First Time Home Buyer Mortgage Experts

Buying your first home is exciting — and it should feel that way. We guide first-time buyers through every step, from pre-approval to possession day, comparing 30+ lenders to find you the best rate and terms for your situation.

30+

Lenders compared

30+

Years combined experience

Alberta & BC

Licensed in both provinces

Hundreds of five-star reviews

– FIRST-TIME BUYER PROGRAMS

Programs Designed to Help You Get Started

As a first-time buyer in Canada, you have access to several programs that can make homeownership more affordable. We’ll help you understand which ones apply to your situation and maximize your benefits.

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First Home Savings Account (FHSA)

Save up to $8,000 per year (to a lifetime maximum of $40,000) in a tax-free account specifically for your first home purchase. Contributions are tax-deductible, and withdrawals for your home are tax-free.

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RRSP Home Buyers' Plan (HBP)

Withdraw up to $60,000 from your RRSP to put toward your down payment — tax-free. You have 15 years to repay it to your RRSP, starting two years after your withdrawal.

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5% Minimum Down Payment

First-time buyers can purchase with as little as 5% down on homes up to $500,000. For homes between $500,000 and $1.5 million, you need 5% on the first $500,000 and 10% on the remainder.

– CALGARY MARKET INSIGHT

Understanding Calgary’s First-Time Buyer Landscape

Calgary’s housing market offers real opportunities for first-time buyers — but navigating it requires local expertise. From entry-level condos in Beltline to starter homes in communities like Airdrie, Cochrane, and Okotoks, we help you understand what’s realistic for your budget and goals.

Unlike big banks with generic national approaches, we know Calgary’s neighbourhoods, price points, and what lenders are actually approving in this market. Whether you’re a young professional downtown, a growing family looking at the suburbs, or relocating to Alberta for work — we’ve helped buyers in your exact situation.

✅ Average Calgary home pricesand what that means for your down payment

✅ Entry-level optionsin Calgary, Airdrie, Cochrane, Chestermere, and Okotoks

✅ Pre-construction opportunitiesand how to finance new builds

✅ Condo vs. townhouse vs. detached— pros and cons for first-timers

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GOOGLE REVIEW

As first-time home buyers, we had so many questions. Julie took the time to explain everythign and found us a rate that was much better than what the bank offerred. We couldn’t have done this without her guidance!

Julia S.

First Time Buyer - Calgary

– FROM PRE-APPROVAL TO POSSESSION

Complete First-Time Buyer Journey

We guide you through every step — from that first “can I afford this?” question to the moment you get your keys. Here’s exactly what the process looks like when you work with us.

Initial Consultation

What happens: We discuss your income, savings, goals, and timeline. No judgment, no pressure — just honest answers about what you can afford.

Duration: 30-minute call

Document Collection

What happens: We send you a simple checklist. You gather pay stubs, T4s, bank statements, and ID. We review everything and flag any issues early.

Duration: 1-3 days (depends on you!)

Pre-Approval

What happens: We shop your file to 30+ lenders and find your best options. Pre-approvals completed in less than one business day. You get a pre-approval letter for house hunting.

Duration: 24-48 hours

House Hunting

What happens: You search with confidence knowing your budget and rate. When you find the one, your pre-approval letter strengthens your offer.

Duration: Varies (your pace)

Final Approval

What happens: Once your offer is accepted, we submit to the lender for final approval. They appraise the property and confirm your mortgage terms.

Duration: 3-5 business days

Closing & Possession

What happens: Your lawyer handles the paperwork. Funds are transferred. You sign documents and get your keys. Welcome home!

Duration: Possession day 🎉

– MAKING THE MOST OF YOUR MONEY

FHSA vs. RRSP Home Buyers’ Plan: Which Should You Use?

First-time buyers in Canada have access to two powerful savings tools. Here’s how they compare — and yes, you can use both together.

