What Is The BC Home Owner Mortgage and Equity Partnership Program

What Is The BC Home Owner Mortgage and Equity Partnership Program

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Getting to know the BC Home Owner Mortgage and Equity Partnership Program

First-time home buyers should be jumping for joy this week.  Premier Christy Clark announced Thursday; a new government program (BC Home Owner Mortgage and Equity Partnership Program) that promises to match the down payment, for the greater of up to $37,500 or 5% of the purchase price with a 25-year term second mortgage, for first-time home buyers who qualify.

Common Questions About Home Loans

This loan will come payment-free and interest-free for the first five years of the mortgage term. 


Home Purchase Price: $600,000
Minimum down payment required $35,000
Your personal down payment of 5% $30,000
BC Home Partnership Loan of 5% $30,000
Total down payment towards your new home $60,000


“We believe every British Columbian deserves a place to call home. We’ve invested in affordable rental housing, we’ve invested in transitional and emergency housing, and now we’re partnering with first-time buyers to make the purchase of their first home more affordable.” Christy Clark – Premier of British Columbia

The Province of British Columbia is investing about $703 million throughout the next three years to help about 42,000 B.C. families buy their first home.

Saving for a mortgage down payment can be difficult for some first-time home buyers. Getting a little help with the deposit from the BC government can be the light at the end of the tunnel for these struggling families.

Housing affordability has been a hot topic this year, with real estate prices steadily rising and arguably pushing a lot of first-time home buyers out of higher priced markets.

B.C. residents are also feeling the pinch in rental housing; which has naturally risen to meet the high home purchasing costs.

This “B.C. Government Loan” should be a welcome blessing to the young families who are working hard to save for a down payment.

“The first step into the market can be the hardest step, so our government will partner with homebuyers to help them achieve their minimum down payment,” Rich Coleman – Minister of Natural Gas Development & Minister Responsible for Housing


Payment-Free – Interest-Free For First Five Years

During the first five years, there will be no interest or principal payments on the loan for the first five (5) years as long as the home remains as the homebuyer’s principal residence.

Once the first five years are complete, the home buyer will be responsible for making monthly payments at current interest rates over the remaining 20 years.

The home buyer will have the option to make extra payments or full payment anytime without penalty.

If the home is sold or transferred to another owner, the outstanding loan must be repaid in full.

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Getting To Know The BC Home Owner Mortgage and Equity Partnership Program Infographic

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BC Home Owner Mortgage and Equity Partnership Program Qualifications:

Home buyers must:

  • Reside in the home
  • Be a first-time homebuyer
  • Be a Canadian citizen or permanent resident for five years
  • Have resided in BC for at least one year
  • Have a combined gross income of $150,000 or less
  • Have saved at least half of the minimum down payment they will require, and
  • Be pre-approved for a 1st mortgage before applying. Brokers should treat the second mortgage as a non-traditional source of down payment.
  • The property must be the principal residence for the first five years, must cost less than $750,000, and must not be a rental or recreational property.



The B.C. Home Owner Mortgage and Equity Partnership program will start accepting applications Jan. 16, 2017.

Learn how to apply: https://news.gov.bc.ca/files/Housing_Campaign_HOME.pdf

For additional details about the B.C. Home Owner Mortgage and Equity Partnership program, please visit: https://homeownerservices.bchousing.org/

Other First-time Home Buyer Programs:

  • First Time Home Buyers Program
    -Save first-time buyers up to $7,500 when purchasing a home valued up to $475,000.
  • Newly Built Homes Exemption
    -Save buyers up to $13,000 in property transfer tax when purchasing a newly constructed or subdivided home worth up to $750,000.


Information References



Schreder Brothers

The Schreder Brothers provide a value-added approach ensuring their client’s real estate venture is handled in the most profitable manner by involving team players with a wealth of knowledge spanning across many areas of real estate.

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