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

Vancouver, BC, Canada / (CKNW AM) AM980

 

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

  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.

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