Here’s one that might surprise you. Saskatchewan is right behind Ontario and BC when it comes to parents gifting money to their adult children to buy a house.
CIBC Capital Markets has just released a report showing that a growing number of younger adults in this country are looking to mom and dad for some help in financing a home purchase. For those who are first-time buyers, the average gift is $82,000 but more than $100,000 for those in the mover-upper category.
This storyline has captured plenty of attention in financial circles this week with questions around whether or not mom and dad are themselves getting into debt to help their kids or whether this is little more than an early inheritance.
The most attention is being generated in Vancouver and Toronto where house prices are the highest and the need for a financial boost is quite evident. But their study showed Saskatchewan – where home prices are among the most affordable in the land – had the third highest level of parental support for those who are first-time buyers.
Source: https://economics.cibccm.com/cds?id=9dc124d8-9764-4c1d-83b4-9e89a5d568b8&flag=E
