Wednesday, June 10, 2015

18% of first-time homebuyers get help from parents, CAAMP says

Almost one out of every five first-time homebuyers in Canada got some sort of gift from parents or other family members towards the purchase price, a report from the Canadian Association of Accredited Mortgage Professionals says.

CAAMP is an organization that represents the mortgage industry in Canada, with more than 11,500 members across the country. In a biannual report on Tuesday, the group takes a closer look at some of the numbers underpinning the Canadian housing market.

 As one might expect, the financial details of someone who is buying a home for the first time, and someone later in life who is buying a second or third, can be wildly different.

Across all buyers and types of housing, the average downpayment was $119,000, CAAMP says. That's about one-third of the purchase price of an average home. But first-time buyers, in general, put less down — just over $67,000, on average, or 21 per cent of their purchase price.

Click here to read more about first time home buyers and the bank of mom and dad. . .
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