BC’s Home Partnership Program to be discontinued

BC’s Home Partnership Program to be discontinued

The British Columbia government has announced it is shutting down its Home Partnership Program, designed to give first-time home buyers a leg up the overheated housing market.

Originally meant to provide 42,000 loans over a three-year period, the program had only seen 3,000 approved over the first year, according to a government release. This low participation rate seems to be the driving force behind the discontinuation, although aspiring homeowners can still apply for a loan until March 31, 2018.

Successful applicants are eligible to receive up to $37,500 interest-free for five years if they’re approved for an insured high-ratio mortgage where the down payment is less than 20% of the home’s purchase price.

A report from the British Columbia Real Estate Association (BCREA) found that the program was responsible for boosting apartment prices in Metro Vancouver by 0.55% and townhome prices by 0.57% in its first nine months.

Also read: BC housing assistance program may have marginally increased house prices


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