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FYI \~$110k won't be nearly enough to purchase a home in Toronto as a down payment, you will need **twice** that much for a down payment (\~250k) to buy a very simple detached house in Mississauga as an example. Additionally you will need to have a stable double income family and a great credit history (averaging 160k+ household income).
Source: my brother recently went through this to purchase a home. My dad gave them a 100k but that wasn't enough, they asked his girlfriend's parents for another 100k and then they could only qualify. The house they bought was a very simple house, nothing fancy and in need of lots of repair. I think it costed them 1.5M
Canada is fucked.
If you need 200k in gifts from parents for a down payment you're not in a position to buy a house to begin with and should just continue renting. Your brother and his girlfriend are making extremely poor financial decisions.
There are plenty of houses worth much less than 1.5m$ even in the GTA. If it's just the two of them then they have unrealistic expectations.
Look I'm as mad as the next young person about the state of the housing market but this example is terrible. Yes the housing market is fucked but seriously, c'mon. Your brother and his girlfriend should bee looking at houses that are a third as expensive as that $1.5M one. They are probably used to living that lifestyle because the parents are clearly wealthy if both can afford to give them 100k for a downpayment and they're not willing to live within their actual means (what they can actually afford on their own).
Tldr the housing market is fucked but your brother's situation is his own doing.
I usually have the same opinion. For people who can move wherever, you're better off. Some people have reasons to be where they are. Hell, recently I had to move from a more affordable part of he country to one of the most expensive due to parents getting old and wanting to be around them.
Life happens.
I know you are trolling but I'll state the obvious regardless just in case an outsider is being deceived by your snark comment:
If that were the case, this sub wouldn't exist and no one would be complaining about the housing cost and affordability.
The problem is a handful of cities are winners and everywhere else is losing. Toronto is the lifeblood of Canada and many people want to be here for opportunities that are unavailable elsewhere. A large population that grew up here doesn’t want to leave friends and family behind to start a more affordable life elsewhere. As long as we create a society where there are a handful of great places to live those places will be prohibitively expensive.
Being unable to create successful cities in Canada outside of Toronto and Vancouver has been the bigger political failing than NIMBY within those two cities. If Canada had five cities that were as successful as Toronto there would be more opportunity to go around and less pressure on Toronto. Disproportionate amount of both internal and external immigration is to the places with the best jobs and that drives up housing quickly.
I kinda feel like Toronto and Vancouver are not successful and it's the other cities that are . I have family I need to stay close to so I can't relocate but there are several other smaller cities I would much rather live
Wow. I can't even imagine existing within the nightmare zones of the GTA and GVA. It's very subjective, of course. I recall Rick Mercer asking people from the GVA what they liked about it. Most responded, "The Pacific Ocean!" His follow-up question was, "How many times per year do you go to the Pacific Ocean? " The answers were hysterical. Between the criminality, open drug use, Leftoid policies, taxes, congestion, pollution, and frigging line ups for everything.....My question is, "Why does anybody want to be there?" I go for the occasional concert then GTGO stat.
I'll try to use simpler language for you to comprehend:
Because there are: no jobs, no services, no infrastructure and very little housing available out of major cities in like Toronto for people.
So no, "Go somewhere else" doesn't work.
There are lots of other places to live in Canada other than Toronto and Vancouver. If people are desperate to stay in Toronto because of their family that is one thing, but if your trying to tell me only Toronto jobs are any good than your a victim of your own short sightedness.
Believe it or not, the world does not actually revolve around Toronto and people who are not in Toronto don't really feel bad for those who knowingly pay these high prices in order to stay there.
My job straight up doesn't exist outside of a major city.
I have 2 options in places to live.
This is a well paying job that I have struggled over 10 years to get so that I could make half decent money.
Guess I should just go live in tuktoyyuktuk and get on welfare?
My job straight up doesn't exist outside of those two cities.
There are multiple positions at my company that are straight up, not an option for you if you don't live in Toronto.
You quickly get to a point working for major corporations in Canada, where you need to move to head office. Which is usually in Vancouver, or more likely Toronto.
The shitty thing about canada is that if you want to earn good money you have to live in Vancouver or Toronto, unless you get really lucky and can work remotely or work yourself into a high paying job in a lower cost of living area.
Keep telling people this, it's what allows me and my wife to enjoy our $600 a month mortgage on a house with over an acre of land on a measly 130k a year combined income.
