More first-time homebuyers need help from their parents to purchase a property in the Okanagan/Kamloops region (file)

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.

Just Posted

B.C. provincial health officer Dr. Bonnie Henry speaks at a press conference Monday, April 18. (B.C. Government image)
New COVID-19 cases tick down on the central Island

New cases held to single digits three days in a row

‘Frisky’ Vancouver Island marmots caught on camera

Cameras catching Vancouver Island Marmot activity that is sparking hope for endangered species

Wickaninnish (Clifford Atleo) plays the drum while singing the Nuu-chah-nulth song on the court steps in Vancouver In a picture from April 2018. Photo credit, Melody Charlie.
Five Nuu-chah-nulth Nations celebrate legal victory in fishing dispute

Ha’oom Fisheries Society and T’aaq-wiihak Fisheries announce “major legal victory”

Chakalaka Bar & Grill remains open in defiance of orders from Island Health to close. (Cole Schisler photo)
Island Health seeks injunction against restaurant defying COVID-19 orders

VIHA says Chakalaka Bar and Grill also violating water and sewer regulations with RV hook-ups

The hiring of out-of-province workers by the Canadian Red Cross to staff the vaccination centre in Langford has raised eyebrows. (Black Press Media file photo)
Red Cross hires out-of-B.C. workers to staff Island vaccination centre

Staffer worries local jobs weren’t offered to local people

In this image from NASA, NASA’s experimental Mars helicopter Ingenuity lands on the surface of Mars Monday, April 19, 2021. The little 4-pound helicopter rose from the dusty red surface into the thin Martian air Monday, achieving the first powered, controlled flight on another planet. (NASA via AP)
VIDEO: NASA’s Mars helicopter takes flight, 1st for another planet

The $85 million helicopter demo was considered high risk, yet high reward

Families of two of three workers killed in a train derailment near Field, B.C., in 2019 have filed lawsuits accusing Canadian Pacific of gross negligence. The derailment sent 99 grain cars and two locomotives off the tracks. THE CANADIAN PRESS/Jeff McIntosh
Families of workers killed in Field train derailment allege negligence in lawsuit

Lawsuits allege the workers weren’t provided a safe work environment

(New Westminster Police)
4 youth arrested after 30-person brawl in New Westminster leaves 1 seriously injured

Police are looking for witnesses who saw the incident take place

Dr. Bonnie Henry gives her daily media briefing regarding Covid-19 for the province of British Columbia in Victoria, B.C, Monday, December 7, 2020. THE CANADIAN PRESS/Jonathan Hayward
Toddler marks youngest British Columbian to die related to COVID-19

Child one of eight people to die from virus this weekend

One person has been arrested following an assault on a man with Down syndrome along Dallas Road April 17. (Black Press Media file photo)
Man with Down syndrome attacked along Victoria’s Dallas Road

Suspected assailant arrested, sent to hospital for mental health assessment

Victoria police arrested a wanted man April 19, seizing drugs, firearms and body armour. (Courtesy of VicPD)
Drugs, loaded weapons, body armour seized from Victoria suite

Man was wanted for the possession of drugs for the purpose of trafficking

B.C. Labour Minister Harry Bains. (Hansard TV)
B.C. moves to protect employee pay for COVID-19 vaccination

Most won’t need to take time off work, labour minister says

Sunday’s storm rocked one of the ferries crossing Kootenay Lake. Photo: Dirk Jonker
VIDEO: Storm makes for wild ferry ride across Kootenay Lake

The video was captured by ferry employee Dirk Jonker

Most Read