During the 2022 year we saw a significant shift in the housing market, consumer demand was very high and inventory was low setting record-breaking home prices. During that time Zolo surveyed 800 Canadians to gain insight into the 2022 market.
The survey found that almost half of Canadian homebuyers relied on family support to purchase a home. 47% of the respondents reported receiving financial support from their family to boost their down payment to acquire a property.
Some receiving inheritance that are traditionally received later in life when a family member passes away but now given early to help make purchasing a home more attainable. Zolo reported in certain markets these financial gifts are becoming almost essential.
Read more about what the survey showed here: https://realestatemagazine.ca/family-support-plays-a-critical-role-in-homebuying-in-2022/
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