Assuming that the majority of buyers are still local, how are people affording to buy at these significantly inflated prices?
One theory is the bank of mom and dad chipping in (or maybe digging into their own home equity) to help with the down payment. After all why not dig into that inheritance before mom and dad have the chance to blow it all on home support?
According to Genworth, 28% of first time home buyers in Canada received some money from their parents to help buy a home, and that percentage is higher in high priced markets like Vancouver and Toronto.
So how does it stand in Victoria? Did you receive help when buying your first or any house? Did it materially change what you could afford, or allow you to get into the market when you couldn’t have on your own? And did you have to pay it back?
Did or will your parents help with your down payment?
- Nope, I/we did it all by ourselves (44%, 83 Votes)
- Yes, quite a bit of help (over $50,000) (16%, 30 Votes)
- Not expecting any help when I/we buy (13%, 24 Votes)
- Yes, we received some help (less than $20,000) (7%, 14 Votes)
- Yes, moderate amount of help ($20,000 - $50,000) (7%, 14 Votes)
- No gift, but we got a loan (7%, 14 Votes)
- Expecting some help when I/we buy (4%, 8 Votes)
- Not sure (1%, 1 Votes)
Total Voters: 188