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Summary

First-Time Toronto Homebuyers Are Getting $130K From Their Parents To Afford Down Payments

Adulting is too expensive to do alone.

First-Time Toronto Homebuyers Are Getting $130K From Their Parents To Afford Down Payments
Jason Paris | Flickr
Contributing Writer

First-time Toronto home buyers are asking their parents for more than a little help when it comes to owning property, and with the real estate market the way it is, it's hard to blame them.

According to a new report by CIBC, on average, Torontonians were gifted over $130,000 to put towards their city-based starter homes during the first three quarters of 2021.

CIBC estimates that only 5.5% of parents are using debt to finance their kids' voyage into homeownership, with the vast majority relying on their savings.

When it comes to Canada as a whole, it is estimated that over the past year, parents have spent around $10 billion to help get their children settled into their first home.

In 2021, around 30% of first-time homebuyers in Canada relied on help from their family. So if you're asking your parents for some saved up money to use for a down payment, you're not alone.

From Your Site Articles
toronto housingcanadian housing marketfirst time home buyers
TorontoCanadaReal EstateReal Estate
  • Patrick John Gilson

    Contributing Writer

    Patrick John Gilson (he/him) is a Contributing Writer with Narcity Media. He is a pro at ensuring his content is both exciting and tailored to millennials. He specializes in breaking news and investigative stories that require him to be on scene— something he enjoys and thrives in.

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