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

Oliver woman reflects on prestigious win at Westminster dog show

“Polly” the Scottish deerhound was crowned best in breed and reserve best hound.

Okanagan School of the Arts launching first exhibit of 2020

“The work we’ve received is incredibly colourful and vibrant…” - OSA executive director, Kim Palmer.

South Okanagan mountain bore racist name for a half century

Nkawala Mountain was initially named in connection with the deaths of two black men.

The tragic tale of two Summerland men who perished on Christmas Day 1908

More than a century later, the events surrounding the men’s deaths are still somewhat of a mystery.

‘God is a Scottish Drag Queen’ coming to the South Okanagan

Comedian Mike Delamont’s show opens on March 14 at Venables Theatre in Oliver.

Kelowna’s Family YMCA opens doors on Family Day

The entire day was free for the community

Canucks acquire forward Tyler Toffoli from Kings in push for playoffs

Vancouver sends Schaller, Madden, pick to L.A.

RCMP report woman arrested after ramming police cruiser

Suspect wanted for crimes allegedly committed in Kelowna, Salmon Arm and 100 Mile House

New highway proposed between Alberta and B.C.

The route would connect Red Deer to Kamloops

Wet’suwet’en and B.C. government have been talking Aboriginal title for a year

Coastal GasLink says it has agreements with all 20 elected First Nations councils along the 670-kilometre route

Trudeau tightlipped on plan to end protests ‘quickly and peacefully’

The prime minister, who cancelled a two-day trip to Barbados this week to deal with the crisis at home

B.C. budget expected to stay the course as economic growth moderates

Finance minister said ICBC costs have affected budget

Canadian standards for coronavirus protection to be reviewed, health agency says

The protocols set out how health workers should protect themselves and their patients

Kelowna RCMP arrest alleged impaired driver

The driver is facing potential charges after power pole collision

Most Read