The BC Government believes that every British Columbian deserves a place to call home. That is why they are taking action to control:
- the cost of housing
- increase access to affordable rental units
- help families make their dream of homeownership come true
Taking bold action on housing
Achieving that dream can be challenging for first-time homebuyers. With the launch of the B.C. HOME Partnership program, first-time homebuyers have more options than ever to help them get their foot in the door.
Learn about the Housing Action programs you may qualify for today. Whether you are renting, buying or renovating, B.C. is working to keep housing affordable for you.
Houses for Rental Houses for Sale
As the cost of home owernship in BC continues to go up, the Provincial Government has offered downpayment
assistance to those who struggle the hardest with prices on the rise, First-time buyers. The essence of the plan is to assist first-time
home buyers with the downpayment requirements that are set in place. Read more to find out the plans in a nutshell.
First-Time Home Buyers
- Begins January 16, 2017 for purchases that close on or after February 15, 2017
- Is set to run for 3 years, ending March 31, 2020
- Is available Province-wide
- Is for a legal, self-contained mortgageable residence in BC
- Provides eligible first-time buyers with loans which are*;
- Interest and payment free for up to 5 years
- Are for a maximum of 5% of the purchase price to a maximum of $37,500
- On a 25 year term and registered as a second mortgage on title
- For a principal residence ONLY
As with any new plan, there are many questions and terms which need to be clarified
- Will mortgage lenders accept down payments which are loans?
- Will the lending institutions accept these 2nd mortgages being on title?
- How will changes in market affect the affordability of payments after 5 years?
Mortgage lenders seem to be trending towards rate increases in recent weeks, so affordability remains a big concern.
Interested in finding out if this program is a fit for you? Call your RE/MAX REALTOR®, and ask them to give you names of some good Mortgage Professionals who can answer your questions.
*this list of qualifications in not exhaustive, for all the eligibility requirements, contact a Mortgage Professional or the Province of BC Website.