Buying Your First Home.
For eligibility for the program, all purchasers:
- Must be Canadian Citizens or Permanent Residents for the last five years.
- Must have resided in British Columbia for the past 12 months.
- Must have a total household income of $150,000 or less per year.
- Must live in the home as their principal-residence.
- Additionally, the home must be located in B.C. and have a purchase price of less than $750,000.
Case study A:
Purchase price of home $450,000
Buyers down payment: $10,000
B.C. Home Ownership Loan: $10,000
Case study B:
Purchase price of home: $700,000
Buyers down payment: $22,500
B.C. Home Ownership Loan: $22,500
The amount of money you can afford to pay for a home depends on many factors, including your income, your debt, your monthly expenses and the amount of money you can contribute to the purchase (your personal down payment), among other factors.