More than 1,000 British Columbians looking to purchase their first home have applied to the BC Home Owner Mortgage and Equity Partnership program.
Of those, 270 applicants have entered into an unconditional contract of purchase and sale for a home and will receive a BC HOME Partnership loan on closing, representing a total value of approximately $4.1 million. A further 561 applicants have been pre-approved, since applications opened on Jan. 16, 2017.
The BC HOME Partnership program was created to assist eligible first-time homebuyers who can afford the costs of home ownership enter the market by matching the amount they have already saved for their down payment, up to 5% of the purchase price, to a maximum of $37,500. The 25-year loan is interest-free and payment-free for the first five years.
The Province anticipates investing more than $700 million over the next three years to help an estimated 42,000 B.C. British Columbians enter the market for the first time.
To learn how to apply to the BC Home Owner Mortgage and Equity Partnership program, visit:
BC Home Owner Mortgage and Equity Partnership program, BC Housing: Phone: 604 439-4727
Toll Free Number: 1-844 365-4727
To learn more about the Province's actions on housing affordability, visit:
A backgrounder follows.