Nearly one in five first-time homebuyers received help with down payment: CMHC
OTTAWA — Nearly one in five first-time homebuyers received help with a down payment from a family member, according to a survey conducted by the federal housing agency released Tuesday.
Canada Mortgage and Housing Corp. said 18 per cent of first-time buyers polled said they received a gift from a family member as part of their down payment. It was the first time CMHC included the question as part of its annual mortgage consumer survey.
CMHC said first-time buyers who received some financial help with their down payment were less likely to find the process of getting a mortgage easy and straightforward.
“First-time buyers who received a gift from family as part of their down payment were less comfortable than others with their current level of mortgage debt,” the agency said.