by Dave Koszegi
on Friday, January 27th, 2017 at 2:32pm.
Dreaming of home ownership in the Alberni Valley? In case you haven’t heard, or weren’t quite sure what it is, in December of 2016, our provincial government announced a new program intended to assist first-time buyers. The program is called the B.C. HOME Partnership program, and it’s designed to help first-time homebuyers who can afford the costs of home ownership, but are experiencing challenges with the initial step in entering the market – that is, scraping together a down payment.
The program contributes to the amount first-time buyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.
Note that under the B.C. HOME Partnership program, homebuyers must first qualify for an insured high-ratio mortgage, to ensure they can afford payments both today and in the future.
Lucky for us, we are in one of the most affordable markets in British Columbia. Port Alberni is home to a wide array of economical, savvy investment options to suit every family and budget. Here are just two examples of our current featured listings:
Wonder if you’re eligible? Contact us with your questions. We’ve helped endless first-time buyers in the Alberni Valley reach their home ownership goals. In fact, it’s one of our (not so secret) favorite things to do!
BCREA Applauds the New BC HOME Partnership Program
Vancouver, BC – December 15, 2016. REALTORS® and the British Columbia Real Estate Association (BCREA) welcome the announcement by Premier Clark and Minister Coleman of the new BC Home Owner Mortgage and Equity Partnership program.
“The introduction of this program will address the affordability gaps that, as a REALTOR®, I hear about every day,” says BCREA President Deanna Horn. “We thank Premier Clark and Minister Coleman for introducing this valuable program to assist first time home buyers in entering the marketplace.”
The province has taken steps to address housing affordability by investing in affordable rental housing and transitional and emergency housing. The BC HOME Partnership will address the impact on the first-time homebuyer with matching dollars and an extended period of time to begin paying back the down payment loan. Many first-time homebuyers struggle to achieve the down payment required to enter the housing market, and BCREA believes this program will help them overcome that barrier.
In fact, enabling home ownership benefits the entire BC economy. A 2015 study by Altus Group Economic Consulting found that the average housing transaction on the Multiple Listing Service® generates approximately $63,000 in additional expenditures.
BCREA believes additional opportunities exist to help existing homeowners, particularly those looking to buy their second or third homes to accommodate families or significant life changes. Doing so will help to ensure balance in the continuum of housing affordability.