REGINA – The Saskatchewan Party announced Monday that, if elected, they will introduce a new program designed to help young people make a down payment on their first home.
Beginning May 1, 2016, Graduate Retention Program (GRP) recipients would be able to use up to $10,000 of their unused GRP benefits towards the down payment of a new home.
“One of the biggest changes we have seen in Saskatchewan over the past few years is that there are a lot more young people choosing to stay in Saskatchewan after they graduate compared to the huge numbers of young people who left Saskatchewan under the NDP,” Brad Wall said.
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Wall said many young people in the province have told them that once they finish their education and start working, they can afford to make monthly mortgage payments on a new home but they have a hard time saving up enough money to make a down payment on a home.
“This will help with that down payment,” Wall said. “It’s the next step in making Saskatchewan a great place to start your career.”
The program will cost $900,000 in the first year, $1.8 million in the second year, $2.7 million in the third year and $3.6 million in the fourth year.