Brief

BC credit union calls down‑payment requirement an outdated test for homebuyers

Beem Credit Union’s CEO says a holistic financial view should replace the focus on down‑payment size.

By Felo News Desk · Published Mon, 12 Oct 2026 02:57:11 GMT

Beem Credit Union argues that the traditional down‑payment requirement is an "outdated test" for prospective homebuyers in British Columbia. The claim, made by President and CEO Brian Harris, is based on recent Statistics Canada data showing 85.5% of renters aged 25‑39 consider homeownership important within five to ten years.

Harris notes the median savings in registered accounts that could be used for a down‑payment—combining FHSA, TFSA and RRSP—is about $20,000 for couples and $15,000 for singles. He describes the down‑payment as a "fairly blunt instrument" and urges a more holistic approach that includes overall financial health and rent‑management habits.

The credit union says its advisors help members map out financial goals for today, five, ten and twenty years ahead, sometimes probing uncomfortable topics to avoid future frustration. Harris adds that even if a buyer’s current finances don’t support ownership, it is never a bad time to start planning a path toward that goal.

Harris also commented on inter‑provincial migration, suggesting buyers focus on communities that match their lifestyle and career needs rather than assuming cheaper provinces like Alberta are automatically more affordable.

Key facts

Beem Credit Union says the down‑payment requirement is an outdated test for BC homebuyers. (dailyhive.com)
85.5% of renters aged 25‑39 in BC say owning a home in the next 5‑10 years is important, according to Statistics Canada. (dailyhive.com)
Median savings for down‑payment‑eligible accounts are about $20,000 for couples and $15,000 for singles. (dailyhive.com)
Brian Harris describes the down‑payment as a "fairly blunt instrument" and promotes a holistic financial approach. (dailyhive.com)