One city in BC on Vancouver Island is looking to help some struggling British Columbians to be able to obtain their first condo unit with a new initiative. For those who are planning on buying a condo in the area the city is offering a new opportunity to help some individuals with getting help for that down-payment that they need to make.
Offering 5% Down Payment on Purchase of First Condo
The program offers a 5% helpful down-payment to those who are looking to make their first purchase. They are currently facing an affordability crisis in Langford and around Vancouver Island, like many areas in BC, and this is an effort to try and help that issue some.
Where are the funds coming from for the housing program? It’s reported that they will be stemming from fees that are charged to developers and that money is going to help first time home buyers.
There are hundreds of families who have already expressed interest in pursuing this opportunity in Langford, BC.
Attainable Homeownership Program in Langford
The new Attainable Homeownership Program in Langford is going to provide that down payment help on a condo valued at $450,000 or less for those who get approved to take part. The program is looking to help at least 250 as a part of this initiative, but there are many thousands on Vancouver Island and throughout BC that need help with affordable housing.
It isn’t clear how fair this system of selecting those families is going to be, there will still be many who are left with nothing and there isn’t enough opportunity with the program to meet the need that is present unless it gets expanded to help all those who need assistance. While this new plan does offer some help to a few, it doesn’t do much to address the underlying crisis and issue of affordable housing in a significant way in BC.
Housing affordability is still one of the biggest issues for Canadians today.
With inflation hitting a recent 18 year high this also has many Canadians worried for the future and the potential for things to get worse, for the cost of living to get more expensive. Through the recent election we heard plenty about what representatives were going to do to address that affordability crisis but today in real time you have families struggling to keep a roof over their head and a market that continues to price them out of affording a home, with little being done to address it in an impactful way.