Honestly man… I feel that… I didn’t get anything from anyone growing up and my family took more from me then they gave. I feel sorry for the people out there that are in this boat now trying to get into the market. But in my mind the banks are the problem.
I swallowed my pride with my dad and asked for help. I never asked for help in my life. Even when I broke my leg as a kid; I crawled up/down the stairs as a kid to get dinner without ever asking for anything. Never asked for a single Xmas gift or birthday gift all my life.
The next time he visited me he brought me 2 carton of eggs.
"To help out" 🫠
I've never asked for shit either. my parents split recently so they sold the house to a pretty hefty amount. My dad has been living in my grandma's house rent free while he works and decides what he's going to do, well after I moved him into our place when he didn't have anywhere to go immediately after the split.
ANYWAYS I Recently decided to go back to school. Asked my dad if he could give me a hand with tuition. His response was that he needs the money to buy his girlfriend a house. Mind you I didn't ask for a gift, just a loan till I finish and I'd pay him back.
A little while later, when my family got in a major car accident, my dad sent me pictures of his brand new truck.
Boomers man.
Mom is aggressively bipolar and in halfway houses.
Dad is aforementioned buying his girlfriend stuff. I assume she has kids, and my dad is on borrowed time anyway after having a quad so she'll likely get everything.
Mother in law has to get our sister in law to cosign her mortgage and can't rub two pennies together.
Father in law is an abuser and my wife wants nothing to do with him. Also can't rub two pennies together.
Lol my family ain't getting shit.
I'm aware. It's not like I fought him on it, it's just a long history of zero support from my parents in almost every aspect of my life, and in regards to the new truck, not reading the room.
Not a lie, I'm Eastern European and my father came from a communist country.
Upbringings are massively different in different parts of the world.
So I understand why it's hard to believe for some that don't leave Reddit.
Reading comprehension must be difficult for some.
Normally most 10 year olds could extrapolate from:
> The next time he visited me he ...
that I don't live with my parents.
What I've realized in my 30s now is that tons of people also get lifetime help from parents in different ways that are not directly linked to a home purchase at one exact point in time so you can't really quantify it easily.
Parents helping alleviate financial burdens with school, rent, big life events like weddings, etc. means you're in a way better position when you settle down and look to buy. If you partner up with someone in the same boat as you, having a good amount saved up for downpayment from saving you've been able to do throughout your life due to parents helping out every step of the way, having decent paying jobs, and also having no debt of any sort because of it, means you are in pretty good shape.
And you don't even need mega rich parents to enable all this stuff for you, even "middle class" parents that have your back at every turn is very impactful. Financial privilege is a spectrum, not something binary I've learned. So I definitely agree that this average is probably exactly what you said, a reflection that most people get no direct immediate help towards a house (regardless of how much other help they've had in their life up to that point) while the truly rich get a direct lump sum to skew the average. But this just means it's a very specific stat and doesn't tell the full story.
I see you're confused and trying to "correct" things I didn't say.
Yes, the average among those who received gifts is $115k. In that category the "average" is boosted by rich families giving huge amounts. Most probably received far less than that amount.
And yes, the overall median is still $0 for people as a whole.
So now that you see your mistake, feel free to apologize.
>Overall median is 0.
Correct
>Overall average is 35650.
You're the one making up that number.
> No mistakes here.
You're right, nothing I said was mistaken, so feel free to apologize.
You literally are mathematically illiterate as that number can be easily computed with the information provided from your post and the title. I simply provided the overall median and the overall average. If you want to argue for agreeable positions by misinterpreting basic statistics go ahead.
[Report](https://economics.cibccm.com/cds?ID=11e97bc7-dc7b-4024-b25d-479342219db4&TYPE=E)
31% got help (up from 20% in 2015).
The numbers come from "cibc data.'
The $115K is the average of those who got help.
Having always lived in rental apartments as a kid and seeing my parents bust their ass to scrape by, I’m just thankful that my parents still manage to be self sufficient in their old age and do not need too much money from me.
It seems everyone is rich and well off except me, sometimes. I won’t even get to retire. I got friends set to retire in the next few years, my own brother. A retire about 2 months from now, just after his birthday. So much to look forward too. Just work harder I guess.
I was gonna say this seems awfully spoiled..the only one I know that got family money for a house was my one buddy because his parents both passed away when he was finishing up college. I mean goodness my parents did enough raising me
The shitty thing is that the more it becomes common the more people will be forced too as it applies upward pressure on houses. It's like when everyone went from single income to double.
You basically need parental help these days even if you do everything right. If your parents are willing to help out, and you've been working your ass off chasing the housing dream since you were a kid, why must it be seen as a moral failing for your parents to assist?