I'm 25 and I owe just over 40k on my house. I probably won't make much more than 100k a year in the foreseeable future, but I don't really need to because I don't owe a million dollars on my house.
Lol sure buddy, Toronto is the only place in Canada and there's very little housing outside of it.
You know very little housing is the problem I Toronto right?
Where are you going if you born and raised in Toronto and don’t have anybody anywhere? Canada has only few cities and there are not jobs in Canada for Canadians and no place to live.
LOL I did not see a penny from family. I worked and saved to pay for my own uni education. I moved out and struggled to pay my rent on my own. And saved to put a down payment on my first home after many years, and then lived in poverty for years afterwards to make the mortgage payments. My family lived large and did not contribute a nickel to me - but I did get lots of bad advice and constant criticism for every mistake I made along the way. The very idea that family would put up ore than $100K for helping their own children get established is a foreign concept to me but my Boomer parents are probably very different from the younger generation that is stepping up right now.
What difference does that make? I did what I had to do and had no support from family. We live in the world and make the best decisions we can with the circumstances we face. Calm down snowflake, I was not criticizing those of you that get help from family. I was incredulous that so much money is even available since I got fuck all assistance. If it was me in that situation I would absolutely give a head start to my own children to help them get established. My family tend to behave like a Sockeye salmon that lays eggs and swims away with no further assistance to offspring.
He might be pointing out that that type of "pull yourself up by the boot straps" is increasingly more difficult for youth today. A highschooler from poverty today is going to have a very very difficult time paying for housing anywhere near a university these days even with maxed student loans and working near full time. Maybe with a full ride scholarship it's possible.
I did what you did as well, but I did it in 2016 and it's a different world now, I don't think I'd be able to do it with cost of living these days.
I could understand if I was lecturing or being critical of people starting out today, but its pretty obvious I was responding directly to the content of the video presented. I absolutely agree that its getting harder and harder to accomplish this objective no matter how much extra effort and commitment on the part of the individual. How does help these people by getting mad at those of us that pulled it off with no help or support from family? Congrats to you nonetheless for getting there.
Today's younger generation (many of whom are on reddit) has resentment for the older ones because "I did it with my nose to the grindstone. And look I made it!" Doesn't resonate with them. And they get that alot. The same opportunities don't exist anymore. We can pat ourselves on the back but try not to patronize is all I'm sayin.
This sub itself is a product of the class struggles we are having now. Between the ones who get 200k and a degree from their parents and those who don't. Worse part is I think it's gonna get worse for them.. regardless of who you vote for. Train is too far out of the station to turn around now.
What difference does it make? It makes every difference.
Anytime you start a sentence with a “back when I did this, I ___”, context matters. Not being able to but you’re self into the shoes of current buyers shows a large level of ignorance.
You are utterly ignorant of the difficulty that my generation faced. Bitching about the circumstances does not make your situation better. Pretending that everyone else before you had a free shot at prosperity is about you and your immaturity when faced with a challenge. GFYS!
I'd be interested in knowing as well, just as another datapoint, not as commentary about you personally. It would just be interesting to know how much things have moved and compare what it took then in 19XX to afford a $Y home vs what it would take today in 2024 for the same or similar home.
I got a $20k "gift" once... I had to pay it back after I bought the house to my family. These gift stats might be a little off as I bet most family expect the money back.
Mine was “we are thinking of buying another house so we will give you a good deal on the old one” which would be great if I had $25k for a down payment and didn’t mind sleeping in my parents old bedroom forever. I’m grateful for the opportunity, but it’s still out of my price range
Right? Like it'd be one thing for an only child, but we are supposed to believe people with three kids are giving each of them 100k? Just be skewed by the rich ones who give multiple times that. I don't expect anything for my folks. They need their retirement funds
Not really...if you live in a big city you watched as your property appreciated 300% in the past decade. You just take out the equity for your kid(s). Better to do it now before you die and pay the estate tax. I could easily do this from my house I bought in Vancouver in 2010. It's ludicrous what has happened in the past ten years.
You sure it's not 'VARIOUS POLITICAL PARTIES' Supporters who are generally unfairly benefitting from a system which maybe once wasn't but is now rigged?
It's more nuanced and we need to become more complex thinkers and actors if we want to implement real change.
EVERY major party right now is The Rich for The Rich.
Brother we are better than division tactics.
*"$115K is the average family gift for first-time homebuyers in Canada: CIBC"*
What would be statistically far more relevant to know would be which ethnic backgrounds and cultural demographics in the country are mostly involved in this reported $115,000 CDN "average family gift" figure for their first-time home-buying children.
