The BC Home Partnership Program
The introduction of a new down payment assistance program from the BC government called the "BC Home Owners Mortgage and Equity Partnership Program" will enable first time home buyers to obtain down payment funds from the BC government to assist with the purchase of their first home. Under this program, the BC government will match the down payment funds of eligible first time buyers up to $37,500 with a 25-year term second mortgage. No payments are required to be made and interest will not accrue until the sixth year of the term.
The repayment cost would be:
How to qualify under the BC Home Partnership Program, all applicants who will be registered on title must:
Canadian Citizen or permanent resident for at least 5 years and have lived in BC for 1 year
You are a first time home buyer
You plan to purchase a home for $750,000 or less
You have at least half of the minimum down payment required to purchase your home
Your total household income is $150,000 or less
Your new home will be your principal residence
How to apply?
Contact us to get pre-approved for a mortgage
Apply and receive confirmation of eligibility for the BC Home Partnership Program
Find your home and make an offer subject to financing
Contact Gibbard Group to get the final mortgage approval in place with the lender
Move in to your new home
Scenario 1 - Home purchase price - $500,000 (2.5% + 2.5%)
You have saved $12,500 toward the down payment or 2.5% of the home's purchase price. Through the program, the Province will contribute $12,500 to the down payment. This brings the total down payment to $25,000 or 5% of the home's purchase price.
Scenario 2 - Home purchase price - $500,000 (5% + 5%)
You have saved $25,000 towards the down payment or 5% of the home's purchase price. Through the program, the Province will contribute $25,000 which brings the total down payment to $50,000 or 10% of the home's purchase price.
Scenario 3 - Home purchase price - $500,000 (10% + 5%)
You have saved $50,000 towards the down payment or 10% of the home's purchase price. The Province will meet the buyer's contribution up to 5% of the home's purchase price so the program will contribute $25,000 towards the down payment allowing you to put a total of $75,000 towards the down payment of your first home.
As always, if you ever have any questions please don't hesitate to contact us. We're here to help!