Feature	FHSA	RRSP HBP
Annual Contribution Limit	$8,000/year	No specific limit (standard RRSP limits)
Lifetime Maximum	$40,000	$60,000 withdrawal
Tax on Contributions	Tax-deductible ✓	Tax-deductible ✓
Tax on Withdrawal	Tax-free for home purchase ✓	Must repay over 15 years
Repayment Required?	No repayment ✓	Yes — 15-year repayment
Can Be Combined?	Yes! Use both for up to $100,000 toward your down payment

💡 OUR RECOMMENDATION

If you’re planning to buy within 5 years, prioritize the FHSA. It’s the better deal — tax-free in AND out, with no repayment obligation. If you already have RRSP savings, you can use the Home Buyers’ Plan on top of your FHSA. We’ll help you strategize based on your timeline and savings.

– REAL NUMBERS

Down Payment Math for Calgary Buyers

Here’s exactly what you need for different Calgary price points — no vague percentages, just real numbers.

$400,000

Entry-level condo or townhouse

$20,000

Minimum 5% down

CMHC insurance: ~$15,200 (added to mortgage)

$550,000

Starter detached home

$30,000

5% on $500K + 10% on $50K

CMHC insurance: ~$20,800 (added to mortgage)

$700,000

Family home in popular suburbs

$45,000

5% on $500K + 10% on $200K

CMHC insurance: ~$26,200 (added to mortgage)

– BEYOND THE DOWN PAYMENT

Closing Costs You Should Budget For

Your down payment isn’t the only upfront cost. Budget an additional 1.5% to 4% of the purchase price for these expenses.

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Legal Fees

$1,000 – $2,500

Your lawyer reviews the purchase contract, conducts title searches, registers the mortgage, and handles the transfer of funds.

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Home Inspection

$400 – $700

A professional inspection identifies potential issues before you buy. Essential for peace of mind — don’t skip this.

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Appraisal

$300 – $500

The lender may require an appraisal to confirm the home’s value. Some lenders cover this cost.

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Title Insurance

$200 – $400

Protects you against title defects, fraud, or claims against the property. Usually required by lenders.

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Land Transfer Tax

Varies by province

Alberta: No land transfer tax. BC: 1-3% depending on price. First-time buyers may qualify for rebates.

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Moving & Setup

$500 – $3,000+

Moving costs, utility hookups, immediate repairs or purchases. Budget generously — costs add up quickly.

💡 RULE OF THUMB

Budget 1.5% to 4% of purchase price for closing costs

On a $500,000 home = $7,500 to $20,000

Let's Calculate Your Costs

– WHAT YOU’LL NEED

First-Time Buyer Document Checklist

Getting your documents together early makes the process faster and smoother. Here’s what we’ll need to get you pre-approved:

✅ Government-issued ID (driver’s licence or passport)

✅ Most recent pay stubs (last 30 days)

✅ Letter of employment confirming salary and start date

✅ T4 slips from the last two years

✅ Notice of Assessment from CRA (last two years)

✅ Bank statements showing your down payment savings

✅ Proof of any other assets (investments, vehicles, etc.)

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GOOGLE REVIEW

Julie was so patient and helpful in getting my partner and I set up with the right mortgage for our first home! We really appreciated all their patience in answering all of our (many!) “baby homebuyer” questions. Would recommend Elevation Mortgage to anyone looking for a mortgage!

Mariam

First Time Buyer - Calgary

💡 Mortgage Tip

Start your pre-approval before you start house hunting. A pre-approval shows sellers you’re a serious buyer and gives you confidence in your budget. In competitive markets like Calgary, having a pre-approval letter can make the difference between getting the home you want and losing out to another buyer.

– COMMON QUESTIONS

First-Time Home Buyer FAQ

Have questions about buying your first home in Calgary or Alberta? We’ve answered the most common questions our first-time buyers ask.

How much do I need for a down payment as a first-time buyer in Alberta?

For homes under $500,000, you need a minimum of 5% down. For homes between $500,000 and $1.5 million, you need 5% on the first $500,000 and 10% on the remainder. For example, a $600,000 Calgary home would require $25,000 + $10,000 = $35,000 minimum down payment. Properties over $1.5 million require 20% down.

