Taking Bold Action on Housing – New Program for First Time Homebuyers

Marci • December 15, 2016

Today the BC government introduced an innovative new program designed to assist first time home buyers with their downpayment. BC is now offering interest-free loans up to $37,500 to first-time homebuyers. The following is from the government website! 

Every British Columbian deserves a place to call home. That is why we are taking action by controlling the cost of housing, increasing access to affordable rental units, and partnering with families to help make their dream of home ownership come true.

Achieving that dream can be challenging for first-time home buyers. With the launch of the B.C. HOME Partnership program, first-time home buyers have more options than ever to help them get their foot in the door.

Learn about the Housing Action programs you may qualify for today. Whether you are renting, buying or renovating, B.C. is working to keep housing affordable for you.

B.C. HOME Part nership

From middle class families to young professionals, first-time home buyers are looking to invest in a secure and stable future.

For many British Columbians dreaming of buying their first home, the hardest step is saving for a down payment. That is why the Province is partnering with British Columbians to help make that dream come true, through the B.C. Home Owner Mortgage and Equity (HOME) Partnership program.

Through the B.C. HOME Partnership program, the Province is helping first-time home buyers by contributing to the amount they have already saved for a down payment with a loan that is interest-free and payment-free for the first five years.

Here is how it works:

  • The B.C. HOME Partnership program will meet the buyer’s contribution up to 5% of the home’s purchase price, to a maximum purchase price of $750,000.
  • After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.
  • Loans through the program become due after 25 years – the same length as most mortgages.

The B.C. HOME Partnership program will start accepting applications Jan. 16, 2017. To apply, click here .

British Columbians buying their first home can also get help through other Housing Action programs like the First Time Home Buyers’ Program and the Newly Built Homes Exemption .

Housing Action

As B.C.’s economy and population continues to grow, it is important that we take bold action to ensure that all British Columbians have access to affordable and appropriate housing.

The Province’s commitment to Housing Action is driven by six key principles:

  1. Ensuring the dream of home ownership remains within the reach of the middle class
  2. Increasing housing supply
  3. Smart transit expansion
  4. Supporting first-time home buyers
  5. Ensuring Consumer Protection
  6. Increasing rental supply

Below you will learn how the Province is putting these principles into action.

Controlling the Cost of Housing

  • As B.C.’s economy has grown, our housing market has attracted increased investment,. This has raised the overall cost of housing.
  • To ensure that the dream of home ownership remains within reach of the middle class, the Province is taking action to control the cost of housing:
  • 15% tax on foreign home buyers in Metro Vancouver
  • 3% luxury tax on the purchase of homes over $2 million
  • Property Transfer Tax revenue tied to a new Housing Priorities Initiative Fund used for investments in rental and social housing

Increasing Access to Affordable Rental Housing

  • In 2016, B.C. committed to investing $855 million in to affordable rental housing – the largest housing investment in a single year by any province.
  • This will support the construction of 4,900 new units of affordable housing across B.C.
  • These units provide affordable housing options for those that need it most, including renters with low-to-moderate incomes, women and children, seniors, Aboriginal people, and people with disabilities.
  • The Province has also taken action to enable the City of Vancouver to increase the supply of rental units.

Protecting Consumers from Risk

  •   Following a review of the B.C. real estate industry’s self-regulation practices, it was determined that the sector had failed to adequately protect consumers.
  • The Province took action to improve transparency, accountability and consumer protection, including:
    • Ending self-regulation of real estate industry
    • Increasing the power of the superintendent of real estate
    • Increasing penalties and fines for offences
    • Requiring higher standards for licensees

Helping Home Buyers

  •   The Province offers a number of Housing Action Programs and Services to help British Columbians save money when purchasing or renovating a home.
  • The Newly Built Home Exemption Program can save buyers up to $13,000 when purchasing a newly built home.
  • The First Time Home Buyers’ Program can save buyers up to $7,500 when purchasing their first home.
  • Through the new B.C. HOME Partnership program, the Province is partnering with British Columbians to provide about $703 million in loans over the next three years, to help around 42,000 B.C. households enter the housing market for the first time.

To learn about B.C.’s strategy for smart transit expansion, check out our 10-year transportation plan BC On The Move .

