Taking Bold Action on Housing – New Program for First Time Homebuyers

Luisa Hough • December 15, 2016

Today the BC government introduced an innovative new program designed to assist first time home buyers with their downpayment. BC is now offering interest-free loans up to $37,500 to first-time homebuyers. The following is from the government website! 

Every British Columbian deserves a place to call home. That is why we are taking action by controlling the cost of housing, increasing access to affordable rental units, and partnering with families to help make their dream of home ownership come true.

Achieving that dream can be challenging for first-time home buyers. With the launch of the B.C. HOME Partnership program, first-time home buyers have more options than ever to help them get their foot in the door.

Learn about the Housing Action programs you may qualify for today. Whether you are renting, buying or renovating, B.C. is working to keep housing affordable for you.

B.C. HOME Part nership

From middle class families to young professionals, first-time home buyers are looking to invest in a secure and stable future.

For many British Columbians dreaming of buying their first home, the hardest step is saving for a down payment. That is why the Province is partnering with British Columbians to help make that dream come true, through the B.C. Home Owner Mortgage and Equity (HOME) Partnership program.

Through the B.C. HOME Partnership program, the Province is helping first-time home buyers by contributing to the amount they have already saved for a down payment with a loan that is interest-free and payment-free for the first five years.

Here is how it works:

  • The B.C. HOME Partnership program will meet the buyer’s contribution up to 5% of the home’s purchase price, to a maximum purchase price of $750,000.
  • After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.
  • Loans through the program become due after 25 years – the same length as most mortgages.

The B.C. HOME Partnership program will start accepting applications Jan. 16, 2017. To apply, click here .

British Columbians buying their first home can also get help through other Housing Action programs like the First Time Home Buyers’ Program and the Newly Built Homes Exemption .

Housing Action

As B.C.’s economy and population continues to grow, it is important that we take bold action to ensure that all British Columbians have access to affordable and appropriate housing.

The Province’s commitment to Housing Action is driven by six key principles:

  1. Ensuring the dream of home ownership remains within the reach of the middle class
  2. Increasing housing supply
  3. Smart transit expansion
  4. Supporting first-time home buyers
  5. Ensuring Consumer Protection
  6. Increasing rental supply

Below you will learn how the Province is putting these principles into action.

Controlling the Cost of Housing

  • As B.C.’s economy has grown, our housing market has attracted increased investment,. This has raised the overall cost of housing.
  • To ensure that the dream of home ownership remains within reach of the middle class, the Province is taking action to control the cost of housing:
  • 15% tax on foreign home buyers in Metro Vancouver
  • 3% luxury tax on the purchase of homes over $2 million
  • Property Transfer Tax revenue tied to a new Housing Priorities Initiative Fund used for investments in rental and social housing

Increasing Access to Affordable Rental Housing

  • In 2016, B.C. committed to investing $855 million in to affordable rental housing – the largest housing investment in a single year by any province.
  • This will support the construction of 4,900 new units of affordable housing across B.C.
  • These units provide affordable housing options for those that need it most, including renters with low-to-moderate incomes, women and children, seniors, Aboriginal people, and people with disabilities.
  • The Province has also taken action to enable the City of Vancouver to increase the supply of rental units.

Protecting Consumers from Risk

  •   Following a review of the B.C. real estate industry’s self-regulation practices, it was determined that the sector had failed to adequately protect consumers.
  • The Province took action to improve transparency, accountability and consumer protection, including:
    • Ending self-regulation of real estate industry
    • Increasing the power of the superintendent of real estate
    • Increasing penalties and fines for offences
    • Requiring higher standards for licensees

Helping Home Buyers

  •   The Province offers a number of Housing Action Programs and Services to help British Columbians save money when purchasing or renovating a home.
  • The Newly Built Home Exemption Program can save buyers up to $13,000 when purchasing a newly built home.
  • The First Time Home Buyers’ Program can save buyers up to $7,500 when purchasing their first home.
  • Through the new B.C. HOME Partnership program, the Province is partnering with British Columbians to provide about $703 million in loans over the next three years, to help around 42,000 B.C. households enter the housing market for the first time.

