Saskatchewan Party would help young adults with down payment on their first home: Wall

Saskatchewan Party leader Brad Wall has announced a plan to make it easier for young adults to buy their first home and stay in the province.

The prime minister said that if re-elected, his government would allow each recipient of benefits from the graduate retention program to use up to $10,000 for a down payment.

The program offers tax relief to young people who stay in Saskatchewan to work after graduating from university.

Many young people have told him they can afford the monthly mortgage payments once they start working, Wall says, but they say it's difficult to save enough for the down payment.

He says buying a home is a sign of growth for the province.

“A better sign that they're going to stay here long-term is if they buy a home and put down roots,” Wall said Monday.

The premier says a young couple, both eligible for the graduate retention program, could pool their money and receive $20,000 for a down payment.

Wall says the program will cost $900,000 in the first year, rising to $3.6 million in the fourth year.

Home ownership subsidies would begin on May 1st.

The premier also announced that his party would increase the Saskatchewan Advantage Scholarship from $500 to $750 per year, but said this promise would not be implemented until “the province's finances are back on track.”

This increase, if fully implemented, will cost $4.5 million per year, he said.

Saskatchewan has a deficit of $427 million this fiscal year and a deficit is planned for next year as well.