Vancouver homes so pricey, government offering loans for down payments

Vancouver

HOME prices are so expensive in Canada's priciest property market that the government is stepping in with loans to help first-time buyers rustle together a down payment.

The province of British Columbia will start a programme on Jan 16 that will offer to match the nest egg amassed by buyers for their first house by up to C$37,500 (S$40,500) or 5 per cent of the purchase value, BC Premier Christy Clark said at a news conference. It's estimated to cost about C$703 million over the next three years and help about 42,000 households enter the market.