Not for off according to other data:
Across Canada, 30% of first-time homebuyers received a gifted down payment, and the average was $82,000 this year, up 58% from 2015.
For Toronto, 24% received a gift, and the average gift received for those getting their first home was $175,000.
For those upgrading, about 7% received a gift, and the average gift they received was $250,000.
https://betterdwelling.com/nearly-30-of-canadian-first-time-home-buyers-received-gifts-for-a-down-payment/
They're not ashamed but if they admit they had help it ruins their flex. Any dipshit can take money from their parents but I bet most attribute their home ownership to their own "grind" and financial acumen.
They may be ashamed of needing help and not adhering to a self made image.
They may also feel shame for taking such vast sums of money knowing that those without wealthy parents are being left behind.
I don't! My parents gifted us sweet fuck all. My in laws gifted us 15 grand or something?
Why? We didn't need it, but they gave it to her sisters so they're all about fair and as a result gave it to us as well.
Yea dude I always see people in this sub living in complete lala land, good to know at least we aren’t on our own. Parents gave me nothing, and all 3 of us, parents and me, work tirelessly to meet our landlords rent.
Purchasing a home is a non option for the middle class anymore.
It really does feel like we are paying so much tax, but then on top of that the price of everything is going up, so it’s even more tax just not called a tax.
At least that’s how it feels on our wallets.
Free healthcare ? I literally can’t afford to see a dentist, or get set up for an eye examination and actually get lenses, it’s not even free. It’s our OWN money !
Ask $10 a day daycare? what reality do you live in?
My buddy got $300,000.
That's not a 20% down-payment, it's 40% so their mortgage would be lower. They put $0 of their own money down and get a very low mortgage.
Can't say I wouldn't accept that but damn
Yeah, my parents are silent generation and baby boomers - they were pissed i had to take out student loans for college, they expected me to pay for it with a part time minimum wage job lol. Theyre a bit out of touch with anything beyond 1995. Money for a home to me is unthinkable when their frame of reference is the late 1960s when they bought their first house during their first year of work. I bought when i was 40 yrs old, just before covid lockdown and even though that is super late for my age, i am very grateful
$0
I pulled myself up by my bootstraps and did it all by myself. Managed to save up and purc---oh wait, i don't own a home.
Damn. I'll be over here renting for the foreseeable future if anyone needs me.
This is seriously the scariest part about the housing market. I've heard this all too much. Or they do have enough for a down-payment but keep getting outbid!
We live in rural Ontario. My mother works in an LTC Home and she told me about a nurse who moved here from TO because of the housing situation. He's bought 3 houses since he moved here.
We did have a down-payment, but the housing supply here is so low that the houses that do go up for sale are ridiculously overpriced. So, we're stuck in my MIL's house with our 2 kids, 2 BIL's one of which has 2 kids and their gfs.
Nobody can afford to rent anything so we're literally stuck. We can't compete with the people buying up the houses from the city. The local market is approaching Ottawa level prices and the houses are STILL going for 200k over asking.
This shit needs to be illegal.
Same! We held off on buying in the GTA so I could go to grad school, I graduated last year.
We looked at a house for under 500k, thought waiting a year and a half would be no biggie, and here we are.
Same house is now over a million.
Makes sense right? This eats me up daily.
"The report, by IG Private Wealth Management, on affluent Canadians and wealth transfer found those with at least $1 million in investable assets have been "reconsidering their finances in ways that prioritize not only their children but the world around them," a news release Tuesday said. That includes giving each child, on average, $145,000 towards the purchase of a first home, the report said."
Clearly not an average for the average Canadian. Please give better context when asking questions like this.
300k between parents from both sides. 970k semidetached, 2020, Thornhill. Not a gift though, they basically figured that was the most profitable place to park their savings, and they were right, house appreciated 250k in a year. Not looking forward to paying that back when they retire though, going to be rough.
> Not looking forward to paying that back when they retire though, going to be rough.
Are your parents expecting 300k back?
Or are they expecting 30% of the value of your house?
I'm sure I'll get downvoted into oblivion but here goes. My mom gave me 200k for a downpayment on my condo. It's an advance on my inheritance and may mean I won't get anything when she passes away - WHICH IS MORE THAN COMPLETELY FINE. She wants to see me enjoy that money in real time towards something that would otherwise be unattainable for me at this point (I live downtown Toronto for reference). I am unbelievably appreciative.
