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 in the Okanagan/Kamloops region 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.
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Between 2015 and 2019, the report there were three per cent more first-time homebuyers requiring financial support to secure a down payment.
Of the 12 Okanagan/Kamloops notaries that participated in the report, half also reported a decrease in first-time homebuyer activity.
The report said increased mortgage restrictions, rising interest rates and lack of supply were some of the biggest hurdles for first-time homebuyers trying to enter the Okanagan/Kamloops real estate market.
Across the province, 90 per cent of first-time homebuyers needed help from their parents to secure a home in 2019.
Between 2012 and 2018, a single-detached home in the increased by 70 per cent to $779,000, in the Central Okanagan.
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