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BC  

NDP drops home program

A project designed to help young British Columbians buy their first home is coming to an end due to lack of interest.
 
The BC Home Owner Mortgage and Equity Partnership program is coming to an end on March 31, 2018, due to its low participation rate.

Applications received by March 31, 2018, will be considered for approval. Current program recipients are not be affected.

When the program was introduced, it was anticipated it would provide 42,000 loans over a three-year period, that never happened, as of January 31, 2018, there were fewer than 3,000 loans approved.

In its place, the Province is creating a new HousingHub within BC Housing, funded in part by winding down the BC HOME program.

The HousingHub will actively seek out new partnerships to build affordable housing, while also developing innovative models to allow prospective homeowners to purchase homes and build equity.



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