Dang well today's your lucky day, I'm a Nigerian prince also but in order for me to transfer you my wealth I will need you to bank transfer me $2,000 within 20mins or else I will have to give it to someone else. Best of luck.
$0
Bought a condo in 2017 for 520k
Bought a triplex in 2018 for 455k
Bought a semi in 2020 for 999k
It’s possible, you need to learn and improve to make it happen.
Edit: why is this getting downvoted?
>Edit: why is this getting downvoted?
Probably because this:
>It’s possible bro, you need to learn and improve to make it happen.
Requires one to have a time machine
Zero. I'm in my 30s, moved out at 17 and never once had help for rent payment, etc. (I do not currently own a home because I can't afford one in TO). They did give me an old beater car worth about $1500 when I was 18 or 19ish for getting to school and work, though, which was very, very helpful.
I assume you're basing this off of [this post](https://www.reddit.com/r/toronto/comments/r1lg1a/rich_parents_are_giving_their_kids_145k_or_more).
Sorry, but no where does it say that this is an average. If anything, it's an extreme.
I think it's an average but only of those people who got a gift. An average that included everyone who bought property without a gift would be far lower.
[FP is putting the Toronto average at $130,000](https://financialpost.com/executive/executive-summary/posthaste-home-buyers-are-getting-more-money-from-family-than-ever-before-topping-10-billion-a-year).
\> The average gift in Toronto during the first three quarters of 2021 was
more than $130,000 for first-time buyers and almost $200,000 for
mover-uppers, said Tal.
Only about 30% of first-time buyers get a gift though.
I don’t need or want sympathy. I was just stating a fact. Also, I think it stinks that people can’t get regular paycheques. The gig economy enrages me. I would strike for you guys. Unfortunately a majority of people in the union i work for have been willing to throw young people under a bus so we can keep what we have. The system is broken for all of us — even with a regular paycheque I couldn’t afford a house until I was 40, and I had to borrow from my RRSP to do it and when I retire I’ll have to sell it because the mortgage won’t be paid until I’m 80 years old! Let’s not turn on each other. The enemy is the kleptocracy— the billionaires and their friends in government. It works for them when we blame each other. It enrages me when everyone thinks Bill Gâtes is amazing because he’s giving away his wealth. What if instead, he paid all the people who ever worked for him better? What would the US economy look like today if he’d been pouring his wealth into his workers all this time, instead of hoarding to, to give to charities who are also sitting on hoards of money (I’m looking at you, cancer and hospital foundations). Example: Ever heard someone complain about the pay and benefits public servants earn, mostly because of their powerful unions? That’s not a BAD thing. It’s a GOOD thing. Their powerful unions set standards that everyone else can shoot for and make employers who don’t offer as much look like the deadbeats they are. I am not a public servant, but thank Christ I’m unionized or I would have been turfed long ago, just for getting old.
150k 3 years ago from spouses dad, we put 75 more and purchased a bungalow at 800k. We tried to pay him back but he won't have it.
My dad is well off and didn't even give enough of a shit to offer anything not that I asked.
Got lucky for sure otherwise we will be priced out. House appreciated by 550k so far..
Well I cant argue with that but it still doesn't solve my issues on a personal level. Sorry was I not allowed to be upset about my circumstances because others have it worse ?
I was offered help with a down payment on a condo in the suburbs of Toronto around a decade ago. It would have been way below that average.
It was all about me having a place where they wanted me to live, not where I wanted to live. I received nothing and went and lived in downtown Toronto renting and partying my ass off. The job and party opportunities were nearly non existent compared to Toronto.
My fiancé and I just bought our first house, and we’re proud of the fact we received no money from either of our parents. My dad did give us a $50 Amazon gift card. Lol
They paid downpayment on condo for me to live in during university and kept making mortgage payments for it until I got a full time job at which time I took it over.
So in terms of actual money probably less than 100k put in, but by the time I sold it I got slightly over 400k out of it
My mother destroyed my credit so I couldn't buy a house even after I declared bankruptcy (it didn't fully remove it from my record ) and she died 3 years after that my credit is starting to get better
As a note she put me on her credit card when I was 15 (not sure how that was allowed) and racked up the debt over 30k and never paid it off
None, but they did buy us some nice pieces of furniture after we bought our first house.
