B.C. soon to offer down payment loans to help first-time home buyers (Updated: 2026)

This article describes the BC government’s December 2016 announcement. The program may have changed (limits, eligibility, or name). Check BC Housing or the BC government for current first-time buyer programs.

The B.C. government announced on Thursday, December 15, 2016 that it would start offering interest-free loans to help first-time home buyers toward their down payment.

Under the program as announced, first-time home buyers could access 25-year down payment loans of up to $37,500, or 5% of the purchase price, that were interest-free and payment-free for the first five years, provided the home remained the buyer’s principal residence for that period. After five years, homeowners would make monthly payments at current interest rates for 20 years. The maximum qualifying purchase price was $750,000 and the combined income of applicants had to not exceed $150,000. Applications were to be accepted starting January 16, 2017.

For current first-time home buyer programs in BC, visit the BC government or BC Housing websites.

This post has been prepared for general information purposes. It is not advice. Please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.