Vancouver/Fraser Valley – A December survey of 193 BC Notaries across the province found that most Notaries saw the same or decreased level of first-time buyers in 2019 despite a softened market, particularly during the beginning of the year. Notaries also indicated that first-time buyers who were making a home purchase were much more likely to lean on parents for financial support to meet down payment requirements than in previous years with 90% saying most first-time buyer clients got help in 2019 compared to 70% in 2015.
It appears first-time buyers in the Fraser Valley are getting more help with their down payment, with most buyers receiving more than 25% of their down payment from Mom and Dad.
Notary participants also cited anecdotally that they are seeing increasing activity and more purchases in the second half of 2019 following a quieter market in 2018 and early 2019.
However, home prices are problematic for first-time buyers in most regions (apart from Northern B.C.), with 80% of Notary respondents in the Fraser Valley stating this as an issue.
According to Notaries, other key factors impacting real estate in the Fraser Valley include increased mortgage restrictions, rising interest rates and lack of housing supply.
When buying their first home, 9 out of 10 Notaries reported clients are purchasing strata properties rather than freehold single-family homes traditionally prevalent in this area.