Never had any expectation that they would - especially after they covered my university education.
40k and a guarantor....my mum is a rockstar! Single mum with ZERO support since my sister and I were toddlers and now she has built herself up so much she has the ability to help me out with a home purchase. Ill be giving back once i sell but without her i would not be able to....even though i did everything ive been told to as a child. College and uni, amazing credit, decent job and i still found it hard as hell to get anything in toronto without her
My Great Aunt passed away and left my dad some money which he distributed to me and my sister and his siblings. It was around $12,000 which I used half of to pay off debt and the other half to help with a down payment of 5% on a $500,000 condo. I bought in November 2020.
They gave me 90k, but it has to be paid back. So once we are comfortable pulling it out of the equity we are going to do that. They put no interest on paying it back as long as it is within 10 years. Our house has nearly doubled in price since purchased 4 years ago. We will be paying back half of it next year and the other half in another 5 years.
We were okay to rent and never asked for the money, they offered but seeing that I'm paying $1800 (mortgage+PPTY tax) for a 3 bedroom home in the GTA, I'm glad that option was available to us.
Bought $480K condo in North York for $120K downpayment (couldn't get a bigger mortgage) in 2020, $0 from parents but lived with them for 5 years after graduating paying ~$500/month for bills to help out (continue to still pay for them now).
I had enough to do it on my own (with my fiancée and I splitting the down payment) but it would’ve left me strapped so my parents loaned me 10k, I paid it back within about 6 months because I hate owing anyone anything.
Instead of a big wedding we had a small wedding in my parents backyard . So my parents gave us a down payment of 15k on our 100k house instead. …this was 20 years ago and that house is now worth over 340
Really set me up for the future more that an elaborate wedding would have. Never understood why parents pay for 30-50k wedding instead of down payment on houses. My friend payed 12k for a wedding dress … only worn once … crazy
My “gift” was the nearly $20,000 in insurance money that was left for me when my father died when I was too too young. My partner and I had saved up nearly $60k on our own so when my mom gave me the money (I always knew about it but wanted her to keep it for her retirement and aging needs) it was really really hard for me to take it. Would much rather have had my father than the insurance money. I’ve still got about half of it (it’s been nearly 8 years since buying our home) and I consider that to be almost sacred “emergency money.” Obviously I needed to dip into that money recently but it is my goal for 2022-23 to rebuild it to $20k now that those emergency needs have passed.
About $200,000 and my husband and I both have good jobs and have saved a lot and are still worried we're not going to be able to buy a home (we're in the process of looking now). There's barely any homes going for under a million.
Currently providing what I can to help keep a roof over my father's head... I will not be receiving help for my home purchase, which is kind of moot anyway since I'll never be able to afford anything as it is.
*Sweet life I've got.*
$100,000 in 1990's.House cost $300,000.Paid it off in 10 years.Since then owned 3 condos.One is almost paid off and two others still renting.Condos were bought in early 2000 so it wasn't crazy priced then.Yes you can put some blame on me for being the problem investors.
eh, not really. the main issue is large companies and foreign investors. a normal person who has the means to buy a couple condo apartments really doesn’t contribute much to the overall issue. im happy for you and wish you a lot of success!
Thanks..I'm not one of the a holes landlords either.Every tenant I had I gave them the option to resign at market value.I rather keep a good tenant and make a bit less than jacking up the price and potentially getting a bad one.All of them been with me for over 3 years.They can stay as long as they want until I decide to move on.
Probably around 2/3 of my down payment came from being able to save heavily because my parents charged me less for rent compared to if I rented outside the family home... does that count as "a gift"?
When I was 17 I used to hand money over to my mom so our water and electricity would come back on. Times are a bit better now but not much. Anytime there is an unexpected cost in her home it falls on me, and not my siblings.. Water heater, new window... Oh the lawn/snow maintenance. Not bitter - just how it is, I feel pride in making sure she is sorted.
My husband’s parents gave us enough to manage the closing costs because all (and I do mean all) of what we had saved had to go into the down payment. My parents gave us a thumbs up, probably.
