Yes, Vancouver is the most unaffordable housing market in Canada. But determined home buyers are still trying to get their foot in the door, in order to get in before it’s too late and the lowest rung on that ladder is even further out of reach.
The average price for all residential properties in Vancouver is $889,100 ($1.5 million if you want a detached home). And if you want to avoid paying mortgage insurance premiums, you need to come up with 20% as a down payment. For the average consumer, it’ll cost more than 20 years to come up with a down payment, according to a report by Generation Squeeze titled “CODE RED: Rethinking Canadian Housing Policy.”
Can’t wait that long? You’d better find some family members who are willing to contribute to your housing fund.
Shaun Zipursky, a broker with City Wide mortgage services in Vancouver, says that they’re seeing many more gifted funds than they have in years past, particularly for young professionals.
“We’re seeing a lot of clients that are coming in with massive amounts of gifts, six-figure gifts,” Zipursky says. “So families are really trying to help out in keeping their kids in the housing market in the areas that they want to be in.”
<h2>Showing proof and documentation of gifted funds</h2>
But even if you are getting a gift in order to buy a home in Vancouver, there are some things that you need to know about a gifted down payment.
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