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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Bank of Canada Holds Rate at 2.25% — July 15, 2026

By Marci Deane • July 15, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The tone of today's announcement is notably more optimistic than previous months. Here's what's changed and what it means for you.

Let’s Talk About Getting Top Dollar for Your Property

By Marci Deane • July 8, 2026
When it comes to selling your home, most people think the first call should be to a real estate agent. But the smartest first step often isn’t with your agent—it’s with an independent mortgage professional. Why? Because your mortgage plays a bigger role in your bottom line than most people realize. Planning to Buy After You Sell If selling means you’ll also be purchasing another property, you’ll want to know exactly where you stand financially before listing. Mortgage rules change regularly, and qualifying once doesn’t guarantee you’ll qualify again. Getting a pre-approval in place ensures you know what you can afford and eliminates surprises later. On top of that, reviewing the terms of your existing mortgage could uncover options you may not have considered. For example, porting your mortgage instead of arranging a brand-new one could save you thousands. Selling Without Buying Even if you aren’t planning to buy right away, there’s still an important step: understanding the cost of breaking your mortgage. Unless your mortgage is open, penalties apply—and they can be significant. By reviewing the numbers with a mortgage professional, you might find that simply adjusting your timeline could reduce or even avoid costly fees. Navigating Life Changes In situations like a marital breakdown, it can feel like selling the family home is the only path forward. But that’s not always the case. With the right guidance and a legal separation agreement, one spouse may be able to buy out the other, keeping the home and providing stability for everyone involved. The Bottom Line Selling your property is more than just putting a sign on the lawn—it’s about creating a financial plan that protects your equity and positions you for the best possible outcome. Before you take the leap, let’s sit down and review your options. 📞 If you’re ready to talk strategy and make sure you get top dollar for your property, I’d be happy to connect anytime.

Don’t Let Collections Derail Your Mortgage Application

By Marci Deane • July 1, 2026
Can You Get a Mortgage If You Have Collections on Your Credit Report? Short answer? Not easily. Long answer? It depends—and it’s more common (and fixable) than you might think. When it comes to applying for a mortgage, your credit report tells lenders a story. Collections—debts that have been passed to a collection agency because they weren’t paid on time—are big red flags in that story. Regardless of how or why they got there, open collections are going to hurt your chances of getting approved. Let’s break this down. What Exactly Is a Collection? A collection appears on your credit report when a bill goes unpaid for long enough that the lender decides to stop chasing you—and hires a collection agency to do it instead. It doesn’t matter whether it was an unpaid phone bill, a forgotten credit card, or a disputed fine: to a lender, it signals risk. And lenders don’t like risk. Why It Matters to Mortgage Lenders? Lenders use your credit report to gauge how trustworthy you are with borrowed money. If they see you haven’t paid a past debt, especially recently, it suggests you might do the same with a new mortgage—and that’s enough to get your application denied. Even small collections can cause problems. A $32 unpaid utility bill might seem insignificant to you, but to a lender, it’s a red flag waving loudly. But What If I Didn’t Know About the Collection? It happens all the time. You move provinces and miss a final utility charge. Your cell provider sends a bill to an old address. Or maybe the collection is showing in error—credit reports aren’t perfect, and mistakes do happen. Regardless of the reason, the responsibility to resolve it still falls on you. Even if it’s an honest oversight or an error, lenders will expect you to clear it up or prove it’s been paid. And What If I Chose Not to Pay It? Some people intentionally leave certain collections unpaid—maybe they disagree with a charge, or feel a fine is unfair. Here are a few common “moral stand” collections: Disputed phone bills COVID-related fines Traffic tickets Unpaid spousal or child support While you might feel justified, lenders don’t take sides. They’re not interested in why a collection exists—only that it hasn’t been dealt with. And if it’s still active, that could be enough to derail your mortgage application. How Can You Find Out What’s On Your Report? Easy. You can check it yourself through services like Equifax or TransUnion, or you can work with a mortgage advisor to go through a full pre-approval. A pre-approval will quickly uncover any credit issues, including collections—giving you a chance to fix them before you apply for a mortgage. What To Do If You Have Collections Verify: Make sure the collection is accurate. Pay or Dispute: Settle the debt or begin a dispute process if it’s an error. Get Proof: Even if your credit report hasn’t updated yet, documentation showing the debt is paid can be enough for some lenders. Work With a Pro: A mortgage advisor can help you build a strategy and connect you with lenders who offer flexible solutions. Collections are common, but they can absolutely block your path to mortgage financing. Whether you knew about them or not, the best approach is to take action early. If you’d like to find out where you stand—or need help navigating your credit report—I’d be happy to help. Let’s make sure your next mortgage application has the best possible chance of approval.