First time home ownership in BC became more attainable thanks to a new $703 million program by the province.
A certain demographic should benefit from the BC Home Ownership Mortgage and Equity Program according to Premier Christy Clark.
“The dream of home ownership must stay within reach of the middle class here in British Columbia. We must make sure it is easier for first time home-buyers to find their way in a really tough housing market right here.”
Clark adds the new program is a way to further assist those in our province.
“It is hard working British Columbians who have built this, our economy in BC into the fastest growing and leading economy in the country. We are giving back some of that benefit and economic strength to the people who have earned it.”
The program will provide $37,500 if you purchase a home worth $750,000 or 5% of the purchase price with a 25 year loan that is interest and payment free for the first five years.
Applications will be accepted starting January 16.
The new program is expected to assist 42,000 households in the province.
You must have a combined household income of $150,000 or less in order to qualify. You can find more information about the new program here.