Low participation rates is the reason the provincial NDP government is parting ways with the BC Home Owner Mortgage and Equity Partnership program.
Less than 3,000 loans have been accepted since the programs inception in January 2017, which is far off track to reach the originally anticipated 42,000 over a three year period.
The program was set up to match down payment amounts for eligible first time home buyers with a 25-year loan, free from interest and payments for the first five years.
All current recipients will not be affected.
The program will end March 31st, 2018.