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B.C. Premier announces new initiative to support first-time homebuyers

Posted by Jeff Trounsell (jefftrounsell) on Dec 15 2016
Blog >> December 2016

The B.C. government is announcing a new program it says will help more British Columbians buy their first home.

B.C. Premier Christy Clark says, under the new B.C. HOME Partnership program, the provincial government will match first-time homebuyers on the total amount that they have saved for their down payment.

That’s up to $37,500, or five per cent of the purchase price, for a maximum property value of $750,000. Clark says it’s an interest-free, 25-year loan with no payments due for the first five years.

After the first five years, homebuyers begin making monthly payments at current interest rates. Homebuyers will repay the loan over the remaining 20 years, but may make extra payments or repay it in full at any time without penalty. The loan must be repaid in full when the home is sold or transferred to another owner.

The program is limited to first-time homebuyers who earn less than the combined $150,000 in household income a year.

 

 


Last changed: Dec 15 2016 at 12:45 PM


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