First time home owners now have a chance to get a bit of a financial boost from the government.
Prospective B.C. buyers can now apply for the home owner mortgage and equity partnership program, and some are jumping at the chance to do so.
Deputy Premier Rich Coleman says many have applied for the program in its first hours.
“29 applications have actually been submitted, so you create the application, they submit the application back, and then there’s already eight people who tomorrow will get a letter telling them that they’re approved to go buy their first home after the 15th of February,” he says.
LISTEN: Deputy Premier Rich Coleman talks Home Owner Mortgage and Equity Partnership Program on The Simi Sara Show
The program will cover five per cent of the home purchase on homes with a maximum value of $750,000. It’s also interest and payment free for the first five years.
Coleman says they hope to invest in many more families over time.
“It has been a dream for a long time to put something like this together, when we were financially in a place to do it as a government, its $702-million that we’re going to invest in this program over the next four years and it is going to change the opportunity for a whole bunch of people to get into their first home.”
Coleman expects over 41,000 families will apply for the program over the next few years.
With files from Caleb Harder