City of Langford aims to slash down payments for first-time home buyers
The City of Langford is about to launch an attainable housing program that will help first-time home buyers break into the red-hot real estate market.
“This is the toughest market I’ve ever seen or anybody’s ever seen in Canada, you know, probably ever,” said Langford Mayor Stew Young.
“You need a lot of money and you need a down payment to be able to afford it.”
The program will have developers build an attainable housing stock of one-, two-, and three-bedroom condos or townhomes, with a portion of the development fees going towards down payments for first-time home buyers in Langford.
Depending on a family’s income, they could qualify to receive a grant of up to 75 per cent of their down payment on one of those homes.
“It’s a game-changer for people that can’t afford to get into the market right now,” said Young. “What we’re trying to do is allow the opportunity for Langford residents to get into home ownership, to create some equity.”
The attainable housing program was initially introduced with eligibility for couples looking for two-bedroom homes, but has since been expanded.
Applications will be open to first-time home buyers who have been living in Langford for at least 2 years, as well as new RCMP officers moving to the area.
Mayor Young says about 500 people have already expressed interest, and he expects to see upwards of 1,000 applications once the program is finalized.
Applications are expected to open on the city’s website in the next 30 days.
CTVNews.ca Top Stories
DEVELOPING Live updates as Stormy Daniels testifies at Trump hush money trial
Adult film star Stormy Daniels will take the stand a second time Thursday as former U.S. president Donald Trump’s hush money case continues in Manhattan. Follow live updates here.
BREAKING Toronto Maple Leafs fire head coach Sheldon Keefe
The Toronto Maple Leafs have fired head coach Sheldon Keefe. The team made the announcement Thursday after the Original Six franchise lost to the Boston Bruins in seven games in the first round of the Stanley Cup playoffs.
Bank of Canada says financial system is stable, but risks remain
The Bank of Canada says the Canadian financial system is stable, but risks remain due to debt servicing costs among households and businesses and stretched valuations of financial assets.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Torchbearers in Marseille kick off the Olympic flame's journey across France
Torchbearers carried the Olympic flame through the streets of France's southern port city of Marseille on Thursday, a day after it arrived on a majestic three-mast ship for a welcoming ceremony.
Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Court to hear about search for remains as Winnipeg murder trial enters second day
A courtroom in Winnipeg is expected to hear testimony today about the search for the remains of the four victims of Jeremy Skibicki.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.