First-time homebuyers will soon be able to access 25-year downpayment loans of up to $37,500, or 5% of the purchase price, that are interest-free—and payment-free—for the first five years.

B.C. Premier Christy Clark announced December 15 the provincial government is investing $703 million over the next three years to fund the program, which will be carried out by the B.C. Home Owner Mortgage and Equity Partnership Program. It estimates this will help 42,000 enter the market for the first time.

Rich Coleman, Minister Responsible for Housing, said the program is part of the government’s focus on tackling housing affordability issues in the province.

“The first step into the market can be the hardest step, so our government will partner with homebuyers to help them achieve their minimum downpayment,” Coleman said. “This partnership can help lower their monthly costs in the first five years, and help make home ownership more affordable.”

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Credit BIV