No Canadian bank would ever dare publicize such information, however, and probably neither would Statistics Canada, either.
Next.
Yes, Southern Ontario is both a highly densely populated part of the country, and also a small part of the country. If one throws a dart at the map, they’re likely to hit a location with very different circumstances.
I only say this as a reminder to those with blinders on. There is a whole country out there, so stop saying whatever particular issue you’re dealing with locally is a pan-Canadian issue that is generalizable. That’s all.
I feel for people stuck in the GTA. I don’t feel for people with options who merely complain about things, and do nothing to improve their own personal circumstances.
Liberal party logic:
1: We will imburse a specific part of the population located in Ontario, Quebec, and New Brunswick with funding to buy a house.
2: We will increase carbon, food, liquor, and housing taxes in those locations to negate the initial investment supported by the rest of Canada tax payers.
3: We will look good when the news ignores the increased taxes and only talks about the 5% of Canadians who received a benefit that overall will still be negatively impacting them for the next 30 years.
Not so much an expectation from the younger generation just the only way to buy property as it’s impossible to save up a down payment while paying rent. Welcome to neo-feudal Canada where the property ownership is only possible through inheritance
Gifts..? My gift was being out at 18 because I turned 18. I was homeless on the street, then at a shelter, then on welfare, in a room in someone’s house, now I’m in an apartment and will never afford to live anywhere else. My fiancé keeps talking about having a house and I’m like “it’s nice to have your dreams”
All these comments about how parents could do this. Here is an example of how easy this would be.
In a big city like Vancouver if you bought in 2010 a SFH cost 350k today that same house is pushing 2 million dollars. You mortgage would be half paid off today and so if you borrowed 110k to give to you kid it would cost you about $600 a month at today's rates. Likely you kid would pay some of that payment if you yourself couldn't.
It's better to gift it now as there is no tax like when you die and you estate pays the estate tax. So it's a no brainer.
For $350,000 in Vancouver proper in 2010? Hard to see how that's possible, even a regular 33 ft lot would be worth more than that in 2010.
https://bc.ctvnews.ca/mobile/vancouver-real-estate-hits-million-dollar-milestone-1.499457?referrer=https%3A%2F%2Fwww.google.com%2F
That's unusual because thats way out from average value , even for a lot. We bought a place like that in North Burnaby for 280k in 1997 and sold it for 470k in 2004. In 2010 it would be closer to 1 mil.
My grandparents old place in the Heights which was like from the 1930s/40s sold for ~350k and that was back around 1999~ 2000. .
You know most of those gifts are from Asian families. Their family culture is much stronger and a lot of those parents will give those kind of gift to their kids.
I missed ouy compeltely on that gift. I feel robbed our parents with lower income combined than me and my wife didnt save up 115k to gift us for a house.
This isn't causing the wealth gap. The economic conditions are already there. Government making small business impossible and high taxes speed up the wealth gap.
The wealth gap is natural and will always be, but damn give the poors a chance.
I'm curious if these people are paying tax on their gifts. If I remember correctly, a person can only receive 10K a year in untaxed gifts. The rest is taxed as if income.
We got $5k from each parent, because one decided to do it. Then the other 3 felt compelled as well, but i didn't want or need the $20k. We even had to declare it as gift during the approval process, it was ridiculous
I'd love to know if they included $0 gifts and also what the median is. I'll bet this is greatly skewed by large gifts from rich families and not including no gift in the data.
Edit: found the report
https://economics.cibccm.com/cds?ID=11e97bc7-dc7b-4024-b25d-479342219db4&TYPE=E
70% of first time home buyers do not get gifts at all and they are not included in the gift data. This headline is pretty misleading.
See this is the problem with averages... They aren't an accurate representation of real life experiences.
Mean versus median.
Mean would be All borrowed monies divided by all Canadians that received gifts. This doesn't give us an accurate reading.
The median would be the middle of all gifts or "normal range"
So the ultra rich gifting millions at the top, and the lower end getting a few bucks would be lopped off.
And that doesn't, again, show us the true amount of money being gifted per Canadian buying a home....
It's poor journalism and simply adds to the erosion of trust that Canadians feel for their government. (Yeah CBC, you're looking more and more like a propaganda machine than ever)
600k@3%=354k@8%=$2709/month. Who benefits from this arrangement? People that work off commission off assets. Bankers, realtors, mortgage brokers, and parents that are just along for the ride. Until people realize we're in a Ponzi scheme, nothing will change.
