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First buyers turn to bank of mom and dad

 
As Canadian house prices increase, more young first-time buyers are turning to the ‘bank of mom and dad’ for help with the down payment – and the ratio may be higher than the government suspects
In a May national mortgage survey, Canada Mortgage and Housing Corp. found that 18 per cent of young homebuyers had accepted financial help from their parents.
But an earlier survey this year by HSBC bank reported that 37 per cent of millennials had leaned on their mom and dad for help with the purchase of a first home. As well, HSBC found, 21 per cent of those aged 19-34 had hit up their parents to help them pay for other costs after they had purchased homes. 
Mortgage experts say that first-time home buyers in high-priced Metro Vancouver and Toronto are more likely to request help from their parents, which could skew national statistics higher.
In January, the B.C. government began offering first-time buyers an interest-free, no-payment five-year second mortgage to a maximum of $34,500. The program has been hugely successful, and may help allow some B.C. moms and dads keep more of their own money in the bank.




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