The British Columbia Home Owner Mortgage and Equity Partnership Program (the “BCHP”) was introduced in December 2016. On February 20, 2018, the government of British Columbia announced that the BCHP will be eliminated.
The BCHP is a program that offers financial support to first-time homebuyers in British Columbia for entry into the housing market. The program currently provides repayable loans that have been granted to help first time homebuyers achieve their minimum down payment required by their primary lender.
New applications for the BCHP will be accepted up to March 31, 2018. All applications that have been submitted to BC Housing on or before March 31, 2018 will be considered and all approved applications will be honoured. If you purchased a home using the BCHP the terms of the loan will be honoured.
For more information about the BCHP, please visit: https://www.bchousing.org/housing-assistance/bc-home-partnership
The government of British Columbia announced in the 2018/2019 budget that the elimination of the BCHP will fund the new “HousingHub” through BC Housing which is intended to build partnerships and affordable homes where people need them most. Very few details have been released with respect to what “HousingHub” will actually do, so stay tuned.
If you have any questions regarding the above or the process of buying a home, please do not hesitate to contact one of our lawyers practicing in the area of real estate law. We would be happy to answer any questions that you may have and put you in touch with a mortgage broker, if necessary.
Author: Danielle (Dani) Brito
This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637 or any of our lawyers practicing in the area of business law, real estate law, and wills and estates law at the following:Una Gabie: email@example.com Jennette Vopicka: firstname.lastname@example.org Danielle (Dani) Brito: email@example.com Jane Otterstrom: firstname.lastname@example.org