A parents’ guide to home down payment gifts and loans + MORE Aug 20th

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A parents’ guide to home down payment gifts and loans

– moneysense.ca

It used to be that parents budgeted for post-secondary education or contributing to the costs of a child’s wedding. But now, I am increasingly finding parents planning for home down payment gifts.

The statistics support this and show an increase in down payment help in recent years. A CIBC study from June 2024 found that 31% of first-time home buyers received financial support from family, an increase from 20% in 2015. Financial support currently averages $115,000.

I encourage parents to be careful about gifting too much too early to their children. Being overly generous can discourage your children from making their own way in life.

There’s also a risk that you might need that money someday to fund your retirement, including long-term care costs. Your child could also have a relationship breakdown, which may mean that your gift does not stay in the family.

How to keep the money safe

A gift or inheritance received during a marriage may be exempt from division upon a relationship breakdown…

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How much income do I need to qualify for a mortgage in Canada?

– moneysense.ca

The first two rate cuts from the Bank of Canada (BoC) are finally making a mark on housing affordability.

According to the latest monthly affordability report from Ratehub.ca (Ratehub Inc. owns both Ratehub.ca and MoneySense), it became easier to qualify for a mortgage for the average-priced home in every market studied across Canada—a first since January. To show how borrowing conditions are evolving in real time, the calculations reveal the minimum annual income required to buy an average-priced home in some of Canada’s major cities based on month-over-month real estate data. The analysis is based on the average five-year fixed mortgage rate, as well as the resulting mortgage stress test, in addition to average home prices as reported by the Canadian Real Estate Association, for the month of July.

This latest edition (updated monthly, so bookmark this page) is impacted by the recent rate cuts from the BoC which are now making their way into consumer mortgage rates. The two quarter-point decreases made in June and July have cumulatively brought Canada’s benchmark cost of borrowing from 5% to 4…

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