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

Adulting is too expensive to do alone.

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 housing canadian housing market first time home buyers

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

Contributing Writer

Canada's housing market is set to get cheaper and 5 cities are dropping more than Toronto

A buyer's market is finally taking shape across much of Canada. 🏡

Here's how much it actually costs to live in Toronto vs. 9 other spots in Ontario

You could save over $11K a year by moving an hour and a half away. 👀

As mortgage decisions get harder, professional advice can help cut through the confusion

Here's how speaking to an expert can give you clarity.

Ontario's cheapest cities were revealed and you could save $26,000/year by leaving Toronto

Here's what income you need for a "comfortable" life in 36 cities across Ontario. 👇

More winter weather is forecast in Ontario with up to 15 cm of 'heavy snow' this week

Lake-effect snow after the storm could increase accumulation totals in southern Ontario!

Costco gave a sneak peek of a new special warehouse that's opening in March

The store is a first for this province and it also offers a service that other locations don't!

Canada won 21 medals at the 2026 Olympics and here's how much money athletes will get paid

A seven-figure total is going to the Canadian medallists! 🤑🥇

A new Canada's best employers list is out and here's why these are the top places to work

This list includes federal government agencies, universities, retailers and other companies.

NAV Canada is hiring for air traffic controller jobs that pay up to $201,000

You don't need a university degree or college diploma. ✈️

Baby formula sold at Costco is being recalled due to a toxin that can cause food poisoning

The toxin is not destroyed by heat and can survive temperatures that would usually kill bacteria.

You can fly from Toronto to one of the world's 'best' beaches for under $500 round trip

Grab your swimsuit!

The Toronto Zoo just welcomed a baby giraffe and her first moments are so precious (VIDEO)

She isn't camera shy!

Canada is ramping up immigration for foreign military members amid a CAF staffing shortage

Ottawa is introducing a new a new express entry stream for foreign military applicants.

Canada just approved US-made jets under threat of massive new tariffs from Trump

Trump threatened to slap Canada with a 50% tariff if it didn't approve the jets.