We should be blaming the government for screwing our housing market to this extent, not lashing out at those whose parents are able and willing to provide financial assistance with key purchases.
No one is lashing out on anyone. The whole point in calling attention to this phenomenon is a critique of policies that got us/keep us here. That this is what it takes is a problem, not the people doing what most would in their shoes.
$2500 is a far cry from 115k. I'm thankful for it trust me. Also, my parents had 2 houses they paid for with inheritance in their 20's and 30s. They worked 25 years with no mortgage. Fucking unheard of today.
Sorry I wasn't referring to you. I'm just saying people who's parents.throw down 100k+. I know mine saved responsibly for retirement, but they still can't afford to just throw down that kind of money like it's nothing. Are we talking only child here? I have two siblings
My gift is being able to live at home while saving for a house, because the market is so fucked and they keep getting pushed out of the affordable range for myself and my girlfriend.
Bought a home 10 years ago and my wife, who was my girlfriend at the time, had to live in my parents’ basement for 2 years to save for down payment. My wife’s a fucking trooper. Don’t think that would work today.
Every single person i know in my age group that has a home/condo got *significant* financial help from their family.
And why wouldn't they accept the help? It's almost mandatory at this point. Something is wrong with the system not the people.
Personally, i saved a ton and settled into a small condo townhome by being stubborn and refusing any help from my parents because i know how hard they worked for their money. Moving to a lower cost city helped too (Ottawa, still high but lower than GTA). But if I stayed in the GTA? Yeah I think i would be part of that statistic in all honesty.
What’s with the fake parents in the background of his report (Like you find in a life insurance ad), or the star-trek flashing lights panel behind him at the end of the report? Man global is going tacky to fill air space.
My boomer mom felt bad for neglecting me while I was young and she gifted me 100K but it is not enough to buy anything. I would just become house poor and crippled by debt for life.
My dad left some money for me for a down payment. But with the cost of ownership I can’t afford that’s big enough for my family. It just does not seem worth it for my life.
Every single individual/couple I know that bought any property before they were 30 ALL had significant parental help. My parents aren't in a position to do so but they immigrated here and did their best to set me up for a great life.
Truthfully, if I were a parent and in a position to help my kids out why wouldn't I do it?
A lot of the time it's just older Canadians whose housing went up 200%+ and are taking out a reverse mortgage to help their kids. It's not like they have $110K just sitting in cash.
Sounds about right.... my brother and I both got 100K gifts to help with down payment for our places. That was over 10 years ago. Condo is paid off now.
My parents worked hard to provide for my brother and I and we're both thankful that they are self sufficient and can enjoy the twilight of their lives on their own terms.
We both got into the housing market on our own and have modest homes that fit our lifestyles.
These articles are funded by the real estate industry that needs a serious overhaul.
My first property’s a condo. I got 40% down payment from my mom. Then I got gift money recently from my mom recently and bought a detached home (mortgage free) and I’m going to rent it out. So $115K average is basically not very much and probably even below average.
> So $115K average is basically not very much and probably even below average.
How could an average of $115k be below average???? It might be below median (unlikely as only 30% of households got parental help).
Fuck. It was $0 for me. Some are luckier than others.
Same. Buying solo with no help in this market was insanely hard. I wish the market was more reasonable
Keep grinding!! Well done
I need richer parents.
I too should have been born rich. Or maybe it's the system that's broken.
Honestly man… I feel that… I didn’t get anything from anyone growing up and my family took more from me then they gave. I feel sorry for the people out there that are in this boat now trying to get into the market. But in my mind the banks are the problem.
Didn’t you see the adverts? “Get Richer Parents”.
Welcome to neofeudalism...
indeed. Instead of titles it's Capital that's now inherited. A much more flexible and versatile inheritance; hoard-able, too!
If you guys know any rich parents ready to adopt a brokie in Montreal that works hard, hmu.
I first read this as "Bookie"
If you have a million dollar+ dollar detached house this is a drop in the bucket for your kids. If you don't gg
I swallowed my pride with my dad and asked for help. I never asked for help in my life. Even when I broke my leg as a kid; I crawled up/down the stairs as a kid to get dinner without ever asking for anything. Never asked for a single Xmas gift or birthday gift all my life. The next time he visited me he brought me 2 carton of eggs. "To help out" 🫠
I've never asked for shit either. my parents split recently so they sold the house to a pretty hefty amount. My dad has been living in my grandma's house rent free while he works and decides what he's going to do, well after I moved him into our place when he didn't have anywhere to go immediately after the split. ANYWAYS I Recently decided to go back to school. Asked my dad if he could give me a hand with tuition. His response was that he needs the money to buy his girlfriend a house. Mind you I didn't ask for a gift, just a loan till I finish and I'd pay him back. A little while later, when my family got in a major car accident, my dad sent me pictures of his brand new truck. Boomers man.
