The New Spirit – Research, Data, and Conversation on Canadian Urban Policy and Politics
The following article was published in the Hamilton Spectator .
Canadian society is built on the idea that homeownership is the route to a prosperous middle-class lifestyle. Today with many young Canadians wondering how they will purchase their first home, it is time to re-examine the typical pathways to homeownership.
For those with intergenerational wealth, homeownership remains quite accessible. A 2021 report by CIBC found that 30% of buyers received gifts of on average $82,000 from family to help with their first home purchase. This was a dramatic increase from 2015 when 20% of first-time buyers received on average $52,000 in support. Unfortunately, those seeking to purchase a home without family assistance face daunting timelines. National Bank of Canada recently found that even with recent price declines, an average
The New Spirit – Research, Data, and Conversation on Canadian Urban Policy and Politics