BC first time home buyer loan: Does the program actually help?
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Certainly Vancouver is world renowned for its desirable lifestyle. But its reputation has helped drive real estate prices to unreasonable heights, creating an affordability crisis particularly for younger generations.
That is why the B.C. government introduced late last year a loan program to help first-time buyers. Called the B.C. Home Owner Mortgage and Equity (HOME) Partnership, it offers qualified first-time buyers a loan of up to $37,500, interest- and payment-free for the first five years, to assist with a downpayment.
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