Mom, do you have a couple hundred grand to spare for my mortgage?

Vancouver, BC, Canada / (CKNW AM) AM980
Mom, do you have a couple hundred grand to spare for my mortgage?

 

Sounds like more homebuyers across Metro Vancouver are relying on financial support from relatives.

A poll commissioned by local banking group BlueShore Financial indicates 41% of participants received assistance from their families and 76% of the parents asked are considering helping out their kids with a family-financed mortgage.

The most common form of help is a loan for a down payment ranging from $100-thousand to almost $200-thousand.

Of the 356 men and women who took part in last month’s survey, 80% already own their homes.

Nearly six out of ten believe their kid’s ability to purchase a home will be delayed without support.

Comments

Leave a Reply

  1. Many people are concerned about their mortgages. Many of them don’t even have enough income to make on time monthly contributions. This there is no even a chance to enjoy a sense of ownership. The situation should be changed and this service is great if you need help.