Buying a condo in Langford? B.C. city offers down-payment help for first-time buyers

LANGFORD — The Victoria-area city of Langford is offering a helping hand to those who have a dream of owning their own home by providing a five per cent down payment on their purchase.

Langford is facing a housing affordability crisis like almost every other community in Canada, says Mayor Stew Young, but the city is tapping into the fees it charges developers to build there and using the money to help first-time buyers with a down payment.

The program was announced Oct. 19, seeking expressions of interest from those hoping to buy their own homes when the process goes live in January.

In the first 24 hours, the city had heard from more than 200 families interested in participating in the program, Young said.

The grants, which will be provided on a sliding scale based on gross annual household income of $125,000 or less, could amount to a maximum of $17,500, he said.

“We’re saying, ‘Look, times are tough out there for a lot of people and housing is very expensive, so we can do the condo or townhouse market,”‘ Young said. “If you live in Langford, we want you to own a home. We want you to put your roots in our community.”

Applicants must have lived in Langford for the past two years, will need mortgage pre-approval at the purchase price and no member of the qualifying family can own other real estate.

Young said qualifying families can also contribute up to $50,000 in cash or assets to the down payment, on top of the maximum $17,500 city grant.