Almost one in five first-time home buyers is getting financial help from parents, and the average amount of that help is $150,000. If you’re wondering how first-time buyers can afford the down payments required to get into the housing market today, these numbers, drawn from the Canadian Imperial Bank of Commerce client database offer some insight.
September marked the transition from the slower summer market to the busier fall market in the Greater Toronto Area (GTA). Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September was no different. Sales increased relative to August, and in September, 9,046 sales were logged through MLS, making it the third-highest mark on record for the month of September. The 905 area of the GTA represented the majority of the sales, with 5,649 transactions.
Canadians are changing provinces at the fastest rate since the 90’s real estate bubble. Canadians haven’t fled their province in such a large volume in over three decades. Interprovincial migration reached 123,500 people in Q2 2021. This is an increase of 55.1% from the previous quarter, and the largest migration since Q3 1991. That was smack in the middle of the last affordability crisis, and the end of the early 1990s real estate bubble. Migration and quality of life improvements tend to go hand in hand.