The purpose of this policy is to assist eligible employees to purchase a first principal residence in the , recognizing the high cost of housing in the region surrounding the University.
This policy is effective September 1, 2017 and applies to new 大象传媒FA bargaining unit members appointed in continuing positions.
Please refer to the Special Statement on Policy A21.07, Mortgage Subsidy and Down Payment Assistance posted on January 31, 2025.
Application Form
For property purchases closing on April 1, 2025 or later: Down Payment Assistance Application Form Updated on February 19, 2025
Before Obtaining a Mortgage
1. Apply to participate in the Down Payment Assistance program.
Eligible employees[i] who intend to participate in the program must complete the application form available here (and above) and send to fr_records@sfu.ca. Upon confirmation of eligibility, Faculty Relations will prepare a letter confirming the employee鈥檚 salary and availability of the benefit that can be presented to potential lenders.
[i] Policy A21.07 applies to new 大象传媒FA bargaining unit members appointed in continuing positions and may also be extended to senior staff appointments at the Executive Director level and above with the approval of the appropriate Vice-President or the President. Confirmation of availability of the down payment assistance benefit will be included in the employment agreements of eligible employees.
Immediately After Property Purchase & Mortage Arrangements are Confirmed
2. Provide 大象传媒 with a copy of the contract of sale for the property, and proof of mortgage financing.
Participating employees must send the above documents to fr_inquire@sfu.ca to confirm purchase of a property in Metro Vancouver financed by a Canadian financial institution.
Upon receipt and review of these documents, Faculty Relations will generate a loan agreement for the employee鈥檚 review and acceptance.
3. Return the signed loan agreement to fr_inquire@sfu.ca
Receipt of the signed loan agreement by 大象传媒 ten business days prior to the purchase closing date will ensure payment of the lump sum amount is issued at least two days prior to the closing date. Payments will be issued a maximum of one week prior to the purchase closing date.
Upon completion of the above steps, the lump sum down payment amount will be released to the same account to which the employee鈥檚 regular biweekly payroll is deposited.
Within 6 months from either Receipt of the Loan or Acquisition of the Property (whichever occurs first)
4. Provide 大象传媒 with a State of Title Certificate for the Property.
Failure to provide this document may result in a cancellation of the loan disbursement.
What is the down payment assistance?
The down payment assistance is $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
Am I eligible for down payment assistance through Policy A21.07?
Policy A21.07 applies to new 大象传媒FA bargaining unit members appointed in continuing positions and may also be extended to senior staff appointments at the Executive Director level and above with the approval of the appropriate Vice-President or the President. Confirmation of availability of the down payment assistance benefit is included in the employment agreements of eligible employees.
Is the down payment assistance a taxable benefit?
Yes, the full amount of the down payment assistance would be considered a taxable benefit. The taxable benefit is calculated as $10,000 per year, plus interested based on the 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.
Is the down payment assistance loan registered on the property鈥檚 title?
The loan agreement requires the employee to grant 大象传媒 an equitable mortgage in the property as security, but the loan is not registered on the property鈥檚 title.
What areas are part of the Lower Mainland?
鈥淟ower Mainland鈥� refers to municipalities, First Nations treaty lands, and other jurisdictions represented on the Board of Directors of Metro Vancouver, and First Nations Reserves and Treaty Lands located in Metro Vancouver.
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.