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.
October 31, 2024
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