More than 250 people have been approved for the BC Home Owner Mortgage and Equity (HOME) Partnership program. Sixty-seven have already entered into a contract to purchase a home.
So far, the program has received 340 applications and its website has receive more than 60,000 views.
The program, which matches down payment amounts for eligible first time home buyers, has already handed out $1.1 million dollars since opening applications on January 16. Applicants can receive up to 5% of the purchase price up to a maximum of $37,500. The money is a 25-year loan that is interest and payment free for the first 5 years.
The provincial government plans to invest more than $700 million into the program over the next three years, which it claims will help an estimated 42,000 British Columbians enter the housing market for the first time. The Province says the program will help increase housing affordability in BC.
However, the program has also received heavy criticism from a variety of sources, some of whom say the money could better spent directly funding affordable housing.
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