Okanagan Notaries see decrease in first-time home buyers

Decrease blamed on stricter mortgage qualifications; rising interest rates

The B.C. Notaries Association reports a decrease in first-time buyers for 2018 and an increased reliance on financial support from parents to meet down payment requirements.

The 174 Notaries across B.C., including 13 across the Okanagan region, who responded to the December survey cited the impact of increased mortgage qualification restrictions and rising interest rates as the most significant hurdles for first-time buyers, followed by other issues such as lack of supply and the proposed speculation tax.

“While it’s great to see that many first-time buyers are finding ways to get their first home, increased restrictions and the potential for higher interest rates is making some cautious or decide to wait on the sidelines to amass more of a down payment,” said Daniel Boisvert, a Notary in Delta and president of B.C. Notaries Association.

RELATED: Seniors need to plan ahead for health care

Among the highlights of the Okanagan sector survey results:

• Half of participating Notaries reported a decrease in first-time buyer activity

• 77 per cent of Notaries report first-time home buyers are receiving help from family; 70 per cent say buyers are receiving less than 25 per cent of the down payment cost

• Increased mortgage restrictions, followed by rising interest rates and lack of supply are the top three factors impacting real estate

• Many Notaries reported more multi-family (condo and townhouse) development in their communities and ongoing interest from potential buyers from other regions

RELATED: Notaries bust home buying myths

When compared to the same question at the end of 2015, 57 per cent said first-time buyer clients were typically getting help and most (52 per cent) said that parents typically provide less than a quarter of the down payment amount.

“Our annual B.C. Notaries Association Real Estate Report offers important insights into our members’ knowledge and experience with real estate in communities all across B.C.,” added Jacqui Mendes, CEO of the B.C. Notaries Association.

“B.C. Notaries are highly-trained in both simple and complex real-estate transactions and provide conveyancing or other legal services on over 70 per cent of all residential real estate transactions province-wide.”

To report a typo, email: edit@kelownacapnews.com.


@KelownaCapNews
newstips@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

Community musicals return to Revelstoke 11 years later

Shrek the Musical is showing in Revelstoke Feb. 7, 8, 13, 14 and 15

Glimpses of Revelstoke’s past for Jan. 23

120 years ago: Revelstoke Herald, Jan. 20, 1900 Mr. Fayette Buker opened… Continue reading

Snow angels: Revelstokians shovel for those who can’t

‘They’ve helped me make it through the rest of the winter’

Officials reaching out to those in contact with Canada’s first coronavirus patient

The illness has sickened at least 1,975 people and killed 56 in China

Canada’s basketball community mourns Kobe Bryant after helicopter crash

Bryant was an 18-time NBA all-star who won five championships

Rockslide obstructing traffic on rural Shuswap road

Large boulders rolled onto Sunnybrae Canoe-Point Road in the South Shuswap.

‘Devastated’: Fans, celebrities remember Kobe Bryant after his death

Bryant played all of his 20-year career with the NBA with the Los Angeles Lakers

Investigation launched after six dead puppies dumped in Richmond hotel parking lot

RAPS reminds people they can always give up puppies they can’t take care of

Canadian Lunar New Year celebrations dampened by coronavirus worries

But Health Minister Patty Hajdu said today that the risk of infection is low

B.C. VIEWS: New coronavirus outbreak an important reminder

Walking the line between cautious and alarmist

Kobe Bryant, daughter killed in California helicopter crash

Bryant entered the NBA draft straight out of high school in 1996

Summerland Steam earn one win, one loss in hockey action

Junior B team in third place in division

Most Read