Posted by DM Real Estate Staff on Thursday, January 12th, 2017 at 12:52pm.
With the new BC homebuyers loan set to go into motion any day now, hopeful homebuyers across the Lower Mainland are jumping for joy at their chance to get in on the real estate market. Now more than ever, people will be able to purchase their first home courtesy of the government’s loan program that will equally match your down payment up to the amount of $37,500 – or 5% of the purchase price.

In addition, this loan is interest-free and payment-free for the first 5 years, after which you will pay back the loan at the prime interest rate plus .5%.

These loans come at an excellent time in the real estate market, and will give those who have not been able to save up enough of a down payment to purchase their first townhouse in Langley, or a starter condo in Surrey – the finances to do so.

BC’s Homebuyers Loan Launch Date

The launch date of this program will begin on January 16th, 2017 – with an end date slotted for March 31, 2020, and will help an estimated 42,000 individuals enter into the real estate market for the first time.

With housing affordability being a factor across Metro Vancouver and into the Fraser Valley, those who truly wish to be a homeowner can now make a real estate investment that can truly pay off with the proper real estate agent helping to guide them through their purchase.

Understanding the Qualifications of the First-Time Homebuyers Loan

Also known as the B.C. Home Owner Mortgage and Equity Partnership program, this loan is available to Canadian citizens, as well as permanent residents who have never previously owned a property and apply to homes worth less than $750,000.

Prequalification for a mortgage is necessary, and you will need to be making less than $150,000 as a household income to qualify.

Despite a smattering of concerns raised about adding the cost of a loan on top of a mortgage, the truth is – most of the mortgages sought out will likely equal less than the price of renting.

At DM Real Estate, we believe that making an informed first time purchase of a home will help ensure you are making the best lifestyle choice both now and for years to come – which we look forward to helping you with in the very near future!