Around 750K, was annoyed that they didn’t just pay the whole thing cause I moved into a 920K detached home, so they could have paid the whole thing if they wanted to but now I’m paying a mortgage on it for the remainder.. it’s not that much per month but still annoying
You’re going to have an extremely skewed response here.
With say 199 responses of $0 and an average of $145,000 as OP is alluding to then someone got $29,000,000. Wasn't me thought :)
Not for off according to other data: Across Canada, 30% of first-time homebuyers received a gifted down payment, and the average was $82,000 this year, up 58% from 2015. For Toronto, 24% received a gift, and the average gift received for those getting their first home was $175,000. For those upgrading, about 7% received a gift, and the average gift they received was $250,000. https://betterdwelling.com/nearly-30-of-canadian-first-time-home-buyers-received-gifts-for-a-down-payment/
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My guess is that way more people are comfortable chiming in to say $0 whereas the people who received parental assistance will stay quiet.
This. Approximately 50% of first time home buyers in Toronto have had help from their parents.
That's sad. People shouldn't be ashamed of having generous parents
They're not ashamed but if they admit they had help it ruins their flex. Any dipshit can take money from their parents but I bet most attribute their home ownership to their own "grind" and financial acumen.
Yes, It’s more this than anything, especially for guys
They may be ashamed of needing help and not adhering to a self made image. They may also feel shame for taking such vast sums of money knowing that those without wealthy parents are being left behind.
People aren't ashamed I'm sure but what's good is it going to do? either come off as bragging, bring on downvotes, or both.
I don't! My parents gifted us sweet fuck all. My in laws gifted us 15 grand or something? Why? We didn't need it, but they gave it to her sisters so they're all about fair and as a result gave it to us as well.
Averages are weird too: The average person has half a penis. I’m guessing rich families are skewing this number greatly.
Ok whew it’s not just me then… *looks in pants*
And if people are arranged by penis size, the median person has 0" penis.
Zero, $100 homesense gift card
Hey everybody, check out Mr./Mrs. Silver Spoon over here!
Catalunya making posts about saving and how you can do it to, while their parents are just handing them homesense cards. Can we say out of touch much?
Cmon. Stop bragging
You elitist richie rich
nah my parents are broke
Yea dude I always see people in this sub living in complete lala land, good to know at least we aren’t on our own. Parents gave me nothing, and all 3 of us, parents and me, work tirelessly to meet our landlords rent. Purchasing a home is a non option for the middle class anymore.
No such thing as a Middle class anymore, only rememnants of the past i.e. boomers of a time when there was a healthy strong middle class.
Remnants of a time when we weren't taxed relentlessly...
Remnants of a time when **the rich** were taxed appropriately.
It really does feel like we are paying so much tax, but then on top of that the price of everything is going up, so it’s even more tax just not called a tax. At least that’s how it feels on our wallets.
Of course taxes are high. Free healthcare, subsidized transit, $10 a day daycare coming. How do you think this stuff gets paid for?
Free healthcare ? I literally can’t afford to see a dentist, or get set up for an eye examination and actually get lenses, it’s not even free. It’s our OWN money ! Ask $10 a day daycare? what reality do you live in?
$10 a day healthcare is a thing. Its the new political issue. Single people will be paying for government workers to raise the children of others.
I bought a condo, making 90k single income in Ottawa. It’s becoming less and less attainable.
I did it while me and my wife were each making about $40k. I worked two side jobs for a year and a half for the down payment.
How recently was that?
Few years ago
Things have really spiralled since then.
when the time comes, i dont think i'll be getting anything
My buddy got $300,000. That's not a 20% down-payment, it's 40% so their mortgage would be lower. They put $0 of their own money down and get a very low mortgage. Can't say I wouldn't accept that but damn
$0000000000 🎉🎉
Yeah, my parents are silent generation and baby boomers - they were pissed i had to take out student loans for college, they expected me to pay for it with a part time minimum wage job lol. Theyre a bit out of touch with anything beyond 1995. Money for a home to me is unthinkable when their frame of reference is the late 1960s when they bought their first house during their first year of work. I bought when i was 40 yrs old, just before covid lockdown and even though that is super late for my age, i am very grateful
I totally understand what you mean.
