The B.C. government has committed $855 million over five years, including $575 million this year, to support the construction or renovation of 4,900 units of affordable housing throughout the province for the First time home buyers In British Colombia.
The B.C. government has committed $855 million over five years, including $575 million this year, to support the construction or renovation of 4,900 units of affordable housing throughout the province.
Since 2001, the B.C. government has invested $4.9 billion to provide affordable housing for low-income individuals, seniors, and families.
More than 104,000 B.C. households benefit from a diverse range of provincial housing programs and services.
During the first five years, no monthly interest or principal payments are required as long as the home remains the homebuyer’s principal residence. After the first five years, homebuyers begin making monthly payments at current interest rates. Homebuyers will repay the loan over the remaining 20 years but may make extra payments or repay it in full at any time without penalty. The loan must be repaid in full when the home is sold or transferred to another owner.
To be eligible, buyers must be preapproved for an insured high-ratio first mortgage (mortgage down payment is less than 20% of the home price). On completion of the sale, program funds will be advanced and the loan will be registered as a second mortgage on the property’s title.
Other programs are available to help first-time buyers save on property transfer tax. The First Time Home Buyers Program can save first-time buyers up to $7,500 when purchasing a home valued up to $475,000. Or, first-time buyers can access the Newly Built Homes Exemption, which can save buyers up to $13,000 in property transfer tax when purchasing a newly constructed or subdivided home worth up to $750,000.