Home-owner plan criteria

I have received a number of inquiries about the new B.C. Home Owner Mortgage  and Equity Partnership, so thought I would write a follow up to clarify what is required. 

Here are some requirements for anyone who appears on the title of the home:

  • Be a Canadian citizen or permanent resident for the last five years
  • Have lived in British Columbia for at least the full 12 months preceding your application.
  • Be a first-time homebuyer who has not owned an interest in a principal residence anywhere in the world at any time and has not received a first-time homebuyer's exemption or refund
  • Purchase a home that is $750,000 or less
  • Be eligible for a high-ration insured mortgage for the home
  • The combined, gross household income of all individuals on title must not exceed $150,000
  • The home being purchased must be used as the principal residence of all individuals on the title for the five years after purchasing.

To confirm Canadian citizenship, the applicant is required to provide a birth certificate, permanent resident card or a Canadian citizenship card. 

The applicant is also required to provide a valid secondary piece of identification which includes a photo. 

This may include a driver's licence, passport, BCID or secured certificate of Indian status. 

A copy of the most current Notice of Assessment from Canada Revenue Agency will be required to confirm that the household income is less than $150,000.

Residency can be confirmed from the B.C. drivers licence or from Notice of Assessments. 

The applicant is to be a first time homebuyer who has not owned a principal residence anywhere in the world.  A search will be conducted by the lawyer to confirm for the lender.

To qualify for an insured mortgage the applicant will need to fill out an application. This can be done online or in person. The online application should be secure because the applicant will be required to provide  personal information. 

The purchaser will need to show accumulation of the downpayment over the last 90 days for the matched five year interest free loan. 

Employment will need to be confirmed with a current employment letter, paystub and possibly the last two years Notice of Assessments. 

A credit report will be obtained to check credit rating and confirm balances and payments on any outstanding debt.

The property that is purchased will need to be less than $750,000 under this program. If the property is over $500,000, then the purchaser will need half of five per cent  of $500,000 ($25,000) plus 10 per cent of the balance. 

For a purchase of $750,000 this would be half of  $25,000 plus 10 per cent  of $250,000 or $25,000. 

The province will provide the other $25,000 in an interest free loan for 5 years registered as a second mortgage. The interest rate will be half or a per cent over the one year rate at the time of the advance starting in the sixth year.

If you require more information on this program or would like to be prequalified for the new provincial loan please call 250-862-1806 or email me at [email protected].


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Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit http://www.okanaganmortgages.com

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