More first-time homebuyers need help from their parents to purchase a property in the Okanagan/Kamloops region (file)

90 per cent of first-time B.C. homebuyers need financial help: report

Compared to 2015, only 70 per cent of first-time homebuyers needed financial help

Purchasing a house has become increasingly harder for first-time homebuyers in B.C., even more so for those living in the Okanagan/Kamloops region.

According to a recent 2019 BC Notaries Association real estate report, more first-time homebuyers are requiring financial help from their parents to buy a property.

In 2019, the report said 86 per cent of notories reported that first-time homebuyers required financial help from their parents to secure a down payment for a home. Out of those homebuyers, 92 per cent needed help with a down payment of less than 25 per cent.

READ MORE: Central Okanagan residents need to make $52,000 annually to live comfortably: report

Between 2015 and 2019, the report there were three per cent more first-time homebuyers requiring financial support to secure a down payment.

Across the province, 90 per cent of first-time homebuyers needed help from their parents to secure a home, up from 70 per cent in 2015.

READ MORE: Central Okanagan residents need to make $52,000 annually to live comfortably: report

Province wide, there was a 40 per cent reduction in homebuyer activity reported by notaries.

The report stated increased mortgage restrictions, lack of supply, and new taxes as some of the biggest hurdles for first-time homebuyers trying to enter the B.C. real estate market.

Between 2012 and 2018, a single-detached home in the increased by 70 per cent to $779,000, in the Central Okanagan.


@connortrembley
connor.trembley@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

What June 1 will look like at Surrey schools

High school students following a ‘tutorial model’ where they sign up through a set schedule of times

South Surrey church to host drive-thru food-donation station

Items dropped off to Mount Olive Lutheran Church to benefit Surrey Urban Mission program

COVID-19: Daily update on the pandemic in Surrey, White Rock and beyond

MAY 29: Feds to mull border-closure exceptions for families split between Canada and U.S.

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Cloverdale youth pastor’s sexual-assault sentencing delayed

Samuel Emerson due to return to Surrey Provincial Court in August

Feds looking at ways to reunite families amid COVID-19 border restrictions with U.S.

Some families with members of dual-citizenship have become separated due to the pandemic

Minneapolis cop who knelt on man’s neck charged with murder

Arrest comes after three days of protests, which escalated in violence as demonstrators torched a police precinct

Asian giant ‘murder hornet’ leaves Langley man on edge after finding hornet in bedroom

The extra-large invasive insect had been first discovered in Brookswood on Thursday, May 28

Police watchdog recommends charges against five Mounties in Prince George man’s death

Police used pepper spray on the man, who then had trouble breathing before dying at the scene

B.C. tourism seeks relief as businesses wait for COVID-19 restrictions to ease

Mid-June earliest for more in-province travel to be authorized

Reward for info on trapped raccoon rises to $6,000

Activists have donated to try to find whoever laid a trap in Delta

Man last seen walking out of Royal Columbian Hospital found dead

It is unclear how or why Gavin Deloes was able to leave the New Westminster hospital

VIDEO: Humpback whales put on quite a show

The ‘playful’ pod lingered by a Campbell River tour operator’s boat for quite some time

B.C. woman launches First Nations search, rescue and patrol program

Linda Peters envisions trained searchers ready to go at moment’s notice in each B.C. First Nation

Most Read

l -->