more Canadians are getting help from family to buy their first home and they’re getting substantially more money to make that purchase than a few years ago that’s according to CIBC which published new data showing that 31% of first-time home buyers receive financial help from family members so far this year in all of 2015 that figure was just 20% but how much they’re getting spiked it’s now $115,000 on average that’s 73% more than in 2019 gift amounts have a strong correlation with home prices the report finds and it states the trend is likely fueled by parents downsizing their home and having extra funds to pass on relying on gifts from family members is becoming the norm cibc’s report says an expert tells Global News it shows how difficult it can be to afford a home in Canada but he says large down payments without help from Mom and Dad could limit how much Canadians could spend on a home when the average home in Toronto van costs around 1.2 million you know then then that becomes a lot more difficult the report concludes by saying the trend does help mitigate the bite of housing inflation but it’s also making the wealth Gap in this country wider Nathaniel Dove Global News
A new report from one of Canada’s biggest banks shows how some Canadians are managing to buy their first homes.
As it turns out, they’re not covering the entire costs themselves, according to CIBC.
Global’s Nathaniel Dove looks at where the money – an average of $115,000 – is coming from and how many first-time buyers are getting this kind of leg up.
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Yes but managing to buy first home does not mean you can keep it if interest rates rise again
Ha
I am getting absolutely nothing from family , I don't have any family since birth to rely on , so where are these numbers comming from , cause these people are lucky asf
Haha, 5 years ago, my family gifted me $500k from Vietnam (best way to get money out of Vietnam legally with cheap fees), paid off the house, now it is $700k +++, lucky ^_^ Thank you Truedope lmao.
Umm, what? My parents gave me a second-hand dining room table with chairs. Dont get it wrong. It's oak, lol. I didn't receive a dime from my parents or my wife's parents when we bought our house several years ago.
Uh Oh, Global must be conditioning us for another of Trudeau's taxes. Stay out of our business, Global, we don't trust you.
It's not help from family the Trudeau federal government gives a loan upto 15 percent for down up to 750000 dollars equals about 112000 so it's not all the family in my opinion. And then the government now owns up to 5 to 20 percent of homes value even if it goes up in price. The cibc report doesn't exactly know where money is coming from in my point of view. They assume it's family.
What they completely fail to mention is some of these parents are taking out mortgages on their homes that had been paid off or are taking money meant for retirement and giving it to their kids.
Who buys their first home for over $1 million?
My wife and I bought a humble fixer upper, first home, 10 years ago in south Ontario for $200,000
ATHEISM, leftist and LGBTQ ideologies. Welcome to Canada. Keep Trudeau as PM.
it's more like 50 % of parents helping have to figure in when they inherit a home
That's crazy that in Canada you need to have parents to buy a home! The system is so broken.
There's that many losers in society? When I asked for help I was met with hostility and bootstraps.
So basically RICH parents can help their kids. Most parents don't have this money saved up. Homes are TOO EXPENSIVE.
The Boomer generation bought homes for $250K, $300K, maybe even $400K. Today, we have to pay $1.2M++ for the same house? NO. This is NOT right.
This country is not better than Afghanistan
You only have security in Canada but every thing else is third world country
Yep – and voraciously greedy rich people WANT that money too.
drumpf and multi-millionaire pierre will be of great assistance in that goal
???
What ?! MY family collectively has about $11.50
So lucky. I got nothing to buy my house but I still pay for my parent’s home.
I was lucky and got help from family when I was getting my first house, but it was less than 5% of what’s in this report, and most of it was second-hand (or third-hand, or fourth-hand) furniture, some of it older than I am.
I did it with zero given
My aunt passed and I inherited some of her portfolio and cash savings, I’m 28 with about 400k cash in savings and as usual everybody’s preaching invest, so what stocks are a good long term buy, only major purchase I intend to make is buying a home in 5years from my returns
And the government responsible for such an insanely expensive housing also want to tax a chunk of this assistance, which mostly comes from parents selling their big old houses, calling such capital gain tax hike a generational fairness ?.
OR $0 – this isn’t the average – come on – buy land – develop slowly and add on as you grow. Banks like RBC offer plans to show you how to develop, borrow against the value of the land to put a foundation and structure. This broadcast is so curved lmao.