Housing was a prominent feature of the 2018 BC Budget, and the BC HOME Partnership loan program will be ending early because of the NDP government's new focus. Originally launched in January 2017, the program offered help to first-time homebuyers with their down payment by providing a matching loan interest-free for the first 5 years.
Rising home prices across the province have escalated the problem of saving for a down payment for many hopeful homebuyers. However, the budget announcement comes only a week after a report from the BC Real Estate Association that showed only 1,395 applications for the program had been approved in its first 9 months. The original program estimates were for 42,000 loans to be granted over a 3-year period.
Instead, those funds will be put towards an initiative to build affordable housing directly in communities. Called HousingHub, partnerships will be made with non-profits, private developers, faith groups, property owners, and federal and local governments rather than directly with home buyers.
If you were still hoping to leverage the BC HOME loan to get into your first home, applications are being accepted by BC Housing until March 31, 2018. Our team has successfully completed many purchases with first time buyers using this program, and we'd be happy to work with you towards your home ownership goals. Contact our team today for a free consultation with one of our brokers: call 250-590-6520 (toll-free 1-855-590-6520) or visit us at 307 Goldstream Avenue during regular business hours. We can arrange an appointment at our Fort Street office, or evenings and weekends, to work with you.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.