Parents gave their adult kids more than $10-billion to buy houses in the past year

According to the Globe and Mailparents gave their kids just more than $10-billion in down-payment help over the past year, which was 10 per cent of total down payments over that period. Just less than 30 per cent of first-time buyers got this help, which averaged $82,000Breaking it down by city, in Toronto parents have$130,000 for first-time buyers, while move-up buyers received an average of close to $200,000.While in Vancouvera first home [got] an average $180,000, while move-up buyers got $340,000 on average.This isn’t new:Close to 20 per cent of first-time buyers received this help in 2015, when the average amount was just more than $52,000.This is brutal. Folks who have more get more, while people who come from poorer families get less. via /r/canadahousing https://ift.tt/3CirYhq