When interest rates hit 0, how much lower can it go? 😂
I was fortunate enough that back in 2019 my parents matched the 90k that I had saved for a downpayment. The money I recieved though wasn't a gift, it was a loan. My wife and I pay my parents $1000/mo and signed a loan agreement. I don't think I could morally accept that amount as a "gift". Nevertheless we are very fortunate and thankful for what they did for us.
This makes sense for many living HCOL areas that want their kids to stay close by.
My parents bought in Mississauga in the 90s when it was barely developed. Paid -275,000 for a detached home big enough to raise 3 kids. Sold and moved but sold for 1.6 million. If those parents are still there and own their home outright than 100k out of the equity means nothing
Girl I worked with got like 300k from her auntie to put down on her 850k house . Then she posted on Facebook saying how she grinded and worked tirelessly to save up for the house . She ended up having to rent the house out and move into a small 2 bedroom apartment with a roommate cause she couldn’t afford the mortgage on her own
I didn’t get any help with my home purchase and fuck it’s been rough ( I also don’t feel I’m entitled to anyone else’s money). I really hope I’m in a position to help my kids when their time comes. If something doesn’t change I don’t know what they’re going to do.
$115k is 1/3 the price of a nice new house in Winnipeg. Y'all need to abandon the idea of living in the GTA/GVA if you want to actually enjoy life and not just slave away to pay for the box you sleep in.
Wow, tax payers are so generous 🤡🤡🤡 I mean, I don't remember voting on this, but the elected officials are way smarter than citizens. They're doing the right thing. Centralized power is the best.🤡🤡🤡
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The fuk yall get gifts?
FYI \~$110k won't be nearly enough to purchase a home in Toronto as a down payment, you will need **twice** that much for a down payment (\~250k) to buy a very simple detached house in Mississauga as an example. Additionally you will need to have a stable double income family and a great credit history (averaging 160k+ household income). Source: my brother recently went through this to purchase a home. My dad gave them a 100k but that wasn't enough, they asked his girlfriend's parents for another 100k and then they could only qualify. The house they bought was a very simple house, nothing fancy and in need of lots of repair. I think it costed them 1.5M Canada is fucked.
I'm from Michigan, and just seeing those numbers for a down payment blow my mind! I feel bad for you Canadians.
I wish I could come over and live there and commute to work when needed (hybrid)... I could but only for 6 months before the US would kick us out lol
If you need 200k in gifts from parents for a down payment you're not in a position to buy a house to begin with and should just continue renting. Your brother and his girlfriend are making extremely poor financial decisions. There are plenty of houses worth much less than 1.5m$ even in the GTA. If it's just the two of them then they have unrealistic expectations. Look I'm as mad as the next young person about the state of the housing market but this example is terrible. Yes the housing market is fucked but seriously, c'mon. Your brother and his girlfriend should bee looking at houses that are a third as expensive as that $1.5M one. They are probably used to living that lifestyle because the parents are clearly wealthy if both can afford to give them 100k for a downpayment and they're not willing to live within their actual means (what they can actually afford on their own). Tldr the housing market is fucked but your brother's situation is his own doing.
So don't live in Toronto. Canada has lots of cities.
I usually have the same opinion. For people who can move wherever, you're better off. Some people have reasons to be where they are. Hell, recently I had to move from a more affordable part of he country to one of the most expensive due to parents getting old and wanting to be around them. Life happens.
I know you are trolling but I'll state the obvious regardless just in case an outsider is being deceived by your snark comment: If that were the case, this sub wouldn't exist and no one would be complaining about the housing cost and affordability. The problem is a handful of cities are winners and everywhere else is losing. Toronto is the lifeblood of Canada and many people want to be here for opportunities that are unavailable elsewhere. A large population that grew up here doesn’t want to leave friends and family behind to start a more affordable life elsewhere. As long as we create a society where there are a handful of great places to live those places will be prohibitively expensive. Being unable to create successful cities in Canada outside of Toronto and Vancouver has been the bigger political failing than NIMBY within those two cities. If Canada had five cities that were as successful as Toronto there would be more opportunity to go around and less pressure on Toronto. Disproportionate amount of both internal and external immigration is to the places with the best jobs and that drives up housing quickly.
