01/24/2022
For a real hint on how the housing market will continue to accelerate in Canada, it's wise to take a look at this recent quote from CIBC world economist Benjamin Tal.
"If you really want to understand what is happening in the housing market, you really cannot ignore gifting and immigration.
One-third of first-time home buyers are getting a gift, that’s a record high. About 10 per cent of home buyers are mover uppers, not first-time buyers. They are also getting gifts. The average gift for first-time home buyers is about $80,000, and the average gift for mover uppers is over $100,000. Now, this is the average for Canada. In more expensive cities, like Toronto and Vancouver, the gifts are much more significant. We are in the midst of the largest transfer of wealth in Canadian history. This is just the beginning."
Here is an article on how gifting works and the implications from Canadian Real Estate Magazine:
In order for young adults to get into the crazy housing market, most often than not, they need help from family with their down payment. Here's how the process works.