To learn about B.C.’s strategy for smart transit expansion, check out our 10-year transportation plan BC On The Move .

Recent Posts

What You Need to Know About Mortgages and Parental Leave

By Luisa & Candice Mortgages • September 9, 2026
If the title of this article caught your attention, chances are your family is growing. Congratulations. If you’re thinking now is the right time to move into a home that better fits your growing family—but you’re unsure how parental leave affects your ability to qualify for a mortgage—you’re in the right place. Here’s the good news. Qualifying for a mortgage while on parental leave is possible when it’s done correctly. When you work with an independent mortgage professional, lenders can often qualify you based on your return-to-work income , as long as you can provide documentation confirming you have guaranteed employment waiting for you. A word of caution If you walk into a bank branch and disclose that you’re currently on parental leave, there’s a chance the bank will only allow you to qualify using your parental leave income. That can significantly reduce your borrowing power. Parental leave income is typically limited to 55% of your previous earnings, up to a weekly maximum. Qualifying on that amount alone can restrict your options and impact the type of home you can purchase. Why lender choice matters One of the biggest advantages of working with an independent mortgage professional is choice . You’re not limited to one lender’s rules or products. Some lenders will allow you to qualify using 100% of your confirmed return-to-work income , which can make a meaningful difference in your approval amount and overall options. What you’ll need to qualify Most lenders will require an employment letter that includes: Employer name (preferably on company letterhead) Your job title Original start date (to confirm probation has been completed) Confirmed return-to-work date Guaranteed salary upon return Lenders want reassurance that your income will resume once parental leave ends. You may also be asked to provide income history from the past couple of years, which is standard for most mortgage applications. One important note Whether or not you actually return to work after parental leave is entirely your decision. From a mortgage perspective, qualification is based on having a confirmed position available to you at the time of approval. If you have questions about qualifying for a mortgage while on parental leave—or anything mortgage-related—please connect anytime. I’d be happy to walk you through your options and help you plan with confidence.

Bank of Canada Holds Rate at 2.25% — September 2, 2026

By Luisa & Candice Mortgages • September 2, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. While Canada's economic recovery is broadening, a new layer of uncertainty has entered the picture. Here is what happened and what it means for your mortgage.

Need Funds Between Buying and Selling? Here’s How Deposit Loans & Bridge Financing Help

By Luisa & Candice Mortgages • August 26, 2026
You’ve outgrown your current home. It no longer fits your life, so moving makes sense. And you’re not interested in juggling two properties. Selling first and buying something new feels like the right move. Ideally, you want possession of the new home before leaving the old one. That overlap makes moving easier, reduces stress, and gives you time to paint, renovate, or settle in before the boxes arrive. But there’s a common challenge. What if the down payment for your next home is tied up in the equity of the one you’re selling? That’s where bridge financing comes in. How bridge financing works Bridge financing temporarily unlocks equity from your current home once it has a firm sale . It bridges the gap between selling your existing property and purchasing your next one, allowing you to use that equity toward your down payment. What about competitive markets? In a hot market, a strong offer often means a larger deposit . If you don’t have that cash sitting in your account, but you do have equity, a deposit loan can help you compete with confidence. The non-negotiable requirement To qualify for bridge financing or a deposit loan, your current home must have a firm, unconditional sale . No firm sale = no bridge or deposit loan. Lenders need certainty to calculate available equity and manage risk. Bottom line A firm sale is the key that unlocks bridge financing and deposit loans. If you’re planning a move and want to understand how these options could work for you, let’s talk. I’m always happy to walk you through your options and help you plan your next step with confidence.

Luisa & Candice Mortgages 

Contact Me Anytime!

The best way to get ahold of me is to submit through the contact form below. However feel free to give me a shout on the phone as well.

Contact Us