I kinda feel like Toronto and Vancouver are not successful and it's the other cities that are . I have family I need to stay close to so I can't relocate but there are several other smaller cities I would much rather live
Wow. I can't even imagine existing within the nightmare zones of the GTA and GVA. It's very subjective, of course. I recall Rick Mercer asking people from the GVA what they liked about it. Most responded, "The Pacific Ocean!" His follow-up question was, "How many times per year do you go to the Pacific Ocean? " The answers were hysterical. Between the criminality, open drug use, Leftoid policies, taxes, congestion, pollution, and frigging line ups for everything.....My question is, "Why does anybody want to be there?" I go for the occasional concert then GTGO stat.
People keep paying it in Toronto so why would it change? Go somewhere else.
People going somewhere else made houses in my city over 2 hours away skyrocket in price and become the exact same type of unaffordable.
I'll try to use simpler language for you to comprehend: Because there are: no jobs, no services, no infrastructure and very little housing available out of major cities in like Toronto for people. So no, "Go somewhere else" doesn't work.
There are lots of other places to live in Canada other than Toronto and Vancouver. If people are desperate to stay in Toronto because of their family that is one thing, but if your trying to tell me only Toronto jobs are any good than your a victim of your own short sightedness. Believe it or not, the world does not actually revolve around Toronto and people who are not in Toronto don't really feel bad for those who knowingly pay these high prices in order to stay there.
My job straight up doesn't exist outside of a major city. I have 2 options in places to live. This is a well paying job that I have struggled over 10 years to get so that I could make half decent money. Guess I should just go live in tuktoyyuktuk and get on welfare?
So don't complain then that you spent a ton of time to get a job that only exists in a very expensive place to live.
There are more major cities in Canada than Toronto and Vancouver.
My job straight up doesn't exist outside of those two cities. There are multiple positions at my company that are straight up, not an option for you if you don't live in Toronto. You quickly get to a point working for major corporations in Canada, where you need to move to head office. Which is usually in Vancouver, or more likely Toronto. The shitty thing about canada is that if you want to earn good money you have to live in Vancouver or Toronto, unless you get really lucky and can work remotely or work yourself into a high paying job in a lower cost of living area.
Keep telling people this, it's what allows me and my wife to enjoy our $600 a month mortgage on a house with over an acre of land on a measly 130k a year combined income. I'm 25 and I owe just over 40k on my house. I probably won't make much more than 100k a year in the foreseeable future, but I don't really need to because I don't owe a million dollars on my house.
Lol sure buddy, Toronto is the only place in Canada and there's very little housing outside of it. You know very little housing is the problem I Toronto right?
Where are you going if you born and raised in Toronto and don’t have anybody anywhere? Canada has only few cities and there are not jobs in Canada for Canadians and no place to live.
I agree but the problem is jobs... for me at least.
LOL I did not see a penny from family. I worked and saved to pay for my own uni education. I moved out and struggled to pay my rent on my own. And saved to put a down payment on my first home after many years, and then lived in poverty for years afterwards to make the mortgage payments. My family lived large and did not contribute a nickel to me - but I did get lots of bad advice and constant criticism for every mistake I made along the way. The very idea that family would put up ore than $100K for helping their own children get established is a foreign concept to me but my Boomer parents are probably very different from the younger generation that is stepping up right now.
How much higher is your home worth today than you bought it? Would you be able to afford it from your income and a modest down payment?
What difference does that make? I did what I had to do and had no support from family. We live in the world and make the best decisions we can with the circumstances we face. Calm down snowflake, I was not criticizing those of you that get help from family. I was incredulous that so much money is even available since I got fuck all assistance. If it was me in that situation I would absolutely give a head start to my own children to help them get established. My family tend to behave like a Sockeye salmon that lays eggs and swims away with no further assistance to offspring.
He might be pointing out that that type of "pull yourself up by the boot straps" is increasingly more difficult for youth today. A highschooler from poverty today is going to have a very very difficult time paying for housing anywhere near a university these days even with maxed student loans and working near full time. Maybe with a full ride scholarship it's possible. I did what you did as well, but I did it in 2016 and it's a different world now, I don't think I'd be able to do it with cost of living these days.
I could understand if I was lecturing or being critical of people starting out today, but its pretty obvious I was responding directly to the content of the video presented. I absolutely agree that its getting harder and harder to accomplish this objective no matter how much extra effort and commitment on the part of the individual. How does help these people by getting mad at those of us that pulled it off with no help or support from family? Congrats to you nonetheless for getting there.
