Canada's Parents Apparently Spent Billions This Past Year Helping Their Kids Buy Homes

BRB, texting this article to my mom and dad. 🤞

Staff Writer

If you're hoping for holiday help from your parents to buy a home in Canada, here's a piece of info to help you pile on the pressure.

According to a new report from CIBC, parents in the country spent approximately $10 billion in 2021 to help their kids buy homes.

The bank's report says that the cost of an average gift for a first-time buying child has risen in recent years. In 2015, it was $52,000; now, it's $82,000.

Almost a third of first-time homebuyers in 2021 received help from family members, says CIBC, a figure that's stayed pretty consistent throughout the pandemic.

Unsurprisingly, people diving into real estate in Toronto and Vancouver received significant endowments to help them afford the cost of skyrocketing down payments. The average gift to Torontonians in the first three quarters of 2021 is estimated at more than $130,000, while the same figure for Vancouverites is a staggering $180,000!

But with home prices expected to keep rising and rising next year, you might need a bigger cheque from mom and dad in 2022!

  • Cormac O'Brien was an Associate Editor at Narcity Canada, covering all things exciting and trending about Canada. He has a Bachelor of Fine Arts in Creative Writing and Journalism from the University of Victoria, where he served as the Editor-in-Chief of the campus newspaper and was awarded the BCYNA Community News Scholarship for his writing. He was also the producer and co-host of Now On Narcity, Narcity's flagship podcast.

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