Increasing Number of Canadians Anxious About Missing Out On Their First Home Due To An Insufficient Down Payment
Seventy-one per cent of first-time homebuyers in British Columbia expressed feeling worried their down payment would not be enough to get the home they wanted (56% in 2019) prior to purchasing their first property, compared to 69 per cent of respondents in Vancouver (58% in 2019).
“The homebuying process comes with a lot of pressure and anxiety, especially for first-time buyers, but there is still a strong appetite to enter the market,” said Adil Dinani, sales representative, Royal LePage West Real Estate Services. “Young people in Vancouver and across the province have a very positive association with home ownership. While it may be stressful, it remains a desirable milestone for many.”
Dinani noted that the pandemic has given some first-time buyers the opportunity to look outside of Metro Vancouver. With opportunities to work remotely, Kelowna and other parts of the Okanagan have experienced strong demand from this cohort of buyers.
“Still, we’re seeing a tremendous amount of activity in the condo market right now, among those whose employment may not accommodate remote work long-term. Geography is still an important consideration in their search for a home,” said Dinani.
According to the survey, 31 per cent of respondents in Vancouver (36% in 2019) and 28 per cent in B.C. (27% in 2019) lived with parents or other relatives before buying their first home, surpassing the national average of 25 per cent (25% in 2019).
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