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New and increased ‘price
limits on home grants and
mortgages under the Home
Purchase Assistance Act
(including family first home
grants) were announced
recently by Lands, Parks and

Housing Minister James
Chabot.
Tne practice of setting a

different price limit for cach
community - “cumbersome
and sometimes confusing to
the public,” said Chabot -
has been replaced by a new
two price system for the
provinco.

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“This casier system is a
first step to simplify and,
deregulate my ministry's
programs,” said Chabot.
“Further measures, affecting
both the home purchase and
crown land programs of the.
ministry, will follow.”

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The new system has one
house price limit of $54,000
for grants and $65,000 for
mortgages, for the Capital
Regional District, Greater
Vancouver Regional District
and the Fraser Valley
Communities (up to and

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er weather but they do create intriguing sky patterns. (Terry Peters photo)

Home Purchase Assistance ©

Act sets new price limits

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including Chilliwack), and a
price limit of $50,000 for

grants and $60,000 for
mortgages, for all other
arcas.

All Lower Mainland areas
are in the higher-priced limit
group, including Burnaby,
Coquitlam, Delta, Langley
(City and District), Lions
Bay, Maple Ridge, New.
Westminster, North Van-
couver (City and District),
Port Coquitlam, Port
Moody, Richmond, Surrey,
Vancouver, West Van-

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couver and Greater Van-
couver, Squamish is in the
lower-priced category.

The Home Purchase
Assistance Act price limits
are reviewed every six
months and advice obtained
from the B.C. Real Estate

Council and ministry
regional offices. “The
ministry has much, ap-

reciated the advice of the
eal Estate Council and |
will be looking forward to
their future advice on this
new and simplified system,”
Chabot said.

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Newsstand
locations -

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offices, major hote
outlets in the following areas:

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North and West Vancouver

Vancouver

Richmond

Burnaby

Surrey eden eee err rt
Delta - ; aa
New Westminster