First Time Home Buyer Program BC
The first time home buyer program in British Columbia was introduced by the New Democratic Party in early 2020. It helps BC residents purchase real estate in the province.
The first-time home buyer program in British Columbia is called the “BC Home Partnership Program”. It offers up to $37,500 in down payment assistance for eligible buyers. The program is available through participating lenders and must be used towards the purchase of a newly built or existing home.
How Much Money Do You Need To Put Down On A House In BC?
For most homebuyers, the minimum down payment is 5% of the purchase price of the home. This can be an incredibly daunting amount, especially for first-time buyers. The good news is that there are a number of programs and initiatives available to help make this process more manageable. Securing a mortgage will also help, of course.
How Can I Qualify For The First Time Home Buyer Program In BC?
There are a few requirements that must be met in order to qualify for the first-time home buyer program in BC.
- Be a Canadian citizen or permanent resident
- Have either:
- Lived in B.C. for at least a year
- Filed at least 2 income tax returns in B.C. in the last 6 tax years
- Have never owned a property anywhere in the world
- Have never received a first time home buyers’ exemption or refund
The property must also qualify. The requirements are:
- It is to be your principal residence
- It needs a fair market value of less than, or exactly, $500,000
- Be exactly or smaller than 0.5 hectares
Partial exemption is possible for property slightly more expensive or slightly larger.