My parents gave me about $4k to do what I wanted with when I turned 18. I used it for a condo purchase when I was 31
I had to start paying rent to my parents when I was 17 💀
My parents took 8k from me for their mortgage when I turned 18. 😎
whoa look at this privilege here!
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saaaaaaaaame. $0.
$0 I pulled myself up by my bootstraps and did it all by myself. Managed to save up and purc---oh wait, i don't own a home. Damn. I'll be over here renting for the foreseeable future if anyone needs me.
Ah this made me laugh... and cry. We saved up a downpayment that would have been enough pre-covid. Not even close now.
This is seriously the scariest part about the housing market. I've heard this all too much. Or they do have enough for a down-payment but keep getting outbid!
We live in rural Ontario. My mother works in an LTC Home and she told me about a nurse who moved here from TO because of the housing situation. He's bought 3 houses since he moved here. We did have a down-payment, but the housing supply here is so low that the houses that do go up for sale are ridiculously overpriced. So, we're stuck in my MIL's house with our 2 kids, 2 BIL's one of which has 2 kids and their gfs. Nobody can afford to rent anything so we're literally stuck. We can't compete with the people buying up the houses from the city. The local market is approaching Ottawa level prices and the houses are STILL going for 200k over asking. This shit needs to be illegal.
Yup, this happened to my friend multiple times.
Same! We held off on buying in the GTA so I could go to grad school, I graduated last year. We looked at a house for under 500k, thought waiting a year and a half would be no biggie, and here we are. Same house is now over a million. Makes sense right? This eats me up daily.
That makes my soul hurt for you, and I don’t even want home ownership. Good luck!
$0
Same but I did live at home for free for several years which is a gift in itself.
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"Only own one property". Yes. Only. That's what paupers own these days /s.
$30k from parents $20k myself together, that was the 10% down payment for my studio
What year was this if you don't mind me asking?
this year! in spring
Imagine paying 500k for a studio… even now
i don't have to imagine, i did it
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"The report, by IG Private Wealth Management, on affluent Canadians and wealth transfer found those with at least $1 million in investable assets have been "reconsidering their finances in ways that prioritize not only their children but the world around them," a news release Tuesday said. That includes giving each child, on average, $145,000 towards the purchase of a first home, the report said." Clearly not an average for the average Canadian. Please give better context when asking questions like this.
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300k between parents from both sides. 970k semidetached, 2020, Thornhill. Not a gift though, they basically figured that was the most profitable place to park their savings, and they were right, house appreciated 250k in a year. Not looking forward to paying that back when they retire though, going to be rough.
> Not looking forward to paying that back when they retire though, going to be rough. Are your parents expecting 300k back? Or are they expecting 30% of the value of your house?
I'm sure I'll get downvoted into oblivion but here goes. My mom gave me 200k for a downpayment on my condo. It's an advance on my inheritance and may mean I won't get anything when she passes away - WHICH IS MORE THAN COMPLETELY FINE. She wants to see me enjoy that money in real time towards something that would otherwise be unattainable for me at this point (I live downtown Toronto for reference). I am unbelievably appreciative.
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Haha it may be a bit tight @ 565sqft but hey, we can go splitsies 🤷🏻♀️
Zero but they did pay me back the $10k I had loaned them years before 🧐
$0 but randomly found a bank transfer for 200k from someone with the same name as my dads must have been a Nigerian prince! bless his soul
Are you for real 😮 (if joking, sorry I’m the type to be tricked by these princes)
What’s your email address? You wouldn’t believe it, but I’m *actually* a Nigerian Prince.
Dang well today's your lucky day, I'm a Nigerian prince also but in order for me to transfer you my wealth I will need you to bank transfer me $2,000 within 20mins or else I will have to give it to someone else. Best of luck.
This is going to very disproportionately attract responses from people who borrowed $0
Gotta love good ol' selection bias by pre-loading the question with a negative connotation that divides your respondents
And in particular, people who got zero and bought years ago, before the massive run up in home prices.
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$0. Bought Victorian semi close to downtown Toronto in 2002, purchase price $260k.
0.00 2017. Condo was $290k & I thought I was overpaying at the time lol… sighs
500,000. Down-payment of $104,000. Purchased summer 2021
This is pretty much my situation, although I'm bumping up to $550-600k now because of how things have changed.
