15 Dec 2016
Dominion Lending Centres Gives Two Thumbs-Up to B.C. Government’s New Home Owner Mortgage and Equity Partnership Program
For Immediate release
December 15, 2016
Vancouver, B.C.– Dominion Lending Centres (DLC), Canada’s leading national mortgage and leasing company is commending the Province of British Columbia’s new B.C. Home Owner Mortgage and Equity Partnership program designed to help first-time home owners enter the housing market.
“Dominion Lending Centres supports and congratulates the Province of British Columbia for launching this innovative program that will go a long way towards helping first-time home buyers enter the market and achieve home ownership,” said President and CEO Gary Mauris. “Dominion Lending Centres prides itself on our ability to find a mortgage that works for everyone. We know how challenging it can be for first-time buyers across the country to save for a down payment. This program will make the dream of home ownership a reality for tens-of-thousands of British Columbians.”
Announced today by Premier Christy Clark and Minister Responsible for Housing, Rich Coleman, ‘the B.C. Home Owner Mortgage and Equity Partnership program contributes to the amount first-time homebuyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years. Through the program, the Province is investing about $703 million over the next three years to help an estimated 42,000 B.C. households enter the market for the first time.’
This program not only helps first-time home buyers enter the market, but it can also help them save on interest by providing buyers with a larger down payment than they already have. The Province will contribute towards the buyers’ contributions up to five per cent of the home purchase price, meaning first-time buyers can exceed the minimum down payment required by the Canada Mortgage and Housing Corporation.
For example, a home valued at $750,000 requires a minimum down payment of $50,000. With contributions from this program, a first-time homebuyer can put $90,000 down and, assuming a three per cent interest rate, will save approximately $5,200 in interest during the first five years.
Dr. Sherry Cooper, Chief Economist of DLC added: “This is a bold and innovative step to help potential new buyers to meet the greatest hurdle of first-time homeownership—the down payment. The Federal Government’s new mortgage regulations released in October hit first-time homebuyers hard, so this program will be welcome relief for B.C. residents.”
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