Government Grants

The Peak Initiative

Type:
Down Payment
Availability:
Alberta

Summary

This grant is a down payment assistance program made to help middle income families buy for a new home. The goal of the PEAK program is to help Albertans enter the housing market.

Eligibility

In order to qualify for this aid program, you must meet the following requirements:

  1. Are pre-approved for a five year fixed rate mortgage equal to the PEAK housing unit
  2. Have a maximum income of $80,000 per year for singles or couples or $90,000 per year for singles/couples with dependant children at home
  3. Lack resources for a 5% downpayment
  4. Must have $1,000 available for a downpayment
  5. Assets must equal less than $30,000 per household
  6. Must use the PEAK house as your sole permanent residence

Additional Information

  • PEAK provides a second mortgage for either a full or partial down payment up to 5% of original price
  • The second down payment mortgage is interest free for the first five years

How to Apply

You can fill out your PEAK application here.

Resources

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