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

Kicking Horse Update Friday January 24

Kicking Horse reports 9 cm of snow in the last 24 hours,… Continue reading

Highway Update, Friday January 24

A vehicle incident has led to Highway 1 being closed in both… Continue reading

Trans-Canada to close at 11 a.m. for avalanche work

The highway will be closed until 2 p.m.

Golden Skateboard Association looking to improve freeride park

Town council moved to make the development of a conceptual plan and… Continue reading

VIDEO: Mass coronavirus quarantines seen in China won’t happen in Canada, authorities say

‘If a case comes here, and it is probably … it will still be business as normal’

Province’s oldest practising lawyer shares advice at her 100th birthday party

Firefighters bring Constance Isherwood a cake with 100 birthday candles

Vernon woman suing McDonald’s for spilled coffee

Woman seeking nearly $10K, says employee failed to put lid on properly

Diners’ health tax not catching on in B.C., restaurant group says

Small businesses look for options to cover employer health tax

B.C. comic wins judgment after club owner slaps cellphone out of his hands

Incident happened last summer when Garrett Clark was performing in Abbotsford

Mayors call for ‘calmness’ as highway rockslide cuts Tofino, Ucluelet off from supplies

Ministry of transportation expects to open road for “essential travel only” from noon-8 p.m. Friday.

Owner surrenders dog suffering from days-old gunshot wound to B.C. SPCA

The dog was also found to be emaciated and suffering from a flea infestation

B.C. man dies after police called for ‘firearms injury’ in rural Alberta

Victim is 30-year-old Greater Victoria man, say police

Most Read