BC Home Owner Mortgage and Equity Partnership program being scrapped

THE BC Home Owner Mortgage and Equity Partnership program will come to an end on March 31 due to its low participation rate.

Applications received by March 31 will be considered for approval. Current program recipients will not be affected.

When the program was introduced, it was anticipated it would provide 42,000 loans over a three-year period. However, as of January 31, 2018, there were fewer than 3,000 loans approved.

The Province is creating a new HousingHub within BC Housing, funded in part by winding down the BC HOME program.

The HousingHub will actively seek out and facilitate new partnerships to build affordable housing, while also developing innovative models to allow prospective homeowners to purchase homes and build equity.

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