BC Government 1st time Homebuyer Relief

CMBA_BC_Press_Release_Dec_15_2016 Homeowner BC Government.01

On December 15th 2016 the BC Government announced the  Home Owner Mortgage and Equity (HOME) Partnership.

This unique approach to homeownership assistance for first time buyers will get more people into homes sooner and boost the residential building starts, a key component to our economy. 

Key Eligibility Requirements:

  1.  Have been a Canadian citizen or permanent resident for at least five years

   2. Have resided in British Columbia for at least one year immediately preceeding the date of application.

   3.  Be a first-time buyer who has not owned an interest in a residence anywhere in the world at any time.

   4.  Use the property as their principal residence for the first five years.

   5.   Purchase a home that has a purchase price price of $750,000 or less (excluding taxes and fees). 

   6.  Obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price. 

    7.   Have a combined, gross household income of all individuals on title not               exceeding $150,000.

    8.   Have saved a down payment amount at least equal to the loan amount for whic the buyer applied. 

I am looking forward to making this program work for my 1st time clients. 

Contact me with any questions you may have. 

Government Page outlining the details