The BC government is offering assistance to first time homebuyers in the form of an interest-free loan to help cover the cost of a down payment.
The BC Home Owner Mortgage And Equity Partnership Program as announced by Premier Christy Clark will provide up to $37,500, or up to five percent of the purchase price, in the form of a 25 year loan, with no payments and no interest for the first five years.
The program will begin accepting applications on Monday January 16; the maximum purchase price in order to qualify is $750,000. Eligibility requirements include permanent Canadian residency for five years, BC residency for one year and a maximum combined income of $150,000 or less. The government is expecting about 42,000 new home buyers to take advantage of the program. Premier Clark has more details in the announcement below.