Thanks for the down payment Mom and Dad
Can I "borrow" some money please? If you are a parent chances are you have heard, or will hear this from your child at some point. Who are we kidding, you will likely hear it a lot! Now usually the child is looking to buy the latest video game, gas, clothes, what have you...however, more and more of these brave little "adorable in a mother's eyes" kids are asking this in regards to a down payment for their first place. A recent report from the Canadian Association of Accredited Mortgage Professionals say that 18% of first-time homebuyers receive help from their parents. That is just under 1 in 5 first-time buyers. According to CAAMP, first time buyers put down $18.8 billion in terms of down payments last year, and $2.2 billion was a gift from parents. An additional $1.1 billion came as a loan from the family.
So kids let put it this way, Santa has nothing on Mom and Dad, so if I were you I would work hard to stay off of their naughty list.