New program praised for relieving pressure on aspiring homeowners
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by Duffie Osental
Prince Edward Island launched a new program with the goal of helping aspiring homeowners purchase their first homes. The Down Payment Assistance Program (DPAP) offered by the provincial government will offer buyers interest-free loans on up to 5% of the purchase price and repayable over 10 years.
“We have had a lot of interest in the down payment assistance program since it was first announced with the housing action plan,” said Finance Minister Heath MacDonald.
“Similar programs in other jurisdictions have been very popular and have assisted many families, and now we want to bring that success to PEI.”
DPAP is available on a first-come first-serve basis and will be administered by Finance PEI. Mortgage Professionals Canada (MPC) has praised the program for providing an easier path to homeownership and for bolstering the market.
“[The announcement] by the government of PEI to support first-time home buyers recognizes the new challenges which exist for those looking to buy their first home,” said Paul Taylor, president and CEO of MPC.
“Home ownership remains a primary goal for Canadians from coast to coast; owning a home is a key part to building lifelong financial security.”
