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.
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.
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.