, the Alberta Down Payment Assistance Program, CMHC premium refunds and the GST rebate all work together to make buying a home possible. You do not need an income or a rich relative.
You need to know about these programs be patient and be willing to apply. At Green Casa we believe that owning a home should be possible, for Calgarians. Use these tools talk to a mortgage broker and take your step in 2026. Your front door is closer than you think.
Frequently Asked Questions (FAQs)
Yes you only pay back the First Time Home Buyer Incentive when you sell your home or after 25 years. There are no payments. No interest is charged.
For some programs the maximum is $150,000 in Calgary. For the Alberta program the maximum is $120,000.
Yes you can use these grants if you are self-employed. You will need to show two years of tax returns and proof of income. Some lenders may require a payment from self-employed borrowers.
Generally no these programs are not available for manufactured homes. Most programs require the home to be attached to a foundation and classified as property, not property.
It takes four to eight weeks from application to approval. You should start the process before you make an offer on a home.
Co-Founder & Director
Hafil Perincheeri is an engineer-turned-realtor, investor, and builder based in Calgary, Canada. As Co-Founder and Director of Greencasa, he specializes in home flips, property development, and investment strategies. Since 2019, he has guided clients in home buying, multifamily investing, and financing options like CMHC and MLI Select, ensuring transparent, informed decisions.