Springboard program

Everyone deserves a chance to own a home. Home ownership can offer greater stability and quality of life, and an opportunity to build greater wealth over the long term. Increased home ownership also creates healthier, more engaged communities, so it benefits everyone.

We were the first financial institution in Canada to make home ownership a reality for more people through an innovative financial program. The Springboard Program was developed to help low-income individuals qualify to buy a home. If you live in non-profit housing, are on a low income, and have no money saved for a down payment, this program could be right for you.

If you qualify, we’ll loan you the money for a 20% down payment, plus a mortgage for the balance of the purchase price.

Your home ownership goals could be closer than you think.

Features and benefits

  • Purchase a home worth up to $300,000 without having to raise the down payment
  • No previous home ownership necessary
  • You receive guidance and support from a mentor, plus a financial literacy course
  • If you make all your payments within the first 10 years, you’ll have paid off your down payment
  • You can sell your property at any time (financial penalties may apply)

Program requirements

  • Canadian citizen and landed immigrant currently living in “identified” not-for-profit housing for a minimum of two years (with timely rent payments) or Referred from approved not for profit organization (NFP)
  • You must have verifiable employment or pension income
  • You must show you’ve paid rent, with no late or missed payments, for at least two years
  • Never having declared bankruptcy is required
  • You must take the “Home Readiness” financial literacy course
  • Your mortgage, loan, property tax, and strata fee payments must not exceed your current monthly rent by more than 25%
  • If you’re not already a Vancity member, you must become one

How to apply

You can contact a Vancity mortgage specialist to discuss mortgage options, ask questions, and receive personalized mortgage advice. Our specialists will travel to meet you at your home, office, or any other convenient location; reach a specialist by calling 604.340.1645.