Okanagan Notaries see decrease in first-time home buyers

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

Interior Health reported 79 new cases of COVID-19 and two new death in the region Friday, Jan. 22, 2021. (Ben Hohenstatt/Juneau Empire)
79 new COVID-19 cases, two deaths reported in Interior Health

Both of Friday’s deaths were both recorded at long-term care homes

Veteran Henry Kriwokon has his photo taken by the Western as he celebrates his 99th birthday with friends at the Cellar in Downtown Penticton. (Brennan Phillips - Penticton Western News)
Turning 101, Penticton veteran looks back on life

Henry Kriwokon was one of the soldiers in the famous ‘Wait for me, Daddy’ photo

Stock photo from Unsplash.com
Study: Embrace national long-term care standards

Call to direct public funding only to public and non-profit long-term care providers

Revelstoke Search and Rescue is one of the busiest teams in B.C. (Submitted)
Busy day for Revelstoke SAR with 3 rescue calls

The organisation is reminding people to dail it back and play safe

Thursday, Jan. 28, 2021 is International Lego Day. (Jenna Hauck/ Chilliwack Progress)
Unofficial holidays: Here’s what people are celebrating for the week of Jan. 24 to 30

Lego Day, Talk Like a Grizzled Prospector Day and Puzzle Day are all coming up this week

Economic Development and Official Languages Minister Melanie Joly responds to a question in the House of Commons Monday November 23, 2020 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Federal minister touts need for new B.C. economic development agency

Last December’s federal economic update promised a stimulus package of about $100 billion this year

FILE - In this Nov. 20, 2017, file photo, Larry King attends the 45th International Emmy Awards at the New York Hilton, in New York. Former CNN talk show host King has been hospitalized with COVID-19 for more than a week, the news channel reported Saturday, Jan. 2, 2021. CNN reported the 87-year-old King contracted the coronavirus and was undergoing treatment at Cedars-Sinai Medical Center in Los Angeles. (Photo by Andy Kropa/Invision/AP, File)
Larry King, broadcasting giant for half-century, dies at 87

King conducted an estimated 50,000 on-air interviews

BC Coroners Service is currently investigating a death at Canoe Cove Marina and Boatyard in North Saanich. (Black Press Media File)
Drowning death in North Saanich likely B.C.’s first in for 2021

Investigation into suspected drowning Monday night continues

Kimberly Proctor, 18, was murdered in 2010. Her family has spent many of the years since pushing for a law in her honour, that they say would help to prevent similar tragedies. (Courtesy of Jo-Anne Landolt)
Proposed law honouring murdered B.C. teen at a standstill, lacks government support

Ministry of Mental Health and Addictions has concerns with involuntary detainment portion of act

Sunnybank in Oliver. (Google Maps)
Sunnybank long-term care in Oliver reports third COVID-19 death

The facility currently has an outbreak with 35 cases attached to it

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Chief Public Health Officer Theresa Tam speaks during a daily briefing in Ottawa. (THE CANADIAN PRESS/Adrian Wyld)
31 cases of COVID-19 variants detected in Canada: Health officials

Dr. Theresa Tam made announces 13 more variant COVID-19 cases in Canada

Administrative headquarters for the Regional District of Central Okanagan in Kelowna. (File photo)
Tempers fly over a pricey picnic shelter in the North Westside

Lack of detail on $121,000 shelter expenditure further incites self-govenance wishes

Most Read