Highlighting a growing trend among young homebuyers in Canada: relying on family gifts to enhance or provide their down payments. According to the Canadian Imperial Bank of Commerce (CIBC), nearly a third of first-time buyers now receive financial aid from their parents, with the average gift amounting to over six figures.
Continue reading →housing affordability
Housing Affordability and Rates: Impact on Canadian Buyers and Sellers
The impact of Canadian housing affordability and rates has been a topic of discussion for quite some time now, with affordability being a key concern. Recent headlines have fueled these concerns, but let’s take a closer look at the data to understand how it’s impacting both home buyers and sellers.
Continue reading →BCREA: Surprisingly Strong Recovery to Propel Housing Market in 2021
“The outlook for the BC housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.”
Continue reading →