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First-Time Home Buyer Incentive: Make Homeownership Accessible

The First-Time Home Buyer Incentive is a government-backed program designed to help eligible buyers lower their monthly mortgage payments without adding financial strain. It’s an excellent opportunity for first-time buyers to step into the housing market with more confidence.


Program Launch Details

  • Applications Opened: September 2, 2019
  • First Closings: November 1, 2019

For detailed information, visit the First-Time Home Buyer Incentive Website.


BC Government’s Down Payment Loan for First-Time Buyers

In addition to the federal program, the BC Government offers an interest-free down payment loan to help first-time buyers afford their homes.

Program Highlights

  • Loan Amount: Up to $37,500 (interest-free for the first 5 years).
  • Eligibility Requirements:
    • Combined household income under $150,000.
    • Applicants must have been Canadian citizens for at least 5 years.
    • Property price must not exceed $750,000.
  • Repayment Terms:
    • If repaid within 5 years, no interest is applied.
    • After 5 years, interest accrues on the remaining balance.

Steps to Apply

  1. Prepare Financially:
    Ensure your taxes are up to date and any outstanding debts are resolved.
  2. Gather Documentation:
    Have essential documents ready, including job letters and proof of income.
  3. Set Your Budget:
    Determine how much you can afford and identify your preferred location.
  4. Submit Your Application:
    Online applications opened on January 16, 2017.

Need Assistance?
For personalized guidance through these programs, reach out to Sara Sharma, your trusted Realtor.

📞 Call Sara Sharma: 604-992-7253
💼 Sutton Group West Coast Realty

Take the first step toward homeownership and make the most of these incredible opportunities!

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