Langford, B.C., offers residents down payment grants to spur homebuyer affordability
LANGFORD, B.C. — The Victoria-area city of Langford is offering a helping hand to those who have a dream of owning their own home by providing a five per cent down payment on their purchase.
Langford is facing a housing affordability crisis like almost every other community in Canada, says Mayor Stew Young, but the city is tapping into the fees it charges developers to build there and using the money to help first-time buyers with a down payment.
The program was announced Oct. 19, seeking expressions of interest from those hoping to buy their own homes when the process goes live in January.
In the first 24 hours, the city had heard from more than 200 families interested in participating in the program, Young said.