How to Participate
People interested in participating in the First Place Home Ownership Program should communicate directly with First Place builders, not the City.
The builders are responsible for the pricing, marketing and sales of units to the general public in accordance with First Place Program eligibility.
Visit the builders page for more information.
Do you Qualify?
Applicants to the First Place Home Ownership Program must meet the following criteria in order to be eligible for the program:
- Must be able to qualify and obtain pre-approved financing (recommended down payment of minimum 5%, up to 25 year mortgage amortization, can be obtained with help of co-signer)
- Must be first-time homebuyers in Alberta
- Applicants must agree to be full-time occupants and residents of the condominium unit for the first five years
- Must have a personal net worth less than $25,000, excluding a primary vehicle, RRSPs and the down payment required for the condominium unit
- Must be Canadian citizen or have permanent resident status
- Must be employed and have a combined household income of less than $117,000 - see your financial lending institution for more details
- Applicants may use a co-signer to qualify for and obtain mortgage approval from a lender
Mortgage co-signers do not need to meet the eligibility criteria and therefore do not have to be full time occupants and residents, meet income and net worth criteria. Applicants should contact their financial institution.
All interested Canadian citizens, including City of Edmonton employees, are eligible to apply, providing they meet the eligibility criteria.
To assist first-time homebuyers with home purchase costs, the Government of Canada offers a FTHP Tax Credit— a $5,000 non-refundable income tax credit amount on a qualifying home. The credit will provide up to $750 in federal tax relief for an eligible individual.
There is no formal application process with the City. New homebuyers must not have owned property in Alberta before.
While City administration has some discretion on the application of "first-time home owner", prospective homeowners under the program must still be able to qualify for a mortgage from a financial institution. We currently allow co-signers for approved mortgages.
Those interested in participating in this program are encouraged to contact the builder developing the site of interest.
The five year deferral on the land portion and the associated buy back agreement must be registered on the certificate of title. While the applicant's first mortgage financing may be registered in priority to the City's caveats regarding the five year deferral and the associated buy back agreement, the City will not consent to the applicant registering any other encumbrances or mortgages in priority to such caveats.