A common refrain in Canada among people looking to buy a home for the first time is to “tap the Bank of Mom and Dad,” the Huffington Post reports.
But numbers from the Canadian Association of Accredited Mortgage Professionals suggests that first-time buyers who received financial support from their parents make up a small minority of all entry-level homeowners, though it is increasing.
This year’s survey reports that 18 percent of first-time buyers in the past two years used money that relatives loaned or gave them to finance their down payments, compared to 13 percent in November’s report.
PB Topical Ref
