In a recently published report from the CIBC, parents gifted $10B to their children in the past year to buy a home.
It found that roughly 30% of first-time homebuyers received an average of $82,000 while 9% of existing homeowners got about $128,000.
In another study by IG Wealth Management, high-net-worth individuals, who had more than $1m in investable assets, gave, on average, $145,000 to each child for the purchase of a property.
As the real estate market keeps increasing, home ownership or buying your dream home is getting harder to reach.
Help from the Bank of Mom and Dad is always welcomed, and maybe they can even get some tax advantages out of it!
Do you have questions about the market?
Call me at (416) 276-4895.
Are you looking for the hardest
working agent in the GTA?
I am always available!
I look forward to working with you now or in the future…