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Cheryl Woolley

Good News for First Time Home Buyers!

On February 19, 2008, the government announced changes to the First Time Home Buyers' Program. 

Effective February 20, 2008, the fair market value threshold for eligible residential property under the First Time Home Buyers' Program has been increased to $425,000, from $375,000.  A proportional exemption is provided for eligible residences that have a fair market value of up to $25,000 above the new threshold.

Also effective February 20, 2008, the financing requirements to qualify for the First Time Home Buyers’ Program has been eliminated.  The purchaser of a property on, or after, February 20, 2008, is no longer required to meet any financing requirements to qualify for the FTHB program. 

In summary: 

- the threshold has been increased to $425,000 from $375,000, 

- no longer need to have a mortgage of 70% of the purchase price to qualify.

 This is good news for first timers, making home ownership a more attainable option.  For more information, contact Cheryl at 250-477-7291.


Published Thursday, February 21, 2008 8:34 AM by Cheryl Woolley

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anderson said:

This is good news that now we can make home by having ownership. This sort of news helps all buyers a lot for their online business working. Good work, Keep it up!

January 15, 2018 4:40 AM

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