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

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.

Here’s How Much Money You Need To Earn To Afford A Home In Different Cities Across Canada

Those earning six figures will still need to save for 20+ years in some cities. 😭

It's time to start saving, Canada! A new report from the National Bank of Canada has revealed exactly how much money you need to be making to afford a house in some of Canada’s biggest cities — and nope, it’s not good news.

According to the data, shared in November 2021, housing affordability in Canada continued to get worse throughout the summer and into the fall of this year.

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Are you hoping the new year will bring you a pair of shiny new house keys?

Housing affordability has made homeownership a pipe dream for some people in Ontario, with prices rising and not expected to get any cheaper anytime soon, according to RE/MAX.

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You Can Build Your Dream House At The Bottom Of This Ski Hill In BC Listed For $99K

Your ski-in, ski-out dreams could become a reality ⛷️

There is a property for sale right now at the bottom of a ski hill in B.C., perfect for building a dream chalet.

If you love a unique real estate opportunity, this is about as good as it gets.

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Buying a home in Ontario can be expensive. In fact, it's apparently so hard to break into the market that some Ontarians are even taking out loans with the "Bank of Mom and Dad."

According to a report by IG Private Wealth Management, just under one-third of Ontario parents (30%) are willing to provide financial support to their kids to secure their homes in the province.

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