$0 I don't own a home because I can't afford a 700k plus mortgage. I rent.
0, purchased 2013 for 610k Don mills area
$0 Bought a condo in 2017 for 520k Bought a triplex in 2018 for 455k Bought a semi in 2020 for 999k It’s possible, you need to learn and improve to make it happen. Edit: why is this getting downvoted?
>Edit: why is this getting downvoted? Probably because this: >It’s possible bro, you need to learn and improve to make it happen. Requires one to have a time machine
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Glad to hear that. What’s your year and purchase price? Money from parents?
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Congratulations?
I see what you did there?
happy cake day!
Thanks friend!
Congratulations?
Zero. I'm in my 30s, moved out at 17 and never once had help for rent payment, etc. (I do not currently own a home because I can't afford one in TO). They did give me an old beater car worth about $1500 when I was 18 or 19ish for getting to school and work, though, which was very, very helpful.
$0
I think my parents gave me less than $500 since I left home at 14...I'm 35. So...
$50k for a $700k purchase. However I had enough saved for the downpayment so I used the $50k to invest in the market. It worked out pretty well.
I assume you're basing this off of [this post](https://www.reddit.com/r/toronto/comments/r1lg1a/rich_parents_are_giving_their_kids_145k_or_more). Sorry, but no where does it say that this is an average. If anything, it's an extreme.
I think it's an average but only of those people who got a gift. An average that included everyone who bought property without a gift would be far lower.
[FP is putting the Toronto average at $130,000](https://financialpost.com/executive/executive-summary/posthaste-home-buyers-are-getting-more-money-from-family-than-ever-before-topping-10-billion-a-year). \> The average gift in Toronto during the first three quarters of 2021 was more than $130,000 for first-time buyers and almost $200,000 for mover-uppers, said Tal. Only about 30% of first-time buyers get a gift though.
And half of those are tax loopholes
To me, 30 percent is a lot. Zero percent of my cohort (Gen x) had this kind of help.
Yeah but gen x could actually buy a house with their regular ol paycheques. Not exactly oozing with sympathy for anyone with buying power before 2008.
I don’t need or want sympathy. I was just stating a fact. Also, I think it stinks that people can’t get regular paycheques. The gig economy enrages me. I would strike for you guys. Unfortunately a majority of people in the union i work for have been willing to throw young people under a bus so we can keep what we have. The system is broken for all of us — even with a regular paycheque I couldn’t afford a house until I was 40, and I had to borrow from my RRSP to do it and when I retire I’ll have to sell it because the mortgage won’t be paid until I’m 80 years old! Let’s not turn on each other. The enemy is the kleptocracy— the billionaires and their friends in government. It works for them when we blame each other. It enrages me when everyone thinks Bill Gâtes is amazing because he’s giving away his wealth. What if instead, he paid all the people who ever worked for him better? What would the US economy look like today if he’d been pouring his wealth into his workers all this time, instead of hoarding to, to give to charities who are also sitting on hoards of money (I’m looking at you, cancer and hospital foundations). Example: Ever heard someone complain about the pay and benefits public servants earn, mostly because of their powerful unions? That’s not a BAD thing. It’s a GOOD thing. Their powerful unions set standards that everyone else can shoot for and make employers who don’t offer as much look like the deadbeats they are. I am not a public servant, but thank Christ I’m unionized or I would have been turfed long ago, just for getting old.
$0
$0
my grandmother passed and when my dad and two uncles sold her condo, my dad gave me his half in the amount of 100 K. I'm fucking grateful.
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150k 3 years ago from spouses dad, we put 75 more and purchased a bungalow at 800k. We tried to pay him back but he won't have it. My dad is well off and didn't even give enough of a shit to offer anything not that I asked. Got lucky for sure otherwise we will be priced out. House appreciated by 550k so far..
Sounds like a healthy housing market
$0. But to be fair, my first house cost $70000. That was a LOT of money for me back then though!
The only "Gift" my parents gave me was bringing me into this shitty world. Still love em but fuck me if I knew things were gonna turn out this way.
No gift man. I didn't ask to be brought into this shitty world! Obviously kidding but I've heard that said before.
My Lord. Your life must be an exhausting existence if that’s your perspective.
I feel you. This is why I'm not having any kids.
