Applications are open for the Langford Attainable Home Ownership Program, designed “to help qualified buyers secure up to 75% of the down payment* for their home.”
Here’s our summary:
Eligible Properties
The program will provide varying levels of down payment assistance to help eligible applicants purchase condo units in participating new developments.
Eligible condo units include up to three bedrooms but must not exceed a purchase price of $399,000 to $499,000, dependent on square footage.
Currently, participating developments include:
Eligible Buyers
Buyers applying to the Langford Attainable Home Ownership Program must meet the following eligibility requirements
– Gross annual household income of:
$125,000 or less for 1-bedroom or 1-bedroom and den
$130,000 or less for 2-bedroom
$140,000 or less for 3-bedroom
$150,000 or less for 2-bedroom and den or 3-bedroom
– Currently live or work in Langford and have lived here for the past 6 months, or are a member of the RCMP posted in the West Shore, or are a member of the Canadian Armed Forces posted in Greater Victoria.
– Do not currently own any real estate.
– Current value of all assets held by your family does not exceed $50,000.
– Have qualified for a pre-mortgage approval of at least $399,000 (unit size dependent).
– Do not have access to down payment assistance from family, friends, or other.
How much down payment assistance will the City of Langford give to qualified applicants?
The City of Langford will cover up to a certain percentage of the 5% down payment required for eligible units based on the applicants’ gross annual household income:
– Less than $119,999 would receive 75% of the down payment
– $120,000 to $134,999 would receive 50% of the down payment
– $135,000 to $150,000 would receive 25% of the down payment
For example:
Based on the program guide, in theory, a couple who does not own property, or assets exceeding $50,000, and has been renting or working in Langford, making $130,000 annually combined, could get pre-approved for a mortgage and then apply for the Langford Attainable Home Ownership Program to receive 50% of their 5% down payment required to purchase a two-bedroom condo in The Scene for a purchase price of $450,000 or lower.
If the purchase price was $450,000, $11,250 (50%) of their $22,500 down payment would be covered, and they would only need to have $11,250 of the 5% down payment themselves.
Interested applicants should also consider housing agreements, additional costs of purchasing a home, and other specificities of the eligibility requirements.
Information Session
The City of Langford is hosting an information session on June 7 at the Langford Business Centre. The session will be a great opportunity to seek clarity on the program requirements relevant to you.
We applaud the City of Langford for taking on their own pilot program to help buyers, as we know the BC First Time Home Buyers Program is limited in its usefulness. Langford’s program will be an exciting fit for eligible buyers looking to purchase in the participating developments. It will be interesting to see if the program requirements change over time, as, the reality is, many will find the specificities of the program are not well suited to their home ownership goals.
We hope you found this summary useful.
Connect with us regarding your real estate goals and we can discuss the possible pathways towards achieving them – we’re here to make your home ownership goals a reality, and it’s the best part of our job.
Send us a DM on our socials, email [email protected], or call 250-634-2141.
Thank you for being here,
Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents
*Personal Real Estate Corporation
