Beem suggests down payment is outdated metric for B.C. homebuyers

Brian Harris, President and CEO of Beem Credit Union, stated that the traditional requirement of a down payment for homeownership may be an outdated qualifier for prospective buyers in British Columbia. Citing Statistics Canada information, Beem noted that 85.5 per cent of renters aged 25 to 39 in the province consider becoming a homeowner within the next five to 10 years. The median savings available for a down payment through combined registered accounts is reported as $20,000 for couples and $15,000 for singles.

Beem suggests a more holistic financial approach, including managing rent, instead of relying solely on the down payment as a measure of readiness. This perspective challenges the conventional narrative surrounding homeownership in British Columbia, particularly given the reported median savings levels of renters.