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B.C. notaries say first-time home buyers relying on bank of mom and dad


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.

“While more first-time buyers are getting financial help, they appear to be getting a lower proportion of their down payment over the last four years,” the report states.

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.

The survey, released Monday, found 74 per cent of notaries thought house prices were an issue in their communities. Only notaries in northern B.C. and the Okanagan indicated “house prices were not an issue in their community.”

Notaries also reported increased mortgage restrictions and lack of supply were making it harder for first-time buyers than in previous years.

In the Fraser Valley, notaries reported more first-timers were buying strata units compared with other years.

Northern B.C. was the standout in the report, with 40 per cent of notaries saying there had been an increase in first-time-owner activity — provincially it was reported to be flat. This was attributed to resource sector growth. The multibillion-dollar Site C dam and LNG Canada projects are underway in northern B.C.

Northern B.C. is also expected to be one of the few areas in the province that will see climbs in assessed values when the 2020 assessment roll is released Jan. 1, 2020.

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Squamish Nation approves $3-billion housing project in Kitsilano


Squamish Nation voted 87 per cent in favour of moving ahead with the project in partnership with Westbank Development to build 6,000 rental housing units in 11 towers on a 11.7-acre parcel of land in Kitsilano.

The development of the reserve lands at Sen̓áḵw, which is adjacent to the Burrard Bridge and Vanier Park, represents the single largest development on First Nation lands in Canada, according to the Squamish Nation. The city of Vancouver will have no power to regulate what is built.


Artist renderings of the 6,000-unit Senakw development proposed for Squamish First Nation lands in Kitsilano adjacent to the Burrard Bridge.

Revery Architecture /

PNG

“The Squamish Nation Council is thrilled with the outcome of this referendum, which was approved by a landslide. This is truly a landmark moment in our Nation’s history. The Sen̓áḵw Project will transform the Squamish Nation by providing immense social, cultural, and economic benefits to Squamish Nation members for generations to come,” said Squamish Nation councillor Khelsilem, in a statement on Facebook.

Construction on the first phase is expected to begin in 2021.

Vancouver Mayor Kennedy Stewart said earlier this year that this is what reconciliation looks like, and that the prospect of new rental units in Vancouver is “exciting.”

There are two other major real estate projects in Vancouver in planning that involve First Nation groups: the 90-acre Jericho Lands in West Point Grey and a plan for 2,500 homes on 21 acres at the Heather Land in the Cambie Corridor.

In 2014, city council designated Vancouver as a City of Reconciliation and set as its goal the creation of “sustained relationships of mutual respect and understanding with local First Nations and the urban Indigenous community.”



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