^ confirmed by the Residential Tenancy Branch
on the note of the upcoming program from the Liberals
someone crunched the numbers on the mtg insurance premium vs interest-free down payment loan
Quote:
Compare this maximum premium of $26,950 that you might pay, with the maximum benefits you can get from this program (which is max $37,500 interest free for 5 years), assume 4% mortgage interest you don’t have to pay for 5 years is $37,500 x 4% x 5 = $7,500.
In this example they are giving you $7,500 while making you pay $26,950 more to join home ownership. If you passed Math 8, you know if this is a good deal or not.
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https://colinngblog.wordpress.com/20...f-the-program/