A majority of recent homebuyers say they couldn’t have purchased their home without help covering the down payment, according to new research from Mortgage Professionals Canada.
Among buyers in the past two years, 70 per cent say they couldn’t have bought their home without financial support.
The findings highlight a housing affordability system under pressure, as more Canadians turn to family gifts, loans and other outside support to enter the market.
The insights are from Mortgage Professionals Canada’s annual State of the Housing Market survey, conducted by Bond Brand Loyalty earlier this year. The poll of 2,000 Canadians shows a growing divide in access to home ownership
“Down payment assistance is no longer a backup plan—it’s a requirement for many Canadians hoping to buy,” said Lauren van den Berg, president and CEO of Mortgage Professionals Canada.
“These findings confirm what brokers across the country are seeing every day: consumers are under pressure, and they need expert, transparent advice to find a way forward.”
Regional variance
Of people who bought a home in the past five years, 42 per cent said they were able to purchase without help with the down payment.
The share of self-funded buyers was smallest in British Columbia at 34 per cent, followed closely by the Prairies (37 per cent) and Ontario (38 per cent).
Quebec had the greatest share of homebuyers who didn’t need help at 51 per cent, followed by Atlantic Canada, at 47 per cent.
