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

Highway 1 closed near Golden

DriveBC estimates the road to reopen at 1 p.m.

Rain for Revelstoke

Temperature hovering around zero for today

Revelstoke City Councillor Steven Cross resigns

Cross said he cannot support council giving themselves a raise

Almost 20,000 parking tickets issued by Interior Health at hospitals in 2019

In 2018, pay parking in Interior Health hospitals totalled $5.3 million of their $2.2-billion budget

Four things ‘not’ to do if you run into Prince Harry and Meghan in B.C.

Like many in British Columbia, you may be worried about running into… Continue reading

Behind the scenes: The ‘unsung heroes’ of the South Okanagan Events Centre

Large numbers of local workers benefit from the big productions that come to Penticton each year.

Immigration program not taking away North Okanagan jobs

The pilot is helping employers overcome a skilled labour shortage that can’t be filled solely by residents

Vernon-based company nominated for B.C. small business award

Summit Tiny Homes is one of five finalists for the small business award

Harry and Meghan should cover their own security costs: NDP heritage critic

The prince, Meghan Markle and their eight-month-old son Archie are reportedly staying at a mansion near Victoria

EDITORIAL: Examining finances

Municipal budget will likely mean higher taxes

Summerland’s proposed budget requires $16,382,355

2020 budget is nearly half a million higher than the 2019 municipal budget of $15,905,410

UBC Okanagan art students to improve the environment one project at a time

The Ecosine Art Group uses non-purchased, recyclable mediums for 50 per cent of their art

Disability proves no barrier for 12-year-old Kelowna sit skier

Samuel is a 12-year-old double leg amputee who independently sit-skis

West Kelowna man charged with attempted murder of 79-year-old mother back in court

Kevin Lee Barrett was charged in April 2019 after allegedly beating his mother, leaving her stranded

Most Read