First-Time Buyer

There’s no place like your (first) home.
Dream of owning? We dream of helping you get there — with best rates and a simple, stress-free process for your best mortgage options. Download our free buyer’s guide!

Refinance Mortgage in Calgary

Taking the first steps on your journey towards first-time home ownership in Calgary is both a significant and exciting step. At Red Key Mortgage, we’re here to ensure that this experience is as smooth and rewarding as possible.

Navigating the Calgary real estate market can be complex, especially for newcomers. Our expertise lies in simplifying the process, so you can focus on the excitement of selecting your first home. Whether it’s understanding your options, securing the best rates, or managing paperwork, we’ve got you covered.

We’re dedicated to making your first home purchase a positive experience. Let us handle the heavy lifting so that you can enjoy the journey to owning your first home with confidence and peace of mind.

Finding the Mortgage that Fits you Like a Glove

As a first-time homebuyer in Calgary, choosing the right mortgage broker is very important. Your mortgage should reflect your unique financial situation—not just the lowest rate (though we get that too). At Red Key Mortgage, we focus on understanding your needs, including your income, the type of property you’re interested in, and your financial goals, to find a mortgage that fits you perfectly.

In Calgary’s dynamic real estate market, factors like local property values, market trends, and neighborhood growth can significantly impact your decision. We help you navigate these considerations, ensuring that your mortgage not only aligns with your budget but also supports your long-term homeownership goals.

While interest rates are a factor, we also emphasize flexible mortgage terms and conditions that suit your lifestyle and future plans. Whether it’s assessing your maximum purchase price or finding a mortgage with favorable terms, we ensure your first homebuying experience in Calgary is smooth and successful.

First-Time Buyer Incentives:

The First Home Savings Account (FHSA) in Canada is designed to help first-time homebuyers save for their down payment. This tax-free account allows you to contribute up to $8,000 annually, with a lifetime limit of $40,000. Contributions are tax-deductible, and withdrawals, including any investment gains, are tax-free when used for purchasing your first home. The FHSA combines the benefits of an RRSP and a TFSA, providing a flexible and efficient way to build your down payment, making your journey to homeownership more attainable and financially secure.

The First-Time Home Buyers’ Plan (HBP) in Canada allows first-time buyers to withdraw up to $35,000 from their RRSPs tax-free to purchase a home. If you’re buying with a partner, each of you can withdraw $35,000, totaling $70,000. The withdrawn amount must be repaid to your RRSP within 15 years to avoid taxation. This program helps you leverage your retirement savings to fund your first home, providing a valuable financial boost while keeping your long-term retirement goals intact.

First-Time Home Buyer Incentive (FTHBI): This government-backed shared equity mortgage allows eligible buyers to borrow 5% or 10% of the home’s purchase price to reduce mortgage payments. The loan is interest-free, but must be repaid either when you sell the home or after 25 years.

GST/HST New Housing Rebate: This rebate allows first-time buyers to recover some of the GST or HST paid on a new or substantially renovated home.

Home Buyers’ Tax Credit (HBTC): First-time buyers can claim a non-refundable tax credit of up to $5,000, providing up to $750 in federal tax relief.

Land Transfer Tax Rebate: In provinces like Ontario and British Columbia, first-time homebuyers may qualify for a rebate on land transfer taxes, reducing the upfront costs of purchasing a home.

We love helping First-Time Homebuyers, and we’re good at it!

Over the last 15 years, we have genuinely enjoyed helping countless first-time buyers open doors to their new homes. With over 35 lenders, including banks, monoline lenders, and credit unions, we’re committed to maintaining great relationship to benefit you . We receive great service from our lenders because of the relationships we have built over the years. Our partnering style is one of honesty and kindness, producing high volumes, resulting in better service for you!

FAQ

Pre-approval provides clarity on your budget, strengthens your buying power, and allows you to act quickly when you find the right home. It also demonstrates to sellers that you’re a serious buyer.

With us, a mortgage pre-approval typically takes 1-2 business days.

Consider factors like proximity to work, schools, amenities, and future growth potential. An informed realtor can assist you with these factors. We partner with many honest and knowledgeable realtor who would love to assist you.

In Canada, a minimum down payment is 5% of the purchase price for homes under $500,000, and 10% for any amount over $500,000 but less than $999,999. Aim to save more if possible, to reduce mortgage insurance costs.

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