Photo: Robert Linsdell/Flickr
Without some help from their parents, those looking to buy a home in BC this year weren’t having much luck, a new report suggests.
According to the BC Notaries Association, 83 percent of first-time buyers in the province received assistance with their downpayment in 2018, up from the 57 percent who got a helping hand in 2015.
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“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 mass more of a downpayment,” says Daniel Boisvert, president of the BC Notaries Association, in the 2019 Real Estate Report.
Meantime, 59 percent of notaries surveyed for the report say they saw the number of first-time buyers decrease, with only 13 percent reporting an increase and 28 percent noting no change.
So what are the major challenges for first-time homebuyers who appear to be getting pushed out of the BC market?
Well, unsurprisingly, 76 percent of notaries surveyed agree that home prices are an issue in their local market, with 20 percent saying prices aren’t an issue and 4 percent claiming no opinion.
Respondents who say home prices are an issue were asked to list the three factors having the biggest impact on their local market, with the three most popular answers being increased mortgage restrictions, rising interest rates and lack of supply.
Survey findings are based on the responses of about 170 notaries across the province.