If you’re considering buying your first home in Calgary, you’re in luck! The first-time home buyer incentive is designed to help make homeownership more accessible for new buyers in Canada. With Calgary’s diverse real estate market, ranging from cozy bungalows to modern penthouses, there’s something for everyone. In this guide, we’ll explore how the incentive works, provide insights into Calgary real estate, and highlight some of the best neighborhoods to consider when searching for houses for sale in Calgary.
First-Time Home Buyer Incentive (FTHBI) Discontinued: What You Need to Know
The First-Time Home Buyer Incentive (FTHBI), a federal program designed to help new homebuyers reduce their mortgage payments, has officially been discontinued. The Canada Mortgage and Housing Corporation (CMHC) announced that the program stopped accepting new or updated applications as of March 21, 2024.
Why Was the FTHBI Discontinued?
While the incentive aimed to make homeownership more affordable, it faced challenges such as income and borrowing restrictions, making it inaccessible for many buyers—especially in high-priced markets.
What Are the Alternatives for First-Time Homebuyers?
Although the FTHBI is no longer available, the government has introduced the First Home Savings Account (FHSA) as a tax-advantaged way to save for a home purchase.
Key FHSA benefits include:
✅ Tax-deductible contributions (up to $8,000 per year, with a lifetime cap of $40,000)
✅ Tax-free investment growth within the account
✅ 15-year usage window, with an option to transfer unused funds to an RRSP
For homebuyers in Calgary and beyond, this account offers a flexible savings strategy to prepare for a home purchase. Additionally, Alberta provides various provincial programs and incentives to assist first-time buyers.
What Should Homebuyers Do Next?
If you’re planning to purchase your first home, it’s important to explore all available programs that can support your financial goals. Consulting a mortgage specialist or financial advisor can help you determine the best approach based on your budget and eligibility.
Would you like assistance finding the right home in Calgary? Feel free to reach out—I’d be happy to guide you through the process!
Exploring the Calgary Real Estate Market
The Calgary real estate market is known for its affordability compared to cities like Vancouver or Toronto. Whether you’re looking for a house for sale in Calgary, a duplex, or a sleek condo, the city offers diverse options that cater to various lifestyles.
If you’re searching for a townhouse for sale in Calgary, areas like Nolan Hill and Kensington provide excellent options with great amenities. On the other hand, for those interested in luxury homes, Lake Bonavista and Cityscape offer stunning properties with spacious layouts and scenic surroundings.
If you need help crunching numbers, using a mortgage calculator in Alberta can help estimate monthly payments based on your budget.
Best Areas to Buy a Home in Calgary
1. Downtown Calgary – For Urban Living
If you love city life, downtown Calgary offers modern condos for sale in Calgary, including stylish penthouses with breathtaking skyline views. Living here means being close to entertainment, dining, and shopping spots like Simons Calgary.
2. Cochrane & Airdrie – Suburban Charm
For those who prefer a quieter lifestyle, Cochrane real estate and Airdrie homes for sale provide excellent alternatives. These areas are growing rapidly, offering larger homes and a more relaxed environment while still being close to the city.
3. Lake Bonavista – Family-Friendly Living
If a lakeside community is what you’re after, Lake Bonavista is a top choice. The area features beautiful detached homes, and access to a private lake, and is perfect for families who enjoy outdoor activities.
4. Okotoks & Canmore – Nature Lovers’ Paradise
For those who love the mountains, Okotoks real estate and homes in Canmore Alberta provide breathtaking scenery with easy access to outdoor adventures. Plus, they offer more space at competitive prices compared to central Calgary.
5. Sherwood Park – Great for Commuters
If you’re debating Calgary vs Edmonton, houses for sale in Sherwood Park provide an excellent middle ground with great schools, parks, and community centers.
Fun Things to Do in Calgary
Living in Calgary means enjoying a mix of urban and outdoor activities. Whether you’re searching for fun things to do in Calgary or want to take a day trip from Calgary to Banff, there’s always something exciting happening.
- Chinook Blast – A winter festival featuring art, music, and light installations.
- Visit pools near me – Calgary has excellent pools and aquatic centers for year-round swimming.
- Outdoor Adventures – Explore the Rockies, hike, or ski just a short drive away.
- Entertainment & Shopping – From Simons Calgary to boutique stores in Kensington, shop till you drop.
Condo vs Apartment: What’s the Difference?
If you’re unsure about buying a condo vs apartment, here’s a quick breakdown:
- Condos: You own the unit and share common areas with other owners. Monthly condo fees apply.
- Apartments: Typically rented, meaning you don’t build equity over time.
For investment purposes, condos for sale in Calgary are a great option since they can appreciate and provide a sense of ownership.
Finding the Right Realtor in Calgary
Navigating the real estate market can be overwhelming, so working with an experienced Realtor in the Calgary area can make a huge difference. Whether you’re looking at MLS Calgary, homes for sale near me, or searching on realtor.ca, a skilled real estate agent will help you find the perfect home and negotiate the best deal.
For top-tier service, professionals like Sukh Gill and other local experts can guide you through the buying process, ensuring you make a well-informed decision.
Final Thoughts
Buying your first home is a major milestone, and the first-time home buyer incentive can make it easier to achieve. Whether you’re eyeing a cozy townhouse, a spacious duplex, or exploring condos for sale in Calgary, understanding your options and working with a trusted realtor in Calgary will set you up for success.
If you’re ready to start your homebuying journey, check out the latest Calgary houses for sale, use a mortgage calculator in Alberta to plan your budget and find your dream home today!
For expert guidance on finding the perfect home, visit MyRealtorGill.com and contact Sukh Gill today! As an experienced Calgary realtor, Sukh Gill is dedicated to helping you navigate the Calgary real estate market with confidence and ease.
