The purpose of this policy is to assist eligible employees to purchase a first principal residence in the Metro Vancouver Area, recognizing the high cost of housing in the region surrounding the University.
This policy is effective September 1, 2017 and applies to new SFUFA bargaining unit members appointed in continuing positions.
Update:
Special Statement on Policy A21.07, Mortgage Subsidy and Down Payment Assistance - posted on January 31, 2025
Application Form:
Mortgage Subsidy and Down Payment Assistance Application Form Updated on March 28, 2023
*New* For property purchases closing on April 1, 2025 or later: Down Payment Assistance Application Form Updated on February 19, 2025
Policy:
What is the down payment assistance?
The down payment assistance is a $50,000 in the form of a forgivable loan for a period of five years between the University and the eligible employee. The University would forgive $10,000 each year.
For the full details and eligibility, please refer to Policy A21.07
Is the down payment assistance a taxable benefit?
Yes, the full amount of the down payment assistant would be considered a taxable benefit. The taxable benefit is calculated as $10,000 per year, plus interested based on the CRA prescribed rate in effect at the time the loan was received.
Note: The prescribed rate is established as a ceiling when the loan or debt is issued. If the prevailing prescribed rate decreases, the rate may be adjusted accordingly.
My mortgage is now up for renewal. Do I need to renew with CIBC GMP?
If you received the benefit payment via the lump sum down payment assistance mechanism (described as Option B in Policy A21.07), there is no obligation for you to refinance with CIBC GMP. Your mortgage can be held with any Canadian financial institution.
If you are receiving regular subsidy payments via the mechanism described as Option A in A21.07, the mortgage must be carried with CIBC GMP in order to receive any remaining subsidy amounts.
My current mortgage term has one year left. Will CIBC GMP apply the subsidy to the remaining year when I renew?
Employees who are currently receiving mortgage subsidy payments will not be impacted by the changes to Policy A21.07. CIBC GMP will apply any remaining subsidy benefit upon renewal of your mortgage.
What happens if I leave the University less than five years after initial payment of down payment assistance?
If an employee ceases employment with the University within five years of receiving Down Payment Assistance, the entire amount of the forgiveable loan will need to be repaid to the University.
I am currently receiving the benefit through the mortgage subsidy mechanism and have some questions. Who should I contact for assistance?
Contact CIBC Group Mortgage Plan at 1-800-663-4819 or (416)-945-6527.