Fewer first-time homebuyers, and they are more likely to get help from mom and dad: B.C. Notaries
Posted December 28, 2018 4:08 pm.
Last Updated December 28, 2018 4:29 pm.
This article is more than 5 years old.
METRO VANCOUVER (NEWS 1130) — A new survey finds a huge jump in the number of notaries saying their first-time buyer clients are receiving help with their down payments, more evidence that buying a home for the first time in Metro Vancouver continues to be very difficult.
The B.C. Notaries Association says in 2015, 49 percent of notaries surveyed in Metro Vancouver said their clients buying their first homes were getting help. Now, that percentage is 85.
It also found that 83 per cent of notaries said most of their buyers were getting help, with only eight per cent buying on their own. More notaries found parents were paying for between 25 and 50 per cent of the down payment than in 2015.
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Out of the 106 notaries who participated in the survey in Metro Vancouver, nearly six-in-ten say the number of first-time buyers has gone down this year, with an overwhelming majority saying increased mortgage restrictions is one of the three biggest factors impacting real estate in their community.
Graph, B.C. Notaries Association
Meantime, the percentage of notaries in the Fraser Valley saying their first-time buyers had help with their down payments this year is also at 85 percent.
One notary says he’s glad to see some homeowners are able to buy, even though it may be difficult to do so.
“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 waiting on the sidelines to amass more of a down payment,” Daniel Boisvert says, a notary in Delta and president of association.
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The survey also asked if people thought home prices were an in issue in their community. Across B.C., the answer was a resounding yes: 76 per cent answer yes, and 20 per cent said no, while 4 per cent indicated they had no opinion.
