Provincial officials say 125 applications have been received in the first four days of a new program aimed at helping first-time homebuyers.
Of those, about 70 applicants have been approved in 23 communities throughout British Columbia.
The program contributes to the amount first-time buyers have already saved for their down payment, providing up to $37,500 or up to five per cent of the purchase price.
The 25-year loan is interest-free and payment-free for the first five years. Vancouver Sun
The B.C. Real Estate Association says the province’s housing market has tumbled from record highs posted in 2016 to return to what it calls historic, long-term averages.
The association says 4,487 condos, townhomes and detached homes were sold in B.C. in January, down 23 per cent compared with the same period last year.
The total sales value also dropped 36.5 per cent over the same period to $2.79 billion, while the average home price was off 17.5 per cent to $621,093.
Figures from the real estate association show the change was most pronounced in Vancouver where fewer detached homes sold and sales of all property types made up just 35 per cent of sales across B.C., an eight per cent decrease from January 2016. Vancouver Sun
