31% of Canadian first-time homebuyers received family assistance for down payments in 2021, up from 20% in 2015.

In Canada, rising home prices have led to more parents gifting money to first-time homebuyers for down payments. A CIBC report found that 31% of first-time buyers received family assistance in 2021, up from 20% in 2015, with average gifts reaching $115,000. This support can reduce mortgage size and eliminate insurance costs. Families are advised to communicate openly and consider legal and financial implications to ensure fairness and proper planning.