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Programs to help buy your first home in Vancouver

on 12 April 2017

Tax Break
First Time Home Buyers can purchase up to a $500,000.00 home without paying property transfer tax. This is great news given the rising house prices in Vancouver. No better time to get started today and apply for a mortgage pre-approval online. 

The BC Government has issued amended First Time Home Buyers requirements. The qualifications for the exemption are as follows: 

  • A first time home buyer can now qualify for a full exemption with a purchase price of less than $500,000.00 (previously $475,000.00).
  • A partial exemption is available if the purchase price is between $500,000.00 and $525,000.00 Home Buyers’ Plan (HBP)

Buy your first home with the HBP program, take the first step and apply for a mortgage pre-approval online. The HBP is an effective way to help first time home buyers access funds for a down-payment by allowing for withdrawals of up to $25,000 per person (or $50,000 per couple) from registered retirement savings plans (RRSP’s).

Discuss your options with a Dreyer Group mortgage professional and secure your lowest mortgage rate for up to 120 days with a pre-approval.

Borrowed Down-Payment
Home buyers` can receive down-payment from borrowed sources such as personal loans, secured/unsecured lines of credit, and credit cards.

Purchase Plus Improvements Mortgage
Available to all home buyers’, but especially great for first time home buyers purchasing a fixer upper. The Purchase Plus Improvements Mortgage could be the perfect option when buying a home that needs a little work. For as little as 5% down, the Purchase Plus Improvement Mortgage allows you to make all your improvements as soon as you take possession while rolling the renovation costs into one mortgage.