Vancouver: As of today, British Columbians looking to purchase their first home can apply to the B.C. Home Owner Mortgage and Equity Partnership program, which helps first-time homebuyers create secure and stable futures for their families through home ownership.
The B.C. HOME Partnership is designed to help first-time homebuyers who can afford the costs of home ownership, but are experiencing challenges with the initial step in entering the market – that is, getting together a down payment.
The goal of the program is to help more British Columbians establish a nest egg and ensure the dream of home ownership remains in reach for families. The program contributes to the amount first-time buyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.
Under the B.C. HOME Partnership program, homebuyers must first qualify for an insured high-ratio mortgage, to ensure they can afford payments both today and in the future.
Applications are now being accepted for purchases that close on or after Feb. 15, 2017.
Rich Coleman, Minister of Natural Gas Development and Minister Responsible for Housing –
“We are confident that the new BC HOME Partnership will help turn the dream of home ownership into a reality for many British Columbians. This program will help first-time homebuyers build a secure and stable future for themselves and their families.”
Ajay Soni, national president, Canadian Mortgage Brokers Association –
“The B.C. HOME Partnership program is a fantastic opportunity for first-time homebuyers in British Columbia. The program will help those that are renters leave the rental pool and create more vacancies for those who can’t afford to buy at home at this time.”
Samantha Gale, chief executive officer, Mortgage Brokers Association of British Columbia –
“The B.C. HOME Partnership program will help many renters in B.C. transition to home ownership by providing them with a loan up to $37,500 – that is payment-free for five years – to be used for down payment purposes.”
Tony Gioventu, executive director, Condominium Home Owners Association –
“With the new B.C. HOME Partnership program, families who are currently spending $2,000 to $3,000 a month on rent now have the opportunity to spend that money on a new home, where they can be building equity for the future.”
Neil Moody, chief executive officer, Canadian Home builders’ Association British Columbia –
“First-time homebuyers are a key component of urban and rural housing markets across British Columbia. Some first-time buyers rely on family to support their home purchases, but not everyone has access to this kind of help. This is an innovative way to assist eligible buyers by contributing to the amount they have already saved for their down payment.”
Deanna Horn, president, British Columbia Real Estate Association –
“As a realtor, I regularly hear from first-time homebuyers who want to purchase a home but need help with their down payment. The B.C. HOME Partnership program will give people the extra support they need to buy their first home.”
- Through the B.C. HOME Partnership program, the Province is investing about $703 million over the next three years to help an estimated 42,000 B.C. households enter the market for the first time.
- The Province’s commitment to housing action is driven by six key principles:
- Ensuring the dream of home ownership remains within the reach of the middle class
- Increasing housing supply
- Smart transit expansion
- Supporting first-time homebuyers
- Ensuring consumer protection
- Increasing rental supply
- The B.C. government has committed $855 million over five years, including $575 million in 2016-17, to support the construction or renovation of 4,900 units of affordable housing throughout the province.
- Since 2001, the B.C. government has invested $4.9 billion to provide affordable housing for low-income individuals, seniors and families.
- More than 104,000 B.C. households benefit from a diverse range of provincial housing programs and services.