What is the First Home Savings Account (FHSA) and how does it work?

The FHSA is a registered savings account that lets you save up to $8,000 per year (lifetime maximum $40,000) for your first home. Contributions are tax-deductible like an RRSP, and withdrawals for your home purchase are completely tax-free — unlike the Home Buyers’ Plan. You can even combine the FHSA with the HBP to maximize your down payment savings.

Can I use gifted funds for my down payment?

Yes, most lenders accept gifted down payments from immediate family members (parents, grandparents, siblings). We’ll need a signed gift letter confirming the funds are a true gift with no repayment expected. The gift must be deposited in your account before we submit your application.

What credit score do I need to qualify for a mortgage in Canada?

Most A-lenders require a minimum credit score of 620-680. However, we work with 30+ lenders, including alternative lenders who may approve borrowers with lower scores. During our initial call, we’ll review your credit and help you understand your options — there’s almost always a path forward.

How does the RRSP Home Buyers' Plan work?

The Home Buyers’ Plan (HBP) lets you withdraw up to $60,000 from your RRSP to buy or build your first home — tax-free. If you’re buying with a partner who also qualifies, that’s up to $120,000 combined. You have 15 years to repay the withdrawal back to your RRSP, starting two years after your purchase.

What is mortgage default insurance (CMHC)?

If your down payment is less than 20%, you’ll need mortgage default insurance from CMHC, Sagen, or Canada Guaranty. The premium (typically 2.8% to 4% of your mortgage) can be added to your mortgage. The silver lining: insured mortgages often qualify for lower interest rates, which can offset the cost over time.

How much can I afford with my income?

Lenders use two ratios to determine affordability: GDS (housing costs shouldn’t exceed 39% of gross income) and TDS (total debt payments shouldn’t exceed 44%). But these are guidelines — your actual approval depends on credit score, down payment, property type, and which lender we place you with. Book a call and we’ll give you a clear number.

What's the difference between fixed and variable rate mortgages?

A fixed-rate mortgage locks your rate for the entire term (typically 5 years), giving you payment certainty. A variable-rate mortgage fluctuates with the prime rate, which can save you money if rates drop but costs more if they rise. We’ll discuss your risk tolerance and help you choose the option that fits your financial situation.

Can my parents help with my down payment?

Yes! A gifted down payment from immediate family (parents, grandparents, siblings) is accepted by most lenders. You’ll need a signed gift letter confirming the money is a true gift — not a loan — and that no repayment is expected. The gift giver may also need to provide bank statements showing the source of funds. We’ll give you the exact template and requirements.

What if I have more than 20% down payment?

Great news — with 20% or more down, you don’t need CMHC mortgage insurance, which saves you thousands. Your mortgage is considered “conventional” rather than “insured,” and you may have access to slightly different rate options. You’ll still go through the same approval process, but without the insurance premium added to your mortgage.

Can I still qualify for a mortgage with bad credit?

Yes, but your options will be different. With credit scores below 600, you’ll typically need a larger down payment (20-25%), and you may work with alternative lenders at higher rates. The good news: this can be a stepping stone. We often help clients get into a home now with a plan to refinance to better terms once their credit improves — usually within 1-2 years.

🏠 READY TO BUY YOUR FIRST HOME?

Let’s Get You Pre-Approved

Book a free consultation with Julie or Andy. We’ll review your situation, answer your questions, and get you pre-approved so you can start house hunting with confidence.

Book A Call With Julie

Book A Call With Andy

Julie Jeffery · julie@elevationmortgage.ca · 403.828.4832

AndyJeffery · andy@elevationmortgage.ca · 403.828.8832

🏔️ Licensed in Alberta and British Columbia

Elevation Mortgage
INDEPENDENT MORTGAGE BROKERS · LICENSED AB & BC

Julie & Andy Jeffery — independent mortgage brokers serving Calgary, Nelson BC,
and clients across Alberta and British Columbia.