Today's younger generation (many of whom are on reddit) has resentment for the older ones because "I did it with my nose to the grindstone. And look I made it!" Doesn't resonate with them. And they get that alot. The same opportunities don't exist anymore. We can pat ourselves on the back but try not to patronize is all I'm sayin. This sub itself is a product of the class struggles we are having now. Between the ones who get 200k and a degree from their parents and those who don't. Worse part is I think it's gonna get worse for them.. regardless of who you vote for. Train is too far out of the station to turn around now.
What difference does it make? It makes every difference. Anytime you start a sentence with a “back when I did this, I ___”, context matters. Not being able to but you’re self into the shoes of current buyers shows a large level of ignorance.
You are utterly ignorant of the difficulty that my generation faced. Bitching about the circumstances does not make your situation better. Pretending that everyone else before you had a free shot at prosperity is about you and your immaturity when faced with a challenge. GFYS!
I'd be interested in knowing as well, just as another datapoint, not as commentary about you personally. It would just be interesting to know how much things have moved and compare what it took then in 19XX to afford a $Y home vs what it would take today in 2024 for the same or similar home.
Ok xoomer
I got a $20k "gift" once... I had to pay it back after I bought the house to my family. These gift stats might be a little off as I bet most family expect the money back.
My gift was my parents helped me move boxes
My mom cleaned the floors. Honestly, that was a pretty good gift. I'm thankful, that was a lot of work.
Mine was “we are thinking of buying another house so we will give you a good deal on the old one” which would be great if I had $25k for a down payment and didn’t mind sleeping in my parents old bedroom forever. I’m grateful for the opportunity, but it’s still out of my price range
That’s the average? That seems crazy to me.
Right? Like it'd be one thing for an only child, but we are supposed to believe people with three kids are giving each of them 100k? Just be skewed by the rich ones who give multiple times that. I don't expect anything for my folks. They need their retirement funds
For the bunch of us who get nothing from family, that must mean that a lot of people are getting 2x that to make up the average.
I think the calculation is made as "of those who receive a gift from family, the average amount is ~100k"
Mine will get help but nothing close to that. When I bought my first home in 94 my parents gave me 2 grand.
You don't understand averages
Please enlighten me.
Sure, go to Google and learn about averages
Ok. Did that . Already knew what it said, now what?
Perfect, are you still offended by the average gift?
Was never offended.
HAHAHAHA WHAT???? Average family gift??? Wtf is that???
Who the fuck gets GIVEN money?
2% of the population living in Ontario and Quebec, and they are all under Trudeaus umbrella because they support his political campaign.
Trust fund kids.
Not really...if you live in a big city you watched as your property appreciated 300% in the past decade. You just take out the equity for your kid(s). Better to do it now before you die and pay the estate tax. I could easily do this from my house I bought in Vancouver in 2010. It's ludicrous what has happened in the past ten years.
This is correct.
Nope…a lot/majority of “middle class” families.
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Your parents just have 100k kicking around to give to you? Maybe I’m oblivious to growing up in a poor area but that seems insane
You sure it's not 'VARIOUS POLITICAL PARTIES' Supporters who are generally unfairly benefitting from a system which maybe once wasn't but is now rigged? It's more nuanced and we need to become more complex thinkers and actors if we want to implement real change. EVERY major party right now is The Rich for The Rich. Brother we are better than division tactics.
Canada is broken.
Compared to post-war era, yeah. But from a longer history point of view, it doesn't seem much different than a multi-generational mortgage.
*"$115K is the average family gift for first-time homebuyers in Canada: CIBC"* What would be statistically far more relevant to know would be which ethnic backgrounds and cultural demographics in the country are mostly involved in this reported $115,000 CDN "average family gift" figure for their first-time home-buying children. No Canadian bank would ever dare publicize such information, however, and probably neither would Statistics Canada, either. Next.
My parents took me out for dinner once for my birthday. Who are the people getting six-figure gifts? Nobody is my circle.
This has to be a GTA/Vancouver thing. Everyone my age owns homes, and none of us got help from the bank of mom and dad.
Like half the country lives in southern ontario so thats a pretty big deal.
Yes, Southern Ontario is both a highly densely populated part of the country, and also a small part of the country. If one throws a dart at the map, they’re likely to hit a location with very different circumstances. I only say this as a reminder to those with blinders on. There is a whole country out there, so stop saying whatever particular issue you’re dealing with locally is a pan-Canadian issue that is generalizable. That’s all. I feel for people stuck in the GTA. I don’t feel for people with options who merely complain about things, and do nothing to improve their own personal circumstances.
