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BC Government to Help First Time Home Buyers

Under Vancouver Real Estate

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Written on December 29th, 2016

Brought to you by your local real estate specialist, Dave Jenkins

Christy Clark has announced a new initiative to assist first time home buyers get into an ever increasingly difficult market.

The government has agreed to match first time home buyers funds equal to their down payment of up to $37,500, or 5% of their purchase price. The loan will be secured as second mortgage with no payments and no interest required over the first 5 years. Buyers must be pre approved for an insured high ratio first mortgage and use their property as their principal residence.
Applications will start on January 16 2017 and some of the conditions include, the buyer being a canadian citizen or permanent resident for at least 5 years, resided in BC for the last 12 months, make less than $150,000 ( as a family)
Learn more about the initiative here or contact Dave to answer any of your question.
 
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