More than 1/3 of GTA home buyers received lump sum payment from family to buy first home
More than 1/3 of GTA home buyers received lump sum payment from family to buy first home
More than a third of homebuyers in the GTA were given a lump sum payment from parents or relatives to purchase their first property and nearly 75 per cent of first-time homebuyers in the GTA worried that their down payment would not be enough, according to a new survey by Royal LePage.
According to the survey, 36 per cent of first-time homebuyers in the GTA say they received a lump sum payment from parents or relatives to purchase a home. About 29 per cent said they received financial help with their monthly mortgage payments.
Forty-four per cent of first-time homebuyers in the GTA said the financial assistance they received was a gift.
About 29 per cent of first-time homebuyers in the GTA said they purchased a home in a different neighbourhood or region than they had originally planned due to affordability issues and 37 per cent said they purchased a smaller home than they had planned.