About the BC Home Partnership Program

Jeff Evans

The newest program initiative offered by the BC government has been officially launched as of Jan. 16th.  The program is called the BC Home Partnership Program, and under the terms of the program, eligible first-time homebuyers will be able to receive 5% of the value of your home purchase up to a maximum of $37,500 on a maximum property value of $750,000.  The program matches, dollar for dollar, the down-payment of the home buyer.  The program provides the funds secured by a second mortgage behind your regular mortgage.Read More

First-Time Home Buyer Program Announcement from BC government

Jeff Evans
smith manoeuvre
By: Germán Poo-Caamaño

The BC government today announced a program to help first-time home buyers to get into the market and purchase a home.  The program matches the downpayment of the borrower dollar for dollar in the form of a second mortgage to a limit of $37,500.  The mortgage provided will be a 25 year amortized mortgage with a 0% interest rate, and payments would not need to be made on the mortgage for the first 5 years of the term.  To be eligible for this program, borrowers have to meet the following criteria:Read More

Mortgage rule announcements and how it affects you

Jeff Evans

What changes were announced today?

Insured mortgages will be qualified at 5-year benchmark rate of 4.64%

You will now need to be qualified for a 5 year fixed mortgage as if you were getting a rate of 4.64%. Talk about pulling out a jackhammer where a chisel was needed!  If you are currently buying a home with less than 20% down, decrease the approval amount by 15-20%.  Unless there are additional fine details that decrease the impact of this announcement, the Canadian government has just hammered the major centres across Canada.  Particularly in Vancouver and Toronto.Read More