More Than 3,000 First-Time Homebuyers Apply for B.C. Government Loan
Others think extra debt should be avoided: poll
In January 2017, the government of B.C. started offering 25-year loans for first-time homebuyers applying for mortgages. The B.C. Home Owner Mortgage and Equity (HOME) Partnership program will meet the buyer’s contribution up to 5 percent of the home’s purchase price, to a maximum of $37,500. The loans are interest- and payment-free for the first five years, after which they can be repaid in full or over 20 years at the prevailing rate of interest.