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BC government to offer down payment loans for first-time buyers


Premier Christy Clark unveiled a new loan program today to help first-time home buyers come up with their down payment.

The BC Home Owner Mortgage and Equity (HOME) Partnership program will offer qualifying home buyers loans of up to $37,500, interest and payment free, for five years.

The province will begin accepting applications on January 16, 2017.

To qualify, buyers must:

• be buying their first home;

• obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price;

• have a combined gross household income not exceeding $150,000;

• have saved a down payment amount at least equal to the loan amount;

• be a Canadian citizen or permanent resident for at least five years; and

• have lived in BC for at least the full year preceding their application.

The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.

Key facts:

• The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price.

• The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees).

• After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.

• Loans through the program are due after 25 years.

“This program will boost sales to first-time home buyers. Without question, they’ll take advantage of it wherever they can,” said Helmut Pastrick, Central 1 Credit Union chief economist.

The province estimates this initiative will help at least 42,000 buyers or households province-wide over the next three years. About half of these buyers will be in the Lower Mainland, according to Pastrick.

Courtesy of The Real Estate Board of Greater Vancouver

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OPEN HOUSE: SUN DEC 18 FROM 12PM TO 2PM
11491 Plover Drive, Richmond (Westwind)



plover exterior.jpg

This Sunday, Dec 18th 12:00 PM to 2:00 PM we will be hosting an Open House at 11491 PLOVER DRIVE in the Westwind neighborhood, Richmond. This is an opportunity to visit this excellent House for sale in beautiful Westwind.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Westwind House for sale.

As always please do not hesitate to give me a call at 604.644.1044 if I can answer any questions before the open house, or if you would like to book a private showing.

Alisa Sakamoto
REALTOR® RE/MAX WESTCOAST
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OPEN HOUSE: SAT/SUN DEC 10 & 11 FROM 1PM TO 3PM
11491 Plover Drive, Richmond (Westwind)



plover cover.jpg

This Saturday and Sunday,  Dec 10th & 11th, 1:00 PM to 3:00 PM we will be hosting an Open House at 11491 PLOVER DRIVE in the Westwind neighborhood, Richmond. This is an opportunity to visit this excellent House for sale in beautiful Westwind.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Westwind House for sale.

As always please do not hesitate to give me a call at 604.644.1044 if I can answer any questions before the open house, or if you would like to book a private showing.

Alisa Sakamoto
REALTOR® RE/MAX WESTCOAST
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