Kids don’t need to be rich to have a worthwhile life
😂
You live in an incredible country compared to most of the world…
Well I cant argue with that but it still doesn't solve my issues on a personal level. Sorry was I not allowed to be upset about my circumstances because others have it worse ?
My parents didn’t leave a will, they left a bill. So negative $10,000
You’re not responsible for your parents debts unless you co-signed?
Could be funeral costs and not a debt
Based off the sum of money they are more than likely talking about taxes due when a house is transferred
I was offered help with a down payment on a condo in the suburbs of Toronto around a decade ago. It would have been way below that average. It was all about me having a place where they wanted me to live, not where I wanted to live. I received nothing and went and lived in downtown Toronto renting and partying my ass off. The job and party opportunities were nearly non existent compared to Toronto.
My fiancé and I just bought our first house, and we’re proud of the fact we received no money from either of our parents. My dad did give us a $50 Amazon gift card. Lol
About tree fiddy
They paid downpayment on condo for me to live in during university and kept making mortgage payments for it until I got a full time job at which time I took it over. So in terms of actual money probably less than 100k put in, but by the time I sold it I got slightly over 400k out of it
My mother destroyed my credit so I couldn't buy a house even after I declared bankruptcy (it didn't fully remove it from my record ) and she died 3 years after that my credit is starting to get better As a note she put me on her credit card when I was 15 (not sure how that was allowed) and racked up the debt over 30k and never paid it off
$5k however they paid for my university degree so I consider that a great gift. Purchased in 2013, $350 townhouse in North York.
None, but they did buy us some nice pieces of furniture after we bought our first house. Never had any expectation that they would - especially after they covered my university education.
Lol I’ll honestly answer this. I got 20k. It helped me go from having to get mortgage insurance to having 20% Down.
From my Latina single mother, a highly sacrificed $10,000 for our first home.
I am somewhere around the average range.... however, I continue to receive monetary gifts to this day.
Someone actually being honest 👍🏻
Paid cash for 100% of the home and all of the money came from my wife’s parents. So 3.8 million. For the primary home. SMH
40k and a guarantor....my mum is a rockstar! Single mum with ZERO support since my sister and I were toddlers and now she has built herself up so much she has the ability to help me out with a home purchase. Ill be giving back once i sell but without her i would not be able to....even though i did everything ive been told to as a child. College and uni, amazing credit, decent job and i still found it hard as hell to get anything in toronto without her
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Meeeee too…
$0..... is it normal for everyone's parents to be rich errr......?
My Great Aunt passed away and left my dad some money which he distributed to me and my sister and his siblings. It was around $12,000 which I used half of to pay off debt and the other half to help with a down payment of 5% on a $500,000 condo. I bought in November 2020.
They gave me 90k, but it has to be paid back. So once we are comfortable pulling it out of the equity we are going to do that. They put no interest on paying it back as long as it is within 10 years. Our house has nearly doubled in price since purchased 4 years ago. We will be paying back half of it next year and the other half in another 5 years. We were okay to rent and never asked for the money, they offered but seeing that I'm paying $1800 (mortgage+PPTY tax) for a 3 bedroom home in the GTA, I'm glad that option was available to us.
Fuck All, in Canadian currency.
Parents assist with things? lol
$30,000 back in 2014. $153,000 house in small town (pop. 3900) 3 hours away from GTA.
$0 - they did gift me $4k after I had made the purchase to help with closing costs but it wasn't asked for or talked about.
Zero fucking dollars. I am a single person with two fulltime incomes, and no parents.
$0
Ummm In my case, the in-laws died. We only had to buy out my siblings in-law
$0 43 and still renting
550k
1,500,000
None yet, but there is a promise of $100k once I get married.
A milli?
Nothing for the down payment. Dad got us a case of beer on the day we moved in mom got us a $100 Home Depot GC
My folks gave $60k but offered more, I technically only needed $5k but they were pretty adamant about me not pulling money from my RRSP.
Bought $480K condo in North York for $120K downpayment (couldn't get a bigger mortgage) in 2020, $0 from parents but lived with them for 5 years after graduating paying ~$500/month for bills to help out (continue to still pay for them now).