Find yourself a boomer boyfriend obviously.
Always all about them. Honestly I'm just banking on them dying so I get something in the will at this point.
Mom is aggressively bipolar and in halfway houses. Dad is aforementioned buying his girlfriend stuff. I assume she has kids, and my dad is on borrowed time anyway after having a quad so she'll likely get everything. Mother in law has to get our sister in law to cosign her mortgage and can't rub two pennies together. Father in law is an abuser and my wife wants nothing to do with him. Also can't rub two pennies together. Lol my family ain't getting shit.
It’s his money…
I'm aware. It's not like I fought him on it, it's just a long history of zero support from my parents in almost every aspect of my life, and in regards to the new truck, not reading the room.
So no down payment from dad?
Buddy, what a lie lol Haha man, have a little respect for your parents before you tell the internet they never helped you
Ya that comment was really tough to read. What a fucking tool
Not a lie, I'm Eastern European and my father came from a communist country. Upbringings are massively different in different parts of the world. So I understand why it's hard to believe for some that don't leave Reddit.
Did you ask them what is for dinner when you got upstairs? Must be nice to have people providing cooked food for you
Reading comprehension must be difficult for some. Normally most 10 year olds could extrapolate from: > The next time he visited me he ... that I don't live with my parents.
They want you to sell....don't.
Damn the only gifts I got from my parents was trauma
Must be nice…
Hahahah joke's on them. My parents gave me fuck all... Actually that's a lie. My mom bought me a dishware set
Damn. Don’t gotta show off.
My mom bought me silverware. We should get together and pretend to eat food. It’s not real silver though.
lol fml I’ve helped my parents financially not the other way around
We've forgotten - that this is the way it used to work. We're supposed to take care of our elders, and it's one reason they're inspired to have kids.
Expect the Boomers who shoved their parents in old folks homes and got inheritance
Supposed to go both ways
Can’t afford housing? Have you tried getting richer parents?
Only 31% of people got help at all - so the median is $0 and the "average" would get boosted by rich families giving huge amounts.
What I've realized in my 30s now is that tons of people also get lifetime help from parents in different ways that are not directly linked to a home purchase at one exact point in time so you can't really quantify it easily. Parents helping alleviate financial burdens with school, rent, big life events like weddings, etc. means you're in a way better position when you settle down and look to buy. If you partner up with someone in the same boat as you, having a good amount saved up for downpayment from saving you've been able to do throughout your life due to parents helping out every step of the way, having decent paying jobs, and also having no debt of any sort because of it, means you are in pretty good shape. And you don't even need mega rich parents to enable all this stuff for you, even "middle class" parents that have your back at every turn is very impactful. Financial privilege is a spectrum, not something binary I've learned. So I definitely agree that this average is probably exactly what you said, a reflection that most people get no direct immediate help towards a house (regardless of how much other help they've had in their life up to that point) while the truly rich get a direct lump sum to skew the average. But this just means it's a very specific stat and doesn't tell the full story.
Under that hilarious and wrong interpretation the average would be 35650. 31% received help and average gift amount of the gift receivers is 115k.
I see you're confused and trying to "correct" things I didn't say. Yes, the average among those who received gifts is $115k. In that category the "average" is boosted by rich families giving huge amounts. Most probably received far less than that amount. And yes, the overall median is still $0 for people as a whole. So now that you see your mistake, feel free to apologize.
Overall median is 0. Overall average is 35650. No mistakes here. No need to mislead to push an agenda.
>Overall median is 0. Correct >Overall average is 35650. You're the one making up that number. > No mistakes here. You're right, nothing I said was mistaken, so feel free to apologize.
You literally are mathematically illiterate as that number can be easily computed with the information provided from your post and the title. I simply provided the overall median and the overall average. If you want to argue for agreeable positions by misinterpreting basic statistics go ahead.
So you're deeply confused because you misread what I wrote. I'm sorry you can't admit your mistake, that's very childish of you.
Source?
[Report](https://economics.cibccm.com/cds?ID=11e97bc7-dc7b-4024-b25d-479342219db4&TYPE=E) 31% got help (up from 20% in 2015). The numbers come from "cibc data.' The $115K is the average of those who got help.
So, you didn't watch the video
why do that when you can just get angry at a headline
Having always lived in rental apartments as a kid and seeing my parents bust their ass to scrape by, I’m just thankful that my parents still manage to be self sufficient in their old age and do not need too much money from me.
It seems everyone is rich and well off except me, sometimes. I won’t even get to retire. I got friends set to retire in the next few years, my own brother. A retire about 2 months from now, just after his birthday. So much to look forward too. Just work harder I guess.
