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

5 to 10 cm of snow still coming to Fraser Valley: Environment Canada

Hard to say when the freezing rain will turn to regular rainfall, Environment Canada says

EDITORIAL: Honouring Kent’s history

Former editor Grace Kennedy reflects on the special edition for the 125th anniversary

Mount Woodside bike trail planning underway

With this week’s Council approval, planning can begin

FVRD WildSafe wraps up season

Black bears biggest source of calls in district

PHOTOS: Sts’Ailes students scale glaciers as part of mountain skills and wilderness program

‘It’s not just about taking kids hiking, it’s actually about connecting them to the land’

‘Like an ATM’: World’s first biometric opioid-dispensing machine launches in B.C.

First-of-its-kind dispensing machine unveiled in the Downtown Eastside with hopes of curbing overdose deaths

Canucks extend home win streak to 8 with 4-1 triumph over Sharks

Victory lifts Vancouver into top spot in NHL’s Pacific Division

BC Green Party leader visits northern B.C. pipeline protest site

Adam Olsen calls for better relationship between Canada, British Columbia and First Nations

‘Extensive’ work planned at Big Bar landslide ahead of salmon, steelhead migration

Fisheries Minister Bernadette Jordan visited the site of the slide from June

B.C. society calls out conservation officer after dropping off bear cub covered in ice

Ice can be seen in video matted into emaciated bear cub’s fur

Royal deal clears way for Harry, Meghan part-time Canada move: experts

Keith Roy of the Monarchist League of Canada said the deal is exactly what Harry and Meghan asked for

Horgan cancels event in northern B.C. due to security concerns, says Fraser Lake mayor

The premier will still be visiting the city, but the location and day will not be made public

B.C. landlord sentenced to two years in jail for torching his own rental property

Wei Li was convicted of intentionally lighting his rental property on fire in October 2017

VIDEO: Highway 1 left looking like winter war zone with dozens of stranded vehicles

Tow-truck driver says 30 vehicles still dot snowy landscape, including one rolled-over dairy truck

Most Read