To qualify, buyers must:

* Be a Canadian citizen or Permanent resident for the last 5 years  * Have lived in BC for at least the 12 months preceding the application  * Be a first time buyer who has not owned an interest in a principal residence anywhere in the world, at any time, and have never received a first time buyers exemption or refund.  * Purchase a home that is $750,000 or less  * Be eligible and pre-approved for a high-ratio insured first mortgage for the home  * Have combined gross household income of all individuals on title not exceeding $150,000  * The home being purchased must be used as the principal residence of all individuals on title for the first 5 years after purchasing  * Borrower must have partial downpayment saved (2.5% minimum) 

 

https://www.bchousing.org/housing-assistance/bc-home-partnership/program-overview-applicant-information

Read full post