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More than 1,200 British Columbians looking to purchase their first home have applied to the BC Home Owner Mortgage and Equity Partnership program.
Of those, 352 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 $5.3 million. A further 645 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.
Learn More:
To learn how to apply to the BC Home Owner Mortgage and Equity Partnership program, watch this video: https://youtu.be/J5rVG9tuJe0
or visit: https://www.bchousing.org/housing-assistance/bc-home-partnership/program-overview-applicant-information
BC Home Owner Mortgage and Equity Partnership program, BC Housing: 604 439-4727
Toll free number: 1 844 365-4727
To learn more about the Province's actions on housing affordability, visit: http://housingaction.gov.bc.ca/
Backgrounders
Alberni-Clayoquot
- Applications received: 2
- Applications approved: 2
Bulkley-Nechako
- Applications received: 11
- Applications approved: 8
Capital
- Applications received: 112
- Applications approved: 87
Cariboo
- Applications received: 16
- Applications approved: 11
Central Coast
- Applications received: 1
- Applications approved: 0
Central Kootenay
- Applications received: 12
- Applications approved: 9
Central Okanagan
- Applications received: 79
- Applications approved: 68
Columbia-Shuswap
- Applications received: 14
- Applications approved: 11
Comox Valley
- Applications received: 6
- Applications approved: 6
Cowichan Valley
- Applications received: 10
- Applications approved: 9
East Kootenay
- Applications received: 21
- Applications approved: 20
Fraser Valley
- Applications received: 71
- Applications approved: 55
Fraser-Fort George
- Applications received: 28
- Applications approved: 27
Kitimat-Stikine
- Applications received: 5
- Applications approved: 5
Kootenay Boundary
- Applications received: 12
- Applications approved: 10
Metro Vancouver
- Applications received: 610
- Applications approved: 503
Mount Waddington
- Applications received: 7
- Applications approved: 7
Nanaimo
- Applications received: 33
- Applications approved: 28
North Okanagan
- Applications received: 25
- Applications approved: 23
Northern Rockies
- Applications received: 2
- Applications approved: 0
Okanagan-Similkameen
- Applications received: 22
- Applications approved: 20
Peace River
- Applications received: 32
- Applications approved: 23
Skeena-Queen Charlotte
- Applications received: 6
- Applications approved: 5
Squamish-Lillooet
- Applications received: 14
- Applications approved: 8
Strathcona
- Applications received: 8
- Applications approved: 7
Sunshine Coast
- Applications received: 11
- Applications approved: 10
Thompson-Nicola
- Applications received: 38
- Applications approved: 35
Totals
- Applications received: 1,208
- Applications approved: 997
https://news.gov.bc.ca/14809
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