First-time buyers: Family financial help doubles in last decade
A recent report from the Canadian Association of Accredited Mortgage Professionals highlights the growing affordability challenges facing new home buyers.
According to the report, first-time home buyers are relying on larger and larger financial gifts from parents for their down payments. Gifts from a parent now make up 11% of the cost of a first-time buyer’s down payment. This amount has nearly doubled in last ten years, jumping from 6% to 11%.
According to Kevin Lee, chief executive of the Canadian Home Builders’ Association, the growth in family support to first-time buyers is a symptom of the affordability issues now in the housing marketplace. You can read more about the report and Canada’s housing affordability crunch online at: