Langford offers homebuyers down-payment grants in Around Town

October 28, 2021

Your Weekly Construction Briefing

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. The city is tapping into the fees it charges developers and using the money to help first-time buyers with a down payment.

The City of Langford has launched a new Attainable Housing Program, to help first time home buyers purchase condos in the city.

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. 

The Attainable Homeownership Program will provide a maximum of 75 per cent of the five-per-cent down payment towards a condominium in the city valued at $450,000 or less. 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.

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.  The city has built up a $3-million fund to contribute to the downpayment plan.

The down payment grant is an example of ground-level approaches that can meet needs of residents who want to buy homes in their communities. 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.

Source: Oct. 25

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