B.C. notaries say first-time home buyers relying more than ever on bank of mom and dad
First-time homebuyers are more likely than ever to ask their parents for down-payment cash, according to a B.C. Notaries Association survey.
However, only eight per cent of first-time-buyer clients got more than half of their down payments from parents, compared with 19 per cent in 2015. Fifty-nine per cent of notaries said their clients typically get less than 25 per cent of the down payment, while a third said their clients typically got between 25-50 per cent of their down payment.
Notaries also reported increased mortgage restrictions and lack of supply were making it harder for first-time buyers than in previous years.
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