Report shows majority of first time home buyers on Vancouver Island getting help from parents
NANAIMO — A large percentage of people in B.C. are relying on their parents to help them realize the dream of home ownership, according to a new report.
A survey of 150 BC Notaries across the province shows there was a sharp increase in the number of parents helping with down payments. Nanaimo Notary Tiah Workman says in a lot of cases, the money comes in the form of a gift.
“We’ve got a lot of parents that are providing their kids with some level of support really as an outright gift,” said Workman. “Not waiting until money is coming from their estate necessarily but helping them out now while they can see that benefit to them. I can see that really being a trend.”
Province-wide, 78 per cent of notaries said their first time buyer clients received money as a gift with no ownership in exchange for the funds provided. Also noteworthy, in 85 per cent of the cases the financial gifts represent 50 per cent of the down payment.