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BC Home Owner Mortgage and Equity (HOME) Partnership

Posted on January 12, 2017

BC Home Owner Mortgage and Equity (HOME) Partnership

In today’s market, saving for a mortgage down payment can be hard for first-time homebuyers. On December 15, 2016, the British Columbia government announced the BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) to help 1st time homebuyers by providing interest free loans to help with down payments.

The B.C. H.O.M.E. 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. Any buyer that is pre-approved for an insured high-ratio mortgage is eligible.


To qualify for the program, all individuals with a registered interest on title must reside in the home and:

  • Have been a Canadian citizen or permanent resident for at least five years
  • Have resided in British Columbia for at least one year immediately preceding 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 five 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 saved a down payment amount at least equal to the loan amount for which the buyer applied

This partnership can help lower their monthly costs in the first five years, and help make home ownership more affordable. During the first five years, no monthly interest or principal payments are required as long as the home remains the homebuyer’s principal residence. After the first five years, homebuyers begin making monthly payments at current interest rates. Homebuyers will repay the loan over the remaining 20 years, but may make extra payments or repay it in full at any time without penalty. The loan must be repaid in full when the home is sold or transferred to another owner.

How to apply

Step 1: Get pre approval for an insured first mortgage from your financial lending institution.

Step 2: Apply to BC Housing for the Home Owner Mortgage and Equity (HOME) partnership loan. If you are eligible you will receive confirmation of eligibility and a Homebuyer’s Kit, which includes information for your Lender, Real Estate Agent, and Lawyer/Notary Public.

Step 3: Find your home and provide the details of your planned purchase to BC Housing for approval.

Is this right for you?

Whenever you are thinking of getting into the housing market, it is essential that you discuss with a licensed Realtor to help you make the right move. Aside from Thursday’s exciting announcement, there are other programs available, such as the First Time Home Buyers Program and the Newly Built Homes Exemption. Speaking to an expert in the industry will set you up to successfully navigate today’s changing and exciting Vancouver Real Estate market.

The B.C. Home Owner Mortgage and Equity Partnership program will start accepting applications Jan. 16, 2017, but you can call Gary Serra & Associates today to see if this program is right for you!

If you want to see what is available on the market around you, you can find out here:


Gary Serra & Associates