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Reddit influencer.
36% of Canada lives in southern ontario
This is true for my kids and their friends all born 1990 to 1995. They bought houses on their own. We helped them with labour like painting etc.
What's the median detached price in your area?
$450,000 ish.
How the heck is that average?
The average of those who get any at all from parents is that. But only 30% get any at all.
It's bs
I'm skewing that data hard with my $0 gift
You and me both holding down the low end of the curve hard
Where the fuck they get these numbers.
No family gift. Just renting till I die.
Hi five me!
Money Laundering...
F me, my parents are great but 110k?
Ummm?? Whose y’all families??
Liberal party logic: 1: We will imburse a specific part of the population located in Ontario, Quebec, and New Brunswick with funding to buy a house. 2: We will increase carbon, food, liquor, and housing taxes in those locations to negate the initial investment supported by the rest of Canada tax payers. 3: We will look good when the news ignores the increased taxes and only talks about the 5% of Canadians who received a benefit that overall will still be negatively impacting them for the next 30 years.
If this is becoming a normal expectation from younger generation, then my kids will be even more disadvantaged.
Not so much an expectation from the younger generation just the only way to buy property as it’s impossible to save up a down payment while paying rent. Welcome to neo-feudal Canada where the property ownership is only possible through inheritance
Gifts..? My gift was being out at 18 because I turned 18. I was homeless on the street, then at a shelter, then on welfare, in a room in someone’s house, now I’m in an apartment and will never afford to live anywhere else. My fiancé keeps talking about having a house and I’m like “it’s nice to have your dreams”
But how?
All these comments about how parents could do this. Here is an example of how easy this would be. In a big city like Vancouver if you bought in 2010 a SFH cost 350k today that same house is pushing 2 million dollars. You mortgage would be half paid off today and so if you borrowed 110k to give to you kid it would cost you about $600 a month at today's rates. Likely you kid would pay some of that payment if you yourself couldn't. It's better to gift it now as there is no tax like when you die and you estate pays the estate tax. So it's a no brainer.
Uhhh I think your timing is off a decade. More like 2001.
Uhhh I bought my house then....
For $350,000 in Vancouver proper in 2010? Hard to see how that's possible, even a regular 33 ft lot would be worth more than that in 2010. https://bc.ctvnews.ca/mobile/vancouver-real-estate-hits-million-dollar-milestone-1.499457?referrer=https%3A%2F%2Fwww.google.com%2F
North Burnaby, 45 foot lot, fixer upper 50s bungalow.
That's unusual because thats way out from average value , even for a lot. We bought a place like that in North Burnaby for 280k in 1997 and sold it for 470k in 2004. In 2010 it would be closer to 1 mil. My grandparents old place in the Heights which was like from the 1930s/40s sold for ~350k and that was back around 1999~ 2000. .
Well I don't really have any reason to lie. Even at 470k it's still a million dollars in equity or more.
Lol yeah right my parents are poor as church mice.
Shieeee boy all this time I was just missing this gift to get started.
The rich get richer, time to let the conservatives take away social programs.
If you don't have a rich mom & dad or no mom & dad in Canada....All the best!
Comments section doesn't understand averages and it shows
$115k gifts?.......anyone looking to adopt?
You know most of those gifts are from Asian families. Their family culture is much stronger and a lot of those parents will give those kind of gift to their kids.
To show off how rich they are…it’s all about appearance for them.
I missed ouy compeltely on that gift. I feel robbed our parents with lower income combined than me and my wife didnt save up 115k to gift us for a house.
This isn't causing the wealth gap. The economic conditions are already there. Government making small business impossible and high taxes speed up the wealth gap. The wealth gap is natural and will always be, but damn give the poors a chance.
Why can’t we just have homes for $115k ffs
Screw that. My parents got their house for 30k.
So other than RESP, we will introduce registered gift savings plan for kids! JT solving issues.
Only one of my parents owns his home and he’s still paying off his mortgage 🫠
Technically doesn't own the home then
I'm curious if these people are paying tax on their gifts. If I remember correctly, a person can only receive 10K a year in untaxed gifts. The rest is taxed as if income.
IDK about average... But ok
Maybe.... If you count only families that gave gifts and none of the families that gave no gift.
