Buying your first home is a big step. It should feel exciting, not like you need a second job just to understand the process.
At Partners Homes, we’ve helped thousands of Albertans take that first step with confidence. Today, we build two condo communities designed to make first-time ownership feel more attainable and more supported: Lawrie Park in Okotoks and The Vintage in Upper Greenwich, Calgary.
If you’re thinking about buying your first condo, here are the key things to know right now, plus a few practical details that make the journey a whole lot easier.
1) Start with the confidence move: get a mortgage pre-approval
A mortgage pre-approval gives you a high-level picture of what you can afford, what your monthly payment range could look like, and how your down payment changes the numbers. It also helps you shop with confidence and act quickly when the right home comes along.
In most cases, your lender will provide the pre-approval as a formal letter or email, which is helpful to have on hand as you move forward.
And there’s an important first-time buyer advantage worth knowing: 30-year amortizations are available for insured mortgages for first-time buyers, which can help reduce monthly payments compared to a 25-year amortization. [zolo.ca]
2) What to expect on deposits for a new condo
This is a detail many first-time buyers do not hear early enough, so we like to be straightforward.
Deposit requirements vary by community:
The Vintage (Upper Greenwich, Calgary)
- 5% down with a mortgage pre-approval
(Most lenders provide this as a formal letter or email. The Vintage has an estimated possession timeline of about 18 months, so a pre-approval is appropriate at this stage.)
Lawrie Park (Okotoks)
- 5% down with a full mortgage commitment
(A commitment is the lender’s final approval tied to the specific home. Your sales representative can outline the documents your lender will need.)
If you are purchasing as an investment, or do not have the required lender documentation
- 10% down will be required
Why it matters: getting your lender documents in order early can reduce the cash you need upfront, keeps more options open, and helps your purchase move smoothly from reservation to contract. If you are unsure whether you have a pre-approval or a full commitment, bring what you received from your lender and our team will help you confirm!
3) Know what incentives you can stack
First-time buyers often have more tools available than they realize, and the best approach is usually stacking a few together.
FHSA (First Home Savings Account)
The FHSA allows eligible buyers to save for a first home with tax-deductible contributions and make tax-free withdrawals for a qualifying purchase within program limits. CRA also notes your contribution room starts when you open the account. [fhsacalculator.ca]
RRSP Home Buyers’ Plan (HBP)
The HBP currently allows eligible buyers to withdraw up to $60,000 from their RRSP. CRA also confirms you can use the HBP and FHSA for the same qualifying home, as long as you meet all conditions. [taxtips.ca]
Home Buyers’ Amount (tax credit)
Eligible buyers can claim up to $10,000 for a qualifying home purchase, which can reduce federal tax payable. [ratehub.ca]
The proposed first-time buyer GST rebate on new homes (anticipated, not finalized)
The federal government has proposed a First-Time Home Buyers’ GST rebate that would:
- Provide a 100% GST rebate on new homes up to $1 million
- Phase out the rebate for homes priced between $1 million and $1.5 million
- Offer savings of up to $50,000 [chba.ca]
Important note: this proposal has faced timing delays while moving through the legislative process, so it should be treated as anticipated until it is fully in force with finalized CRA guidance.
4) Choose a home that supports real life
Your first home should not feel temporary the moment you move in. The best first homes are comfortable, practical, and designed for how you live today.
That’s what we aim for at Lawrie Park and The Vintage: condo homes that feel thoughtful, well-finished, and easy to settle into, with a buying process that feels guided rather than overwhelming.
5) Ask about early-phase pricing and launch incentives
Here’s a truth that buyers often learn too late.
When a condo building is first launching, incentives are often at their strongest. Builders typically offer meaningful pricing and promotions to help the project gain momentum. Partners often has early-phase offers available, and it’s always worth asking what discounts can be stacked.
In plain terms, you rarely get a better deal than being one of the first buyers in.
Ready to explore?
If you’re considering a condo in Okotoks or NW Calgary, we’d love to help you take the next step.
Visit a show suite, bring your questions, and let our team walk you through deposit requirements, financing timelines, incentive stacking, and what ownership looks like month to month.
Buying your first home should feel like progress. We’re here to make it feel that way.