Source: Mortgage Broker News
by Jamie Henry | 08 Apr 2015
First-time buyers are increasingly getting help from parents to be able to buy a home. Genworth has unveiled the results of its survey of 1,800 first-timers in the 25-40 age group. It found that almost a third were able to get a mortgage thanks to parents helping with a downpayment or acting as guarantors on the loan. Five per cent used cash from wedding gifts and 1 per cent used an inheritance. Detached family houses accounted for more than half of the purchases although in Toronto, Vancouver and Montreal that number fell to less than 30 per cent. The typical price of first homes was $293,000 with a 12 per cent downpayment. The survey’s respondents had all bought a home within the past 24 months but a large percentage of respondents (39 per cent) were concerned about being able to meet mortgage repayments at the end of each month.