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

The average gift from mom and dad in Vancouver is huge. 🏠

$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.


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.


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.

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