Happy 2017!

As you know, the BC government recently released interest free loans for half of the down payment for first time homebuyers.  The BC Home Owner Mortgage and Equity Partnership will be available for purchases that close on or after February 15, 2017.  In order to be eligible all individuals with a registered interest on title must:

• reside in the home

• have resided in BC for at least one year immediately preceeding the date of application

• be a first-time buyer who has not owned an interest in a residence anywhere in the world at any time

• use the property as their principal residence for the first 5 years

• purchase a home that has a purchase price of $750,000 or less (excluding taxes and fees)

• obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price

• have a combined, gross household income of all individuals on title not exceeding $150,000

• have save a down payment amount as least equal to the loan amount for which the buyer applied

Economists believe this programme will have the opposite of the intended effect of affordability by raising the prices of properties at the low end of the market. 

We will keep you updated.  In the meantime the December market update numbers follow:

I would be happy to discuss your long and short term real estate strategies with you.  Call or email me today!

Regards,

Kim

E&OE