{"id":11355,"date":"2019-01-10T15:15:00","date_gmt":"2019-01-10T23:15:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11355"},"modified":"2019-01-04T09:58:32","modified_gmt":"2019-01-04T17:58:32","slug":"overall-decrease-in-1st-time-homebuyers-in-most-regions-of-the-province-was-bc","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/01\/overall-decrease-in-1st-time-homebuyers-in-most-regions-of-the-province-was-bc\/","title":{"rendered":"Overall Decrease in 1st-Time Homebuyers in Most Regions of the Province was BC"},"content":{"rendered":"

Notaries across British Columbia saw \u201can overall decrease in first-time buyers in most regions of the province\u201d in 2018, according to the Society of Notaries Public of BC.<\/p>\n

What the province\u2019s notaries collectively saw in 2018 was “an overall decrease in first-time homebuyers in most regions of the province” according to spokesperson Brenda Jones.<\/p>\n

Their numbers also revealed that first-time homebuyers were more likely than in recent years to get financial help from parents to afford down payments.<\/p>\n

Overall, said Jones, there was a 59% decrease in first-time homebuyers. For those who did take the step to buy a first home, 83% got parental help with the money.<\/p>\n

When asked about why these signs of difficulty had emerged, 76% of notaries across the province reported that the price of a house in their market was an issue.<\/p>\n

The main three factors impacting their local markets, notaries collectively reported, were increased mortgage restrictions, rising interest rates, and lack of supply.<\/p>\n

“You’ll see that responses in northern BC were far different than in the rest of the province,” Jones said.<\/p>\n

“More notaries in northern BC reported an increase (30%) or no change (40%) in first-time buyer activity in 2018 than in other regions,” Jones specified.<\/p>\n

“Unlike the rest of the province where home prices are a considerable factor, only 10% of notaries consider it an issue in northern BC”<\/p>\n

Real estate transactions, when looked at in aggregate, often reflect a region’s economy.<\/p>\n

For northern BC, said Jones, “notaries cited increasing interest in buying in most communities due to resource sector growth.”<\/p>\n

Notaries : Fewer First-Time Homebuyers in BC This Year<\/a> by Frank Peebles | Prince George Citizen | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

Notaries across British Columbia saw \u201can overall decrease in first-time buyers in most regions of the province\u201d in 2018, according to the Society of Notaries Public of BC. What the … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-11355","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nOverall Decrease in 1st-Time Homebuyers in Most Regions of the Province was BC • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/01\/overall-decrease-in-1st-time-homebuyers-in-most-regions-of-the-province-was-bc\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Overall Decrease in 1st-Time Homebuyers in Most Regions of the Province was BC • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Notaries across British Columbia saw \u201can overall decrease in first-time buyers in most regions of the province\u201d in 2018, according to the Society of Notaries Public of BC. 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