VICTORIA – The provinceal government has announced that the BC Home Owner Mortgage and Equity Partnership program will come to an end on March 31st because of low participation.
The HOME partnership program was introduced by the previous BC Liberal government and allowed first-time home buyers the ability to borrow up to five percent of the purchase price of their new home that would go towards a downpayment. The program issued loans for a term of 25 years, with a five-year interest and payment grace period.
The government says that any applications received by March 31st will be considered for approval, and current program recipients will not be affected.
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When the program was introduced, the Housing Ministry anticipated that it would provide 42,000 loans over a three-year period. However, as of January 31st, fewer than 3,000 loans had been approved.
The Province says that with the cancellation of the program, it will create a new HousingHub within BC Housing, funded in part by winding down the BC HOME program.