This is a new program called the partnership program just put out by the BC Government. This is likely a counter measure to the “Stress Test” that was put out a month ago that made it more difficult to qualify and possibly a rebound from the effects of the 15% increased property Transfer Tax in Vancouver. Regardless of what people think of this program it shows the BC Government is trying to help. This latest program is actually great for the BC first time home buyers. Here’s how it works…
- The program will match a first time buyer’s down payment up to 5% of the purchase price.
- The buyer must be a first time buyer and must be a resident of Canada for at least 5 years
- Must be a resident of British Columbia for at least 1 year
- Must qualify for high ratio financing by a lender
- Purchase price must be under $750,000
- This loan is interest free for 5 years.
- Maximum amortization is 25 years
- The buyer can pay the loan off after 5 years or continue paying with interest charges.