The province this week began accepting applications from first-time home buyers interested in B.C.’s new Home Owner Mortgage and Equity Partnership program.
Would-be owners can borrow up to $37,500 from the government towards a down payment. The 25-year loan is interest-free and payment-free for the first five years and works like a small second mortgage on the property.
To qualify for the program, all individuals on title must have been a Canadian citizen or permanent resident for five years, have lived in B.C. for at least one year, use the home as a principal residence for five years and be buying a home worth $750,000 or less. Gross household income can’t exceed $150,000. Homeowners must also contribute an amount equal to the loan towards the down payment.
Critics of the program have said the program will only serve to drive up prices, and benefits a very small number of potential homeowners, while failing to address more critical housing problems.
Info: homeownerservices.bchousing.org.
– Jane Seyd
