Program For First-Time Buyers Won’t Cause Prices To Spike

The minister of province housing, claimed that the latest housing program that is being implemented to aid buyers in British Columbia who are new to the real estate market is not a cause of alarm to home prices that are already off the charts. According to Rich Coleman, even if a large number of buyers in Canada have access to the B.C. Home Owner Mortgage and Equity Partnership that was announced to the public in December, it will not cause great impact or cause the prices of homes to increase in any way.

The Home Owner Mortgage and Equity Partnership program that is made provided will cause buyers who are new in the market to have the chance to take a loan to match their own cash that will be used for downpayment in the province. They will also have a higher chance of purchasing their own home.

The loan when taken will be accessible on up to 5 per cent of the procured price for homes worth at most $750,000, the loan can be repaid over a period of 25 years, luckily enough, after the loan is taken, the first five years will be a no payment period for the borrower and they will also be free of any added interest during that period.

A news reporting site was told by Coleman shortly after the program was launched, that some already started applying for the program. He said; “This opportunity will change a number of lives.”