New Langford grant offers payment support for new homebuyers
The City of Langford has launched a new program to help its residents move from renting a home to owning one.
The West Shore community is offering down payment assistance under its new "Attainable Home Ownership Program."
The program will provide a grant to Langford residents who have lived in the city for at least two years – and who have a combined family annual income of less than $125,000.
The grant will help new owners secure up to 75 per cent of the required five per cent down payment needed to qualify for a mortgage on a two-bedroom condo with a set purchase price of $450,000.
The home ownership program is funded by contributions made by developers to Langford's housing affordability fund, according to the municipality.
Langford Mayor Stew Young says the fund, which currently sits at more than $3 million, will help roughly 250 families own a home in Langford.
"It's getting Langford residents that are working out here into a home to raise their family, and it's a starting point," Young told CTV News on Tuesday.
"They can buy a single-family home on their own later on as their circumstances change, but getting into the market is a really important first step and we're trying to help that along," he said.
The city is accepting expressions of interest from qualified buyers now, with applications for the grants opening in January.
Further details on the grant and on eligibility requirements can be found on the City of Langford's website.
CTVNews.ca Top Stories
BREAKING NEWS Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
BREAKING New York appeals court overturns Harvey Weinstein's 2020 rape conviction from landmark #MeToo trial
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
Residents of northern Alberta First Nation told to shelter in place
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
Metro Vancouver mayors call for serial killer Robert Pickton to be denied parole
A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'