First-time Homebuyers Taking Advantage of Home Partnership Program
Prince George, B.C. – Those new to the housing market have been busy taking advantage of the Province’s new BC Home Owner Mortgage and Equity Partnership program.
The government says more than 250 applicants have been approved – totaling $1.1 million in conditional loans since applications opened on Jan. 16, 2017.
Sixty-seven of the successful applications have entered a contract of purchase and sale for a home and have received their approval letter.
To date, 340 applications have been received and there have been over 60,000 page views of their website.
The program was created to help first-time homebuyers who can afford the costs of home ownership by matching the amount they have already saved for their down payment, up to five per cent, to a maximum of $37,5000.
The 25-year loan is interest -free and payment-free for the first five years. Victoria estimates investing over $700-million over the next three years to help an estimated 42,000 enter the market for the first time.
But NDP housing spokesman David Eby says forcing homeowners to take second mortgages for down payments does nothing to address affordability in the province.
Rather, he says it will plunge young people already facing record levels of debt further into debt while rewarding developers and speculators, many of whom he says are big donors to the B.C. Liberal party.
“It is not a solution to the housing crisis, it is more debt for the middle class, and more cash for Christy Clark’s B.C. Liberal donors.”