Buying your first home can seem like an impossible task. In fact, nearly a quarter of Canadian millennials don't think they can pull it off without a six-figure cheque from their families.
According to a new survey done by the Bank of Montreal, 58% of first-time homebuyers in Ontario would require financial help from their families and so would 59% of British Columbians.*
Of all the participants surveyed, 23% said they would need at least $100,000 in support for their first home.
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We have noticed the [...] trends amongst our first-time homebuyers — lots of family financial support [...] in the buying process.
Jerome Trail, owner of The Mortgage Trail
On average, first-time buyers are seeking about $44,500 in assistance.
This seems to differ between our generation and our parents'.
Gen X (those born between 1965-80) were less likely to need to secure financial aid in order to buy a house, the survey reports.
The pandemic could be a factor in that — with 30% of Canadian millennials saying it has impacted their decision on whether to buy or not.
If you're a millennial thinking of buying a house, it might be time to start saving! And perhaps being nicer to mom and dad.
*Editor's note: This article has been updated.