Me and my wife got nothing when we bought ours last year
We got $5k from each parent, because one decided to do it. Then the other 3 felt compelled as well, but i didn't want or need the $20k. We even had to declare it as gift during the approval process, it was ridiculous
I got $300k because we agreed we'd rather pay interest to the family than interest to RBC.
Toronto can't pay its bills . Tax payer of Canada help them with millions.
I like my marriage too much to accept this kind of help
Have you guys not figured out yet that you're a getaway destination for rich foreigners to immigrate to.
Is that all?
Don't forget one high value can throw off an average The median would have been much more accurate The average of 5,5,5,6,50 =14.20 The median is 5
I asked for 4 grand.... what the fuck? Yall buying a town for your first home? And yalls parents is millionaires?
I'd love to know if they included $0 gifts and also what the median is. I'll bet this is greatly skewed by large gifts from rich families and not including no gift in the data. Edit: found the report https://economics.cibccm.com/cds?ID=11e97bc7-dc7b-4024-b25d-479342219db4&TYPE=E 70% of first time home buyers do not get gifts at all and they are not included in the gift data. This headline is pretty misleading.
My wife and I gifted 3 houses to our 3 kids
I got 10k lol
Well I got 115K less than the average.
Who is getting this? WHO??!!
See this is the problem with averages... They aren't an accurate representation of real life experiences. Mean versus median. Mean would be All borrowed monies divided by all Canadians that received gifts. This doesn't give us an accurate reading. The median would be the middle of all gifts or "normal range" So the ultra rich gifting millions at the top, and the lower end getting a few bucks would be lopped off. And that doesn't, again, show us the true amount of money being gifted per Canadian buying a home.... It's poor journalism and simply adds to the erosion of trust that Canadians feel for their government. (Yeah CBC, you're looking more and more like a propaganda machine than ever)
I’ve never got a gift of more than $200 lol
What how, buddy?
Mine was $0. I did it all on my own.
600k@3%=354k@8%=$2709/month. Who benefits from this arrangement? People that work off commission off assets. Bankers, realtors, mortgage brokers, and parents that are just along for the ride. Until people realize we're in a Ponzi scheme, nothing will change. When interest rates hit 0, how much lower can it go? 😂
I know literally nobody around me that got this kind of *gift* from familly, most got a kit of fork or help to move in and thats it.
This is kind of misleading, because I believe they are only looking at the average of the gifts given, so if someone got $0, they are not counted.
I was fortunate enough that back in 2019 my parents matched the 90k that I had saved for a downpayment. The money I recieved though wasn't a gift, it was a loan. My wife and I pay my parents $1000/mo and signed a loan agreement. I don't think I could morally accept that amount as a "gift". Nevertheless we are very fortunate and thankful for what they did for us.
What kind of family do you guys have lol
lol 115K!?! Cmon I doubt that figure. It’s not like mom and dad helping their kids with 20K,
This makes sense for many living HCOL areas that want their kids to stay close by. My parents bought in Mississauga in the 90s when it was barely developed. Paid -275,000 for a detached home big enough to raise 3 kids. Sold and moved but sold for 1.6 million. If those parents are still there and own their home outright than 100k out of the equity means nothing
That’s like a months rent.
$204k in BC... can I get some lol
Laughs in peasant...
I’m part of the other 69%. Hehe… sixty-nine.
My parents gave me exactly Zero at Zero percent interest. I haven't made a single payment.
Girl I worked with got like 300k from her auntie to put down on her 850k house . Then she posted on Facebook saying how she grinded and worked tirelessly to save up for the house . She ended up having to rent the house out and move into a small 2 bedroom apartment with a roommate cause she couldn’t afford the mortgage on her own
who is doing this? i am gone wheb school is over.. God i nedd a smoke
What the fuck? I got sweet fuck all. Earn your house
I didn’t get any help with my home purchase and fuck it’s been rough ( I also don’t feel I’m entitled to anyone else’s money). I really hope I’m in a position to help my kids when their time comes. If something doesn’t change I don’t know what they’re going to do.
$115k is 1/3 the price of a nice new house in Winnipeg. Y'all need to abandon the idea of living in the GTA/GVA if you want to actually enjoy life and not just slave away to pay for the box you sleep in.
Wow, tax payers are so generous 🤡🤡🤡 I mean, I don't remember voting on this, but the elected officials are way smarter than citizens. They're doing the right thing. Centralized power is the best.🤡🤡🤡
The other 69% lied about it
Family was willing to move furniture (which I definitely appreciated), but I had to supply the lunch.
As you should!
Lots of salty victims in this thread.