Less than a quarter of Canadian homebuyers say they had help from the ‘Bank of Mom and Dad’ to make the purchase of their first home, according to the Canada Mortgage and Housing Corporation’ annual mortgage consumer survey.
The results, released Tuesday, found only 18 per cent admitted to receiving a financial “gift” to put towards their down payment.
CMHC’s findings also revealed that first-time buyers who received a gift from family were less comfortable with their current level of mortgage debt than those who didn’t have help, were less likely to have other assets to help with their financial needs, and said they’d be less confident if they found themselves in financial hot water.
When it came to prior living arrangements, 64 per cent of first-time buyers said they rented before buying a home, with 34 per cent saying they lived with family.
First-time buyers also said they incurred unexpected expenses during the purchasing process, mostly due to urgent home repairs.
Other notable findings from the survey included an increase in the number of people who would feel comfortable using technology to make their next mortgage transaction (48 per cent), and an uptick in consumers using their mobile devices and online sources to gather information about mortgages.
CMHC’s survey was conducted online during the month of March, polling 3,002 recent mortgage consumers, who had made a mortgage transaction in the last year.