Am I considered a first-time buyer if I owned property 5 years ago?
Quick Answer
Short answer: Yes—CRA resets your first-time status after four consecutive years without owning a principal residence.
Detailed Explanation
The Canada Revenue Agency defines a first-time home buyer as someone who has not owned, or lived in, a home they or their spouse owned during the four preceding calendar years. If you sold in 2019 and rented through 2020-2023, you regain first-time status for 2025 purchases. That means access to the RRSP Home Buyers' Plan, First Home Savings Account withdrawals, and provincial rebate programs.
Remember that the clock runs on calendar years, not exact sale dates.
- Both spouses must qualify for joint first-time status
- Investment properties count as ownership for this rule
- CRA form T2200 documents first-time status
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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