Loans for UBC Vancouver faculty members to help in the purchase of a primary residence in Metro Vancouver.
The Prescribed Interest Rate Loan (PIRL) program is a merit-based program that offers low-interest and interest-payment-only loans to full-time tenure-stream faculty members for the purchase or refinance of a primary residence in Metro Vancouver. Applicants are assessed on academic merit and strategic importance to faculty and university-wide recruitment and retention priorities through an adjudication process overseen by the Office of the Provost. It is a highly competitive program with $15M available annually, so not all applications can be approved. The funding is replenished every April 1, which is the beginning of the new UBC fiscal year.
The Federal Government has passed new legislation that has implications for non-Canadians who are interested in purchasing a home in Canada. The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada for 2 years effective January 1, 2023. The Act and Regulations provide exceptions for work permit holders if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property.
For further information, please visit the link provided above for the legislation or visit the CMHC website for a summary and highlights of the legislation. If you are a non-Canadian, please consult a real estate lawyer before purchasing a home.