$340K Buys A Home Outright In These Provinces & It's Only An Average Down Payment Gift In BC

Parents are gifting their kids huge sums of money to get a home in Vancouver — money that would be enough to buy a house outright in other provinces.

According to a CIBC report, around $10 billion was gifted for home buying over the past year across Canada.

The report said: "No less than two-thirds of first-time buyers that received a gift indicated that the gift was the primary source of their down payment," and "the average gift has risen notably to reach a record high of $82,000."

That might seem high until you see the average gift amount for Vancouver — which is $180,000 for first-time buyers and $340,000 for mover-uppers.

CIBC

Average House Price

This is bound to make you think about what you could do with that kind of money in another province.

While this kind of gift simply helps a home-buyer out in Vancouver, it could actually pay for your entire home somewhere else.

According to WOWA data, you'd be able to outright buy a house in New Brunswick, Newfoundland and Labrador, Prince Edward Island, Manitoba, and Saskatchewan — all for the average price parents gift in Vancouver to give a little extra help.

WOWA

In New Brunswick, the average sold price for a home for August 2021 was $257,400.

In Newfoundland and Labrador, it was $319,800, while in Prince Edward Island, it was $335,877. In Manitoba, it was $332,056 and in Saskatchewan, it was $287,900.

While in British Columbia, it was $899,173. Vancouver even got its own special mention on the map, sitting at an average selling price of $1,176,600.

This article's cover image was used for illustrative purposes only.