One day after announcing $16 million for a $44.3 million Keating Cross Road overpass in Central Saanich, Liberal MP and federal Fisheries Minister Jonathan Wilkinson was back at the podium Tuesday highlighting upcoming help for first-time homebuyers.
While touring a new condo building on Short Street in Saanich, Wilkinson went over a previously announced first-time homebuyers program. Starting on Sept. 2, families who make $120,000 or less can have their mortgage reduced by five or 10 per cent, which would reduce their monthly mortgage payments by a couple hundred dollars, depending on the price of the house.
“The program will cover 5 per cent of the purchase price of an existing home and will double to 10 per cent for newly constructed homes,” Wilkinson said during the announcement. Wilkinson was speaking on behalf of Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).
The money would then have to be paid back when the family sells their home. The program applies to single-family homes, condos and townhouses.
The federal government has allocated $1.25 billion over three years for the program. More information can be found here.