Applicants must be:
- Able to obtain pre-approved financing
- recommended down payment of 5%, up to 25 year mortgage amortization
- can be obtained with help of co-signer
- First-time homebuyers in Alberta
- The full-time occupants and residents of the condominium unit for the first 5 years
- $25,000 or less in personal net worth
- excluding a primary vehicle, RRSPs and mortgage down payment
- A Canadian citizen or have permanent resident status
- Employed with a combined household income of less than $130,000
All interested Canadian citizens who meet the eligibility criteria can apply. There is no application process with the City. Those interested in participating can:
- Contact the builder developing available listings
- Contact your financial institution or a lending institution familiar with the First Place Program
You may use a co-signer to obtain mortgage approval from a lender. Mortgage co-signers don’t have to meet the qualifications, be full-time occupants and meet income and net worth criteria.
Talk to your bank to determine:
- How much of a mortgage you qualify for
- Payment amounts and insurance options
- CMHC/Genworth premiums and savings
- First Place Program and mortgage financing portion
- How to coordinate with a builder
You may contact any Canadian financial institution.
Note: Any City of Edmonton caveats regarding the property must be registered before the unit buyer's mortgage.
These lenders have been involved in initial developments and discussions, and are most familiar with the program.
ATB Financial
Jennifer Amorim
Phone: 780-292-2747
Email: jamorim@atb.com
BMO Financial Group
Harjinder Sandhu
Phone: 780-884-2240
Email: harjinder.sandhu@bmo.com
Franca Sallemi
Phone: 780-408-0993 or 780-231-2499
Email: franca.sallemi@bmo.com
Daphnis Ting
Phone: 1-647-833-6069
Email: daphnis.ting@bmo.com
Servus Credit Union
Liana Dien
Phone: 780-918-0888
Email: liana.dien@servus.ca
Stephanie MacMillan
Phone: 587-876-8451
Email: stephanie.macmillan@servus.ca
After 5-years the owner must pay the City the total amount of the deferred land costs. The 5-year deferral on land costs provides assistance to owners in reducing costs and building equity.
The 5-year deferral on the land portion and the associated buy back agreement must be registered as priority registrations on the certificate of title.
Circumstances can arise that require buyers to sell their homes before the 5-year deferral period on land costs has finished. The City will work with these individuals to accommodate these circumstances, where appropriate, allowing them to pay out the deferred land payment earlier than expected.
To withdraw from the First Place program email firstplace@edmonton.ca and include:
- Full address including postal code
- Name(s) of the property owners shown on the Certificate of Title registered at Land Titles
- Email address of the property owner
- Reason for early departure from the program
The City will review the information and advise on next steps. If approved the City will provide a confirmation letter and request the property owner(s) sign and return the form/letter confirming their terms consent to the City’s terms for release.
The full amount due for the deferred land costs (including GST if applicable) will be due according to the terms expressed in the City’s letter.
To assist first-time home buyers 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.