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Home ownership in Calgary with Interest free Mortgages & Grants

The PEAK Home Ownership Program — which stands for Public, Essential and Key workers — is a joint initiative with Habitat for Humanity, the Government of Alberta and the Trico Charitable Foundation.

“This is very nice program for Calgarians for the first time Home buyers and give them a head start” says Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada, instead of renting it and not able to built equity as well as take advantage of  appreciation. The carrying cost will be quite similar but pride of ownership has its own rewards”.

Interest Free Mortgage Calgary

Interest Free Mortgage Calgary

It provides qualified applicants a hand up into affordable home ownership by providing a repayable down payment and a mortgage subsidy. The program is made possible through a $2.7-million housing capital initiatives grant from the provincial government a $815,000 donation from the Trico Charitable Foundation.

Applicants can be everyone from teachers and health care workers to artists.

This is the second year that the program has been in operation. In 2011, it was able to provide 64 local families assistance with home ownership in Trico Homes’ Milano development. The program is administered by Habitat for Humanity Southern Alberta.

Applicants are screened based on annual income — they must earn between $38,000 and $60,600 (combined family income).

This year, the program will be able to help 60 families in Trico’s York 29 project in New Brighton. Once applicants are approved by Habitat for Humanity, their application moves to an approved mortgage lender.

The application is conditional upon credit pre-approval and ability to qualify for a Canada Mortgage and Housing Corp.-insured mortgage.

The program provides approved buyers with a down payment valued at 16 per cent of the total home cost up to $43,000.It is interest-free for five years and is repayable when the home is sold. As well, buyers in the program receive a non-repayable mortgage grant of up to $12,000.

It was designed to target those people who can’t save for a down payment because they are paying more than 30 per cent of their income toward rent — including nurses, firefighters, social workers, administration and government workers.

What is the PEAK Home Ownership Program?

Interest Free Mortgage Calgary

The PEAK program brings home ownership into reach for dozens of families and individuals who help keep Calgary a vibrant place to live but because of housing prices may choose to move to a more affordable community.

The program is aimed at assisting hard working, middle-income Calgarians who need a “hand-up” to qualify for a mortgage. The program is designed to get families and individuals into their own home and realize the dream of home ownership.

All Peak Units are priced and purchased at market value and all buyers hold a mortgage. Units purchased under the PEAK Home Ownership Program must be the principal residence of the approved applicants.

    PEAK is short for “Public, Essential And Key” workers:

Public stands for public sector workers such as civic, provincial and federal employees.
Essential stands for essential workers like teachers, health care workers, social services, firefighters, police officers, paramedics and air traffic controllers.
Key stands for key workers needed for a vibrant Calgary; like artists, trades people, non-profit sector, service industry and journalists.

Do you qualify for PEAK Home Ownership Program?

Applications are dealt with on a first come, first served basis and are pre-approved by Habitat for Humanity Southern Alberta Society.

   PEAK Home Ownership Program Eligibility will be determined by the following criteria:

Your gross family income needs to fall within a certain range for each unit type as determined by Habitat for Humanity Southern Alberta and be adequate to assume all the responsibilities of the full mortgage payment, after the 5 year assistance period.

Your household size should be relative to the size of unit selected – Need.

Your application is conditional upon credit pre-approval and ability to obtain a market mortgage and insurance through the assistance offered by the PEAK program – Financial/Credit worthiness.

All applicants will be required to attend New Home Owner Workshops which will include topics such as Home Repair and Maintenance, Financial and Credit Management and Condominium Ownership: Understanding Legal Responsibilities.

For more information and to fill out an application online, visit

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