With home prices in BC and Canada continuing to soar, it’s nice to know that at least some areas are trying to help out when they can. The city of Langford on Vancouver Island recently announced a new program to help people buy their first homes. What’s more, they’re not giving out loans- it’s a gift!
Langford, which has a population of around 44,000 and is less than 30 minutes away from Victoria, recently announced the new Attainable Homeownership Program. Basically, the city is taking some of the money it’s charging developers to build there, and giving it back to people looking to purchase their first home.
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#LangfordBC – Langford homeownership program will gift up to 75% of downpayment https://t.co/u3FxtiOrOX
— CivicInfo News Feed (@BCHeadlines) October 20, 2021
Well, condominium. The new program will offer up to 75% of the 5% down payment on homes valued at $450,000 or less. These grants are available to any household with an income under $125,000, and could mean up to $17,500 in financial help for the purchase. Of course, those who get a grant can also contribute their own money towards the purchase- up to $50,000.
The hope is that the new program will be able to help some 250 families get their first home. Thinking of packing up and moving this week? Not so fast- the program is only available to residents that have lived in Langford for a minimum of 2 years. Which, considering the rise of work-from-home, is a smart caveat to include.
The Langford Attainable Homeownership Program will open for applications in early 2022. If you know someone living in the area, maybe share this news with them!
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