First-time home buyers are taking advantage of the new BC Home Owner Mortgage and Equity Partnership program, as more than $1.1 million in loans has been conditionally approved since applications opened on Jan. 16, 2017.
More than 250 applicants have been approved, and British Columbians are now on their way toward purchasing their first homes. Sixty-seven of the successful applicants have entered into a contract of purchase and sale for a home and have received their BC HOME Partnership loan approval letter.
To date, 340 applications have been received, and there have been more than 60,000 page views of the website.
The BC HOME Partnership program was created to assist eligible first-time homebuyers who can afford the costs of home ownership enter the market by matching the amount they have already saved for their down payment, up to five per cent of the purchase price, to a maximum of $37,500. The 25-year loan is interest-free and payment-free for the first five years.
The Province anticipates investing more than $700 million over the next three years to help an estimated 42,000 B.C. British Columbians enter the market for the first time.