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BC Program Helps First-Time Homebuyers With Up To $37K Loan

When new homebuyers enter the housing market; it can seem a bit daunting.

The provincial government’s new program, ‘Housing Action BC Home Partnership’ will be launching in January 2017 and aims to help first-time homebuyers with up to $37,500, or up to 5% of the purchase price. In addition, they plan to help around 42,000 families over the next three years.

The partnership contributes to the amount the homebuyer already has saved up for the down payment, with the ultimate goal being that ownership is more accessible and affordable to the masses.

“We believe every British Columbian deserves a place to call home,” said Premier Christy Clark. “We’ve invested in affordable rental housing, we’ve invested in transitional and emergency housing, and now we’re partnering with first-time buyers to make the purchase of their first home more affordable.”

The money provided for the down payment is a 25-year loan that is both interest-free and payment-free for the first five years. After the five-year mark, monthly payments will begin with the current interest rate.

“The first step into the market can be the hardest step, so our government will partner with homebuyers to help them achieve their minimum down payment,” said Rich Coleman, Minister of Natural Gas Development and Minister Responsible for Housing. “This partnership can help lower their monthly costs in the first five years, and help make home ownership more affordable. This partnership program is another important way we’re taking action on housing affordability.”

The Facts:

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 home buyers
  • Ensuring Consumer Protection
  • Increasing rental supply
  • The B.C. government has committed $855 million over five years, including $575 million this year, 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.

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