A report from credit union Vancity says average down payments for young homebuyers have skyrocketed 37 per cent since 2018.
Vancity Economy and Impact report says average down payments made by buyers between 19 and 42 years old was just over 287-thousand dollars in 2024.
The report says first-time buyers also saw down payments rise to $179-thousand last year, highlighting a need for young people to depend on family wealth and parental co-ownership.
Vancity says the trend points to a so-called “inheritocracy” that points to the growing role of familial wealth for people to achieve home ownership.
