New assistance program for first-time home buyers a step in the right direction
December 15, 2016. Burnaby, British Columbia – The Canadian Home Builders’ Association of British Columbia (CHBA BC) welcomes the new B.C. Home Owner Mortgage and Equity (HOME) partnership program, announced today by Premier Christy Clark.
This new program will help first-time home buyers, that meet certain criteria, with their down payments by providing them with a twenty-five-year loan of up to $37,500, or five per cent of the purchase price, starting January 16, 2017. The loan is interest-free for the first five years. After the first five years, the province will collect monthly payments at the current market interest rate. The home buyer must also have saved a down payment amount at least equal to the loan amount for which the buyer applied.