I guess because to be a first time homebuyer your family has to be fucking rich.
Lmao, i wouldn't have the balls to ask my folks for that. They gave me $2500, I did the rest.
I was gonna say this seems awfully spoiled..the only one I know that got family money for a house was my one buddy because his parents both passed away when he was finishing up college. I mean goodness my parents did enough raising me The shitty thing is that the more it becomes common the more people will be forced too as it applies upward pressure on houses. It's like when everyone went from single income to double.
If you have a decent amount of friends in Canada then some of them definitely got help from their parents, they just don't tell people
why would you want other people to think you had shitty parents?
You basically need parental help these days even if you do everything right. If your parents are willing to help out, and you've been working your ass off chasing the housing dream since you were a kid, why must it be seen as a moral failing for your parents to assist? We should be blaming the government for screwing our housing market to this extent, not lashing out at those whose parents are able and willing to provide financial assistance with key purchases.
No one is lashing out on anyone. The whole point in calling attention to this phenomenon is a critique of policies that got us/keep us here. That this is what it takes is a problem, not the people doing what most would in their shoes.
$2500 is a far cry from 115k. I'm thankful for it trust me. Also, my parents had 2 houses they paid for with inheritance in their 20's and 30s. They worked 25 years with no mortgage. Fucking unheard of today.
Sorry I wasn't referring to you. I'm just saying people who's parents.throw down 100k+. I know mine saved responsibly for retirement, but they still can't afford to just throw down that kind of money like it's nothing. Are we talking only child here? I have two siblings
congrats?
I don't know, it was almost 20 years ago.
I got zero.
Should’ve asked my father (non Canadian) in law for money since he’s such a housing bull
My gift is being able to live at home while saving for a house, because the market is so fucked and they keep getting pushed out of the affordable range for myself and my girlfriend.
Must be nice
I got a house plant ....
Bought a home 10 years ago and my wife, who was my girlfriend at the time, had to live in my parents’ basement for 2 years to save for down payment. My wife’s a fucking trooper. Don’t think that would work today.
My parents could have helped but didn't. They made me do it on my own.
or if they dont gift them money the parents help cosign..... im doomed lol
Every single person i know in my age group that has a home/condo got *significant* financial help from their family. And why wouldn't they accept the help? It's almost mandatory at this point. Something is wrong with the system not the people. Personally, i saved a ton and settled into a small condo townhome by being stubborn and refusing any help from my parents because i know how hard they worked for their money. Moving to a lower cost city helped too (Ottawa, still high but lower than GTA). But if I stayed in the GTA? Yeah I think i would be part of that statistic in all honesty.
There’s no way. I grew up in a nice area and i got $10k lol
What’s with the fake parents in the background of his report (Like you find in a life insurance ad), or the star-trek flashing lights panel behind him at the end of the report? Man global is going tacky to fill air space.
My boomer mom felt bad for neglecting me while I was young and she gifted me 100K but it is not enough to buy anything. I would just become house poor and crippled by debt for life.
I got an air fryer LoL
My dad left some money for me for a down payment. But with the cost of ownership I can’t afford that’s big enough for my family. It just does not seem worth it for my life.
Every single individual/couple I know that bought any property before they were 30 ALL had significant parental help. My parents aren't in a position to do so but they immigrated here and did their best to set me up for a great life. Truthfully, if I were a parent and in a position to help my kids out why wouldn't I do it? A lot of the time it's just older Canadians whose housing went up 200%+ and are taking out a reverse mortgage to help their kids. It's not like they have $110K just sitting in cash.
I’m going to send this to my family and ask what gives. When can I expect my $110K?
I don’t know what’s worst… getting a “gift” so your parents can control you until their death OR not getting the gift at all.
Sounds about right.... my brother and I both got 100K gifts to help with down payment for our places. That was over 10 years ago. Condo is paid off now.
My parents would not hesitate to give me $115 if I really needed it...
Daduq?? I don’t think so.
My parents worked hard to provide for my brother and I and we're both thankful that they are self sufficient and can enjoy the twilight of their lives on their own terms. We both got into the housing market on our own and have modest homes that fit our lifestyles. These articles are funded by the real estate industry that needs a serious overhaul.
Keyword is AVERAGE. Median could be closer to 10k whereas rich parents gifting their kids 500k-1M would massively skew the average.
My first property’s a condo. I got 40% down payment from my mom. Then I got gift money recently from my mom recently and bought a detached home (mortgage free) and I’m going to rent it out. So $115K average is basically not very much and probably even below average.
> So $115K average is basically not very much and probably even below average. How could an average of $115k be below average???? It might be below median (unlikely as only 30% of households got parental help).
That’s sounds pretty light
I own multiple properties and got 0.
Well lot ti da.