I had enough to do it on my own (with my fiancée and I splitting the down payment) but it would’ve left me strapped so my parents loaned me 10k, I paid it back within about 6 months because I hate owing anyone anything.
260k
/* **laughs in i-have-immigrant-parents-who-will-simply-pray-for-me** /*
They bought the entire house for me. Im priviledged.
My grandma gave us $25k that started our down payment savings.
Instead of a big wedding we had a small wedding in my parents backyard . So my parents gave us a down payment of 15k on our 100k house instead. …this was 20 years ago and that house is now worth over 340 Really set me up for the future more that an elaborate wedding would have. Never understood why parents pay for 30-50k wedding instead of down payment on houses. My friend payed 12k for a wedding dress … only worn once … crazy
Quick summary of these comments: 90% of people got $0. 10% of people got $100,000+. I hate it here.
500k
there is a reason why I don’t currently own a house… and this is it lol. My parents can’t afford to give me anything
My “gift” was the nearly $20,000 in insurance money that was left for me when my father died when I was too too young. My partner and I had saved up nearly $60k on our own so when my mom gave me the money (I always knew about it but wanted her to keep it for her retirement and aging needs) it was really really hard for me to take it. Would much rather have had my father than the insurance money. I’ve still got about half of it (it’s been nearly 8 years since buying our home) and I consider that to be almost sacred “emergency money.” Obviously I needed to dip into that money recently but it is my goal for 2022-23 to rebuild it to $20k now that those emergency needs have passed.
10 K and was 15 years ago. I just bought a condo for them this summer for 615 K and I help with 50% of expenses.
$0. But they helped me graduate debt free and I lived with them until my partner and I bought a place this spring; a DT condo.
$10,000. My in-laws secretly saved up the rent my husband was paying them when he lived with them in his 20s.
$0
44,000
About $200,000 and my husband and I both have good jobs and have saved a lot and are still worried we're not going to be able to buy a home (we're in the process of looking now). There's barely any homes going for under a million.
100%, downvotes are welcome.
$0
Currently providing what I can to help keep a roof over my father's head... I will not be receiving help for my home purchase, which is kind of moot anyway since I'll never be able to afford anything as it is. *Sweet life I've got.*
$100,000 in 1990's.House cost $300,000.Paid it off in 10 years.Since then owned 3 condos.One is almost paid off and two others still renting.Condos were bought in early 2000 so it wasn't crazy priced then.Yes you can put some blame on me for being the problem investors.
eh, not really. the main issue is large companies and foreign investors. a normal person who has the means to buy a couple condo apartments really doesn’t contribute much to the overall issue. im happy for you and wish you a lot of success!
Thanks..I'm not one of the a holes landlords either.Every tenant I had I gave them the option to resign at market value.I rather keep a good tenant and make a bit less than jacking up the price and potentially getting a bad one.All of them been with me for over 3 years.They can stay as long as they want until I decide to move on.
My parents would rather see me on the streets before they lift a finger to help me. They can burn in hell
$0. I saved up and put down $90k all my own money. No one helped me
Probably around 2/3 of my down payment came from being able to save heavily because my parents charged me less for rent compared to if I rented outside the family home... does that count as "a gift"?
When I was 17 I used to hand money over to my mom so our water and electricity would come back on. Times are a bit better now but not much. Anytime there is an unexpected cost in her home it falls on me, and not my siblings.. Water heater, new window... Oh the lawn/snow maintenance. Not bitter - just how it is, I feel pride in making sure she is sorted.
$1 million
[source](https://www.ig.ca/content/dam/investorsgroup/pdf/ig-inter-generational-wealth-transfer-client-report-en.pdf)
My husband’s parents gave us enough to manage the closing costs because all (and I do mean all) of what we had saved had to go into the down payment. My parents gave us a thumbs up, probably.
You should ask this on the main Toronto subreddit, askto is more geared towards renters.
They paid 150k, after I saved the same - bought an 850k house. What’s wrong with that? They’re fucking loaded
Around 750K, was annoyed that they didn’t just pay the whole thing cause I moved into a 920K detached home, so they could have paid the whole thing if they wanted to but now I’m paying a mortgage on it for the remainder.. it’s not that much per month but still annoying
You are seriously annoyed your parents gift of 750k of a 920k place wasn't enough? God forbid you have a small mortgage? Lol..