Okanagan Notaries see decrease in first-time home buyers

Decrease blamed on stricter mortgage qualifications; rising interest rates

The B.C. Notaries Association reports a decrease in first-time buyers for 2018 and an increased reliance on financial support from parents to meet down payment requirements.

The 174 Notaries across B.C., including 13 across the Okanagan region, who responded to the December survey cited the impact of increased mortgage qualification restrictions and rising interest rates as the most significant hurdles for first-time buyers, followed by other issues such as lack of supply and the proposed speculation tax.

“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 amass more of a down payment,” said Daniel Boisvert, a Notary in Delta and president of B.C. Notaries Association.

RELATED: Seniors need to plan ahead for health care

Among the highlights of the Okanagan sector survey results:

• Half of participating Notaries reported a decrease in first-time buyer activity

• 77 per cent of Notaries report first-time home buyers are receiving help from family; 70 per cent say buyers are receiving less than 25 per cent of the down payment cost

• Increased mortgage restrictions, followed by rising interest rates and lack of supply are the top three factors impacting real estate

• Many Notaries reported more multi-family (condo and townhouse) development in their communities and ongoing interest from potential buyers from other regions

RELATED: Notaries bust home buying myths

When compared to the same question at the end of 2015, 57 per cent said first-time buyer clients were typically getting help and most (52 per cent) said that parents typically provide less than a quarter of the down payment amount.

“Our annual B.C. Notaries Association Real Estate Report offers important insights into our members’ knowledge and experience with real estate in communities all across B.C.,” added Jacqui Mendes, CEO of the B.C. Notaries Association.

“B.C. Notaries are highly-trained in both simple and complex real-estate transactions and provide conveyancing or other legal services on over 70 per cent of all residential real estate transactions province-wide.”

To report a typo, email: edit@kelownacapnews.com.


@KelownaCapNews
newstips@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

Salmon Arm’s paving, pothole patching programs to begin in May

Long hard winter takes toll on roads, street cleaning underway

Last-minute hiring means Salmon Arm’s emergency shelter can remain open

Salvation Army’s Lighthouse shelter to stay open beyond normal closing date of April 1

UPDATE: 6.5-magnitude earthquake in Idaho shakes B.C. Interior

An earthquake was reportedly felt just before 5 p.m. throughout the Okanagan

North Okanagan-Shuswap MP donating raise to support food banks, women’s shelters

Mel Arnold said pay increase legislation didn’t account for a crisis like COVID-19

COVID-19: Non-profit 3D printing face shields for local hospital

‘The response has been completely overwhelming’

B.C. records five new COVID-19 deaths, ‘zero chance’ life will return to normal in April

Province continue to have a recovery rate of about 50 per cent

Outbreak of COVID-19 at Okanagan agricultural business, 14 cases confirmed

75 workers at West Kelowna business are in isolation – 63 migrant workers and 12 local workers

Community drums up support for North Okanagan hospital workers

Even health care workers and fellow first responders turned out to show love

South Okanagan first responders salute hospital workers

“You’re awesome” and “Thank you” say Penticton first responders, passing by emergency entrance

John Horgan extends B.C.’s state of emergency for COVID-19

Premier urges everyone to follow Dr. Bonnie Henry’s advice

B.C.’s first community COVID-19 death was dentist ‘dedicated’ to health: lawyer

Vincent was 64 when he died on March 22 after attending the Pacific Dental Conference

Two inmates at prison housing Robert Pickton test positive for COVID-19

Correctional Service of Canada did not release any details on the identities of the inmates

‘April Fools’ social media prank leads to criminal investigation in Osoyoos

Post claims individuals will be canvassing door to door seeking housing for seasonal workers

Stay inside vehicles on Interior ferry crossings to prevent spread of COVID-19: B.C. government

Glade, Kootenay and Arrow Lakes some of the ferry crossings in Interior

Most Read