BC Home Partnership Program

UPDATE:  The NDP Government cancelled this program in March 2018.

On Dec 15,2016 the BC Government announced the launch of the BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership Program).  The program assists eligible residents of British Columbia with a repayable loan up to a maximum five per cent of the purchase price of their first home.



The BC HOME Partnership program is available to eligible home-buyers who require a high-ratio insured mortgage for the purchase of their home. The loan, used towards the down payment, will come with a 25-year term, interest and payment free for the first five years and payments for the remaining 20 year term. The initial interest rate on the fifth anniversary will be set at the Royal Bank of Canada Prime Rate plus 0.5% at each of the 10th, 15th and 20thanniversary dates. The current RBC Prime rate is 2.7%.

The repayment for year 10-15 has already been preset to today’s rate at 3.2% (fixed).  So no interest the first 5 years and 3.2% for the next 5 years.


First step – get a pre-approval from your mortgage broker by applying online or contact me at www.mybcmortgage.ca


All individuals on the mortgage and on title to the home must meet all of the following eligibility requirements:

  • Be a Canadian citizen or permanent resident that has resided in Canada for at least five years
  • Have resided in British Columbia for the last 12 months
  • Be a first-time home-buyer who has not owned an interest in a principal residence anywhere in the world at any time and has never received a first-time home-buyers’ exemption or refund
  • Purchase a home that is $750,000 or less
  • Be eligible for a high-ratio insured first mortgage for the home
  • The combined, gross household income of all individuals on title must not exceed $150,000.
  • The home being purchased must be used as the principal residence of all individuals on title for the first five years after purchasing

All applicants for the program must apply online,answer some eligibility questions and provide proof of income and residency with the following:


The BC Home Partnership loan is due and payable in full if the homeowner defaults, changes ownership, the home is no longer the homebuyer’s principal residence, or due to misrepresentation or false statement in connection with the application for the loan.  The homeowner can make lump-sum payments or pay the loan out in full at any time with no penalty.  Upon pay out and discharge of the loan BC Housing will cover the cost of the discharge and legal fee.

The home-buyer is responsible for ensuring they continue to meet all BC HOME Partnership eligibility requirements.

They are also responsible for all costs associated with purchasing the home, including but not limited to the following:

  • Deposit in accordance with the home-buyer’s contract of purchase and sale
  • Home inspection fee
  • Mortgage insurance fee
  • Legal fees
  • Any fees payable to a first lender in connection with the high-ratio insured first mortgage

For more details or to use the calculator tools to determine eligibility visit: