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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.

    Patrick John Gilson
    Toronto Staff Writer
    Patrick John Gilson is a Staff Writer for Narcity Canada’s Ontario Desk focused on Ontario gas prices and is based in Toronto, Ontario.
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