Home Partnership Program

The B.C. Government's Home Partnership program opened this year, which provides loans of up to $37,500 to help first-time homebuyers fund their down payment in Victoria’s pricey housing market.

This is a real boon from the provincial government for first-time homeowners who want to get into the market! It’s a 25-year term mortgage with the upside that you are not charged any interest and you do not have to make any payments for five years!

You’ll need to plan for the five-year mark so you’re not caught off guard by extra payments, however, by the time you must start paying back the provincial loan, you will already have made 60 payments towards your primary loan’s principle. That increases the likelihood that you have built equity in your home.

Interestingly, studies show most first-time home buyers sell within seven years, at which time your primary mortgage and your government loan would be paid off.

There are a number of eligibility requirements. You need to be a Canadian citizen or permanent resident for five years, live in British Columbia, have a household income under $150,000 per year, be pre-approved for a high-ratio mortgage, be buying a home for less than $750,000 and intend it as your principal residence for five years.