(Update: this program has been discontinued.  To learn more about other home buyer programs in BC, check out the article home buyer incentive programs summarized.)

The government today announced a  home buyers program in BC to help first time home buyers get into the market and purchase a home.  The program matches the down payment of the borrower dollar for dollar in the form of a second mortgage to a limit of $37,500.  The mortgage provided will be a 25 year amortized mortgage with a 0% interest rate, and payments would not need to be made on the mortgage for the first 5 years of the term.  To be eligible for this program, borrowers have to meet the following criteria: (more…)