With less than two weeks away from being able to apply, the BC government continues to tout the positivity of the new B.C Home Owner Mortage and Equity Partnership program.
President of the Northern Real Estate Board William Lacy says there are however both sides to the argument.
“Are people who are just on the cusp of home-ownership, if they wouldn’t be able to make that purchase without assistance? There’s the argument, should they really be getting into the market. But if people are going to use this wisely, don’t get in over their head, make an intelligent decision-absolutely home-ownership in the long run is always the best opportunity.”
Through the B.C Home Partnership program, the Province will contribute the same amount to a first-time home-buyer have saved for their payment providing up to $37,500 of the purchase with a 25-year loan.
Applications will be accepted starting on January 16,2017.
The Province says they expect to help an estimated 42,000 B.C. households enter the market for the first time.