The federal government is promising to help first-time homebuyers pay their mortgages in the latest budget released by the Liberals.
If the budget is approved, Ottawa would offer help to lower mortgage payments for households earning less than $120,000 a year. The feds have not said exactly how much buyers would get, but the amount would be determined by income and whether the home is existing or newly built.
- Read more on the housing-specific parts of the budget
- What you should know: 15 highlights from the new budget
- What you need to earn to afford a home in Metro Vancouver
- 5 most expensive listings in Vancouver and Surrey
However, to qualify for the incentive, the mortgage must be an amount no more than four times the household's income – meaning less than $480,000.
To get a sense of what's on the market right now, CTV News Vancouver combed recent listings to find the lowest-priced homes available.
Vancouver
This one-bedroom, one-bath apartment located at McGill and Kaslo streets is listed at $274,900. The 656-square-foot condo has in-suite laundry, an updated kitchen and bathroom, storage and parking, but the building needs pricey envelope repairs.
Another one-bedroom in the building is also for sale for the same price.
A ground-floor studio apartment on Vanness Avenue near Joyce Station is listed at $330,000. The stratified property has a large patio, "bonus study nook," parking and storage.
This studio apartment located nearby on Crowley Drive is priced at $336,000. It's just 412 square feet, but includes in-suite laundry and a storage locker.
A 425-square-foot studio located on Hudson Street near Southwest Marine Drive is listed at $339,800. The updated unit has laundry, parking and storage, as well as an updated kitchen, gas fireplace and a murphy bed included.
Listed at $349,000, the realtor for this one-bedroom, one-bathroom on Fremlin Street says the seller recently "dramatically reduced the price." The condo in Marpole has been freshly painted and has slate tile floors and an updated kitchen and bathroom.
Surrey
This studio apartment on 108 Avenue is listed at $245,000. It's just 361 square feet, but includes in-suite laundry and is located near Gateway SkyTrain station. Rentals and pets are allowed, and heat and hot water are included.
This 400-square-foot studio apartment on Fraser Highway near 152 Street is listed at $246,000, and is advertised as a "great investment property." The listing has no photos of the inside, but says it's "perfect for 1st time buyer or investor."
The asking price on this one-bedroom, one-bathroom condo on 121 Street is $249,900. The new owner can have up to two pets and rent out the suite. The building has recently had new vinyl siding, full rain-screen and double-pane windows installed, the listing says.
Located on 134 Street, this one-bedroom, one-bathroom condo is 806 square feet and listed at $259,900.
The owner is asking $265,000 for this one-bedroom, one-bathroom apartment on 96 Avenue. The condo features a gas fireplace, south-facing balcony and master bedroom with his and hers closets, the listing says.
Note: Listings for leasehold properties and mobile homes have been excluded from this list.
