First-Time Homebuyer Assistance: Opening Doors to Homeownership

First-time homebuyer assistance programs make the dream of homeownership achievable for more people. These programs offer a range of supports, from down payment grants and tax credits to deferred land costs and special savings accounts.

In Alberta, initiatives like Attainable Homes Calgary provide down payment assistance, while programs such as the First-Time Home Buyers' Tax Credit offer tax relief of up to $1,500. Other options include grants covering a percentage of the home's price and programs that let buyers defer certain costs for several years. These supports are especially valuable in high-cost markets, where saving for a down payment can be a major barrier.

Homebuyer assistance programs not only help individuals and families build wealth and stability, but they also stimulate the housing market and local economies. Increased homeownership leads to more stable neighborhoods, higher property values, and greater civic engagement.

By making homeownership accessible to a wider range of people, these programs promote social mobility and help close gaps in wealth and opportunity, benefiting the nation as a whole.