BC First Time Home Buyer Loan has been cancelled effective March 31, 2018
One year ago the Liberal Government launched a first time home buyer loan program. The program was intended to be a 3 year 700 million program to assist qualifying first time home buyers with a down payment loan of up to $37,500. In order to qualify for the loan, you must be a first time home buyer, a resident of BC, purchase a home for under $750,000 and have 2.5% down. If you qualified for the loan the BC Government would give you a 25 year loan that was payment free and interest-free for the first 5 years.
This loan has been cancelled effective March 31, 2018. The loan program will be accepting applications unit March 31 and you will have 6 months from the date of application to complete your purchase.
If you are considering using this program to purchase your first home then it would be wise to apply right away.
Below is a link to the loan program web site: