Unlock Your First Dream Home: With These BC Programs
FIRST-TIME HOME BUYERS INCENTIVE
This is a federal program designed to help first-time home buyers by reducing their monthly mortgage payments without increasing their down payment. The government provides a shared equity mortgage (SEM) with the buyer, allowing for a lower mortgage payment. This is particularly useful in expensive markets like Vancouver where housing affordability is a challenge.
BC HOME OWNER MORTGAGE + EQUITY PARTNERSHIP
This is a provincial program aimed at assisting first-time home buyers in British Columbia. It provides a loan that matches a buyer’s down payment up to 5% of the home’s purchase price, up to a maximum of $37,500. This effectively helps first-time buyers enter the housing market with a reduced down payment, easing the upfront financial burden.
PROPERTY TRANSFER TAX (PTT) FIRST-TIME HOME BUYERS’ PROGRAM
This program exempts qualifying first-time home buyers from paying the Property Transfer Tax, which is a significant cost in purchasing property in British Columbia. The exemption amount varies based on the purchase price of the home, but it can provide substantial savings at the time of purchase.