As of last week, the BC Government and Real Estate Board of Greater Vancouver have rolled out a new series of cost savings programs designed to create a stable future for BC first time home buyers.
The key feature of the BC Home Owner Mortgage and Equity Partnership Plan is the 5 year, interest-free, payment-free loan. For first time home buyers with an established down payment, the BC government will match your down payment up to 5% of the purchase price to a maximum of 37,500. Homebuyers must qualify for a high-ratio mortgage and loans are due after 25 years.
BC home owners may also be eligible for the BC Home Owners Grant, which reduce property taxes for home owners up to 1.6 million. Additional grants are available for rural homeowners and permanently disabled seniors or war veterans.
Other notable programs include the BC Property Transfer Tax (BPTT), the Home Buyers’ Plan and the GST/ HST New Housing Rebate.
While these are only a few of the new cost savings programs available, 2017 appears to be an exciting time for British Columbians to find their dream home.
For more details on all the 2017 Vancouver cost savings programs, see cost-savings-program-january-2017-secured-1