By admin 
A report from Mortgage Professionals Canada (MPC) found that 70% of recent home buyers say they couldn’t have purchased their property without financial help. A separate survey by Harris & Partners, a licensed insolvency trustee firm, shows that many Canadians are struggling to afford routine expenses: nearly 60% of respondents said their income isn’t sufficient to cover essentials like rent, groceries, and utilities.
The new reality of home ownership: financial help and rising payments
MPC’s State of the Housing Market survey found that seven in 10 Canadians who purchased a home in the last two years say they couldn’t have done so without help with a down payment. Across all home buyers, that figure stands at 58%.
In most cases, the “help” comes from family. A 2024 report from CIBC shows that intergenerational wealth transfers are becoming the norm, with 31% of first-time buyers receiving a financial gift from their parents. The average amount gifted has increased sharply to over $100,000—up from less than $60,000 in 2015.
Those with impending mortgage renewals are also feeling the heat. While the number has come down slightly since last year, the MPC survey notes that over 21% of Canadians say they have “high anxiety” about renewing their mortgage at higher rates.
A report from Royal LePage released earlier this year says that of the 1.2 million mortgages up for renewal this year, 57% of home owners expect their monthly payments to increase. Of that group, 81% say that the increase will put financial strain on their household, resulting in cutbacks to discretionary spending, like restaurants and entertainment.
You’re 2 minutes away from getting the best mortgage rates.
Answer a few quick questions to get a personalized quote, whether you’re buying, renewing or refinancing.
Canadians are turning to credit to get by
The pressure of rising housing costs is just one part of a broader affordability crisis, where even everyday essentials are becoming harder to manage.
Harris & Partners surveyed more than 1,700 Canadians, and over 57% of respondents said their income is no longer enough to cover day-to-day expenses like food and household bills.
For better or worse, credit cards are bridging the gap. The 2024 Canadian Consumer Credit Card Report found that 69% of Canadian adults use credit cards to cover essential purchases—and among those credit card users, a third said they don’t pay off the full balance each month.