> Average “gift” is $180k in Vancouver for first purchase and $340k for “upgrade purchases”.
Am I miss-reading the article? It says, "Among the 30% of first-time homebuyers in Canada to get help from their folks on a down payment..."
For "upgraded purchases" it says, "The CIBC report found that the mover-uppers who received help — just under 9% of Canadians — got $340,000 from their parents in Vancouver on average."
The way the article is presenting it it seems that 70% of first time home buyers are not getting anything from their parents?
Edit: [1] is the CIBC report the article is based on. It says "family members" instead of parents as used in a some what loose manner in the BIV article.
Am I miss-reading the article? It says, "Among the 30% of first-time homebuyers in Canada to get help from their folks on a down payment..."
For "upgraded purchases" it says, "The CIBC report found that the mover-uppers who received help — just under 9% of Canadians — got $340,000 from their parents in Vancouver on average."
The way the article is presenting it it seems that 70% of first time home buyers are not getting anything from their parents?
Edit: [1] is the CIBC report the article is based on. It says "family members" instead of parents as used in a some what loose manner in the BIV article.
[1] https://economics.cibccm.com/cds?id=9dc124d8-9764-4c1d-83b4-...