The provincial government has announced the details of a new program aimed at helping first time buyers purchase a home on the Island.
The Down Payment Assistance Program provides interest-free loans to qualified buyers of up to five per cent of the purchase price of an eligible property — to be repaid over 10 years.
Finance Minister Heath MacDonald says the province has committed one-million dollars to the program that will operate until March 31st of 2020 — or until all the funding is gone.
The head of the P-E-I Real Estate Association says the program is a lift up for first time buyers because it will remove the barrier of trying to save up enough money for a down payment while paying rent.