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Collateral vs. Standard Mortgage: Pros and Cons Explained

By Marci Deane • June 17, 2026
Mortgage Registration 101: What You Need to Know About Standard vs. Collateral Charges When you’re setting up a mortgage, it’s easy to focus on the rate and monthly payment—but what about how your mortgage is registered? Most borrowers don’t realize this, but there are two common ways your lender can register your mortgage: as a standard charge or a collateral charge . And that choice can affect your flexibility, future borrowing power, and even your ability to switch lenders. Let’s break down what each option means—without the legal jargon. What Is a Standard Charge Mortgage? Think of this as the “traditional” mortgage. With a standard charge, your lender registers exactly what you’ve borrowed on the property title. Nothing more. Nothing hidden. Just the principal amount of your mortgage. Here’s why that matters: When your mortgage term is up, you can usually switch to another lender easily —often without legal fees, as long as your terms stay the same. If you want to borrow more money down the line (for example, for renovations or debt consolidation), you’ll need to requalify and break your current mortgage , which can come with penalties and legal costs. It’s straightforward, transparent, and offers more freedom to shop around at renewal time. What Is a Collateral Charge Mortgage? This is a more flexible—but also more complex—type of mortgage registration. Instead of registering just the amount you borrow, a collateral charge mortgage registers for a higher amount , often up to 100%–125% of your home’s value . Why? To allow you to borrow additional funds in the future without redoing your mortgage. Here’s the upside: If your home’s value goes up or you need access to funds, a collateral charge mortgage may let you re-borrow more easily (if you qualify). It can bundle other credit products—like a line of credit or personal loan—into one master agreement. But there are trade-offs: You can’t switch lenders at renewal without hiring a lawyer and paying legal fees to discharge the mortgage. It may limit your ability to get a second mortgage with another lender because the original lender is registered for a higher amount than you actually owe. Which One Should You Choose? The answer depends on what matters more to you: flexibility in future borrowing , or freedom to shop around for better rates at renewal. Why Talk to a Mortgage Broker? This kind of decision shouldn’t be made by default—or by what a single lender offers. An independent mortgage professional can help you: Understand how your mortgage is registered (most people never ask!) Compare lenders that offer both options Make sure your mortgage aligns with your future goals—not just today’s needs We look at your full financial picture and explain the fine print so you can move forward with confidence—not surprises. Have questions? Let’s talk. Whether you’re renewing, refinancing, or buying for the first time, I’m here to help you make smart, informed choices about your mortgage. No pressure—just answers.

Bank of Canada Holds Rate at 2.25% — June 10, 2026

By Marci Deane • June 10, 2026
The Bank of Canada announced today that it is maintaining its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For Canadian homeowners, buyers, and anyone with a mortgage on the horizon — here's what you need to know.

First-Time Buyer? Here’s How to Tell If You’re Ready

By Marci Deane • June 3, 2026
Ready to Buy Your First Home? Here’s How to Know for Sure Buying your first home is exciting—but it’s also a major financial decision. So how can you tell if you’re truly ready to take that leap into homeownership? Whether you’re confident or still unsure, these four signs are solid indicators that you’re on the right path: 1. You’ve Got Your Down Payment and Closing Costs in Place To purchase a home in Canada, you’ll need at least 5% of the purchase price as a down payment. In addition, plan for around 1.5% to 2% of the home’s value to cover closing costs like legal fees, insurance, and adjustments. If you’ve managed to save this on your own, that’s a great sign of financial discipline. If you're receiving help from a family member through a gifted down payment , that works too—as long as the paperwork is in order. Either way, having these funds ready shows you’re prepared for the upfront costs of homeownership. 2. Your Credit Profile Tells a Good Story Lenders want to know how you manage debt. Before they approve you for a mortgage, they’ll review your credit history. What they typically like to see: At least two active credit accounts (trade lines) , like a credit card or loan Each with a minimum limit of $2,000 Open and active for at least 2 years Even if your credit isn’t perfect, don’t panic. There may still be options, such as using a co-signer or working on a credit improvement plan with a mortgage expert. 3. Your Income Can Support Homeownership—Comfortably A steady income is essential, but not all income is treated equally. If you’re full-time and past probation , you’re in a strong position. If you’re self-employed, on contract, or rely on variable income like tips or commissions, you’ll generally need a two-year history to qualify. A general rule: housing costs (mortgage, taxes, utilities) should stay under 35% of your gross monthly income . That leaves plenty of room for other living expenses, savings, and—yes—some fun too. 4. You’ve Talked to a Mortgage Professional Let’s be real—there’s a lot of info out there about buying a home. Google searches and TikToks can only take you so far. If you're serious about buying, speaking with a mortgage professional is the most effective next step. Why? Because you'll: Get pre-approved (and know what price range you're working with) Understand your loan options and the qualification process Build a game plan that suits your timeline and financial goals The Bottom Line: Being “ready” to buy a home isn’t just about how much you want it—it’s about being financially prepared, credit-ready, and backed by expert advice. If you’re thinking about homeownership, let’s chat. I’d love to help you understand your options, crunch the numbers, and build a plan that gets you confidently across the finish line—keys in hand.