Mom and Dad to the Rescue

Marci • September 5, 2017

With housing affordability  declining  across Canada, one trend is on the rise: parents are increasingly helping their adult children when it comes to housing.

That assistance is coming in the form of cash gifts/loans for today’s growing down payments, and also from parents providing shelter to their adult children under their own roof.

New data released from the  2016 census  shows that more than one-third (34.7%) of young adults aged 20 to 34 are now living with their parents, having either left at some point and returned, or never left at all.

That number has been increasing steadily since 2001 when 30.6% of young adults were living with at least one parent.

Among those aged 30-34, the percentage co-residing with a parent rose from 11.2% in 2011 to 13.5% in 2016.

Unsurprisingly, areas that have seen rapid home price increases report higher instances of young adults living at home.

Ontario saw the highest percentage of all the provinces, with 42.1% of those aged 20-34 living at home—up from 35% in 2001. That means more than two in five young adults in the province now live with their parents.

And of the 35 census metropolitan areas, Toronto and Oshawa reported nearly half (47.4% and 47.2%, respectively) of young adults living at home.

While it may be tempting to link this increase strictly to rising home prices, the census offers no concrete explanation.

In an interview with Global News, senior Statistics Canada analyst Jonathan Chagnon said it can be due to a combination of factors. “…for British Columbia and Ontario, these are regions where we see a lot of immigrants, so that could be part of cultural differences,” he told Global. “(But) these are also regions where the price of housing is really high.”

The “Bank of Mom and Dad”

For those who aren’t providing shelter, many parents are contributing financially towards the down payments of their children.

A recent  CIBC poll  indicated that a full 76% of parents would offer financial support to help their child move out, marry or live with a partner. And despite a significant percentage of adult children currently living at home, a majority of parents (65%) said they would prefer to give a financial gift rather than have their child and spouse/partner live with them.

The poll found that the national average gift size was $24,125. For those with household incomes over $100,000, that figure nearly doubled to $40,558, with as many as 25% giving their kids more than $50,000.

In Mortgage Professionals Canada’s annual  fall survey, author Will Dunning noted that down payment assistance for first-time buyers from their parents has trended above its historical average in recent years.

For many years, “funds from parents and other family members (in the form of loans and gifts) have been a small part of down payments, averaging 14% for all first-time buyers,” he wrote. “This share was stable until recently, rising to 18% for recent buyers (2014 to 2016).”

However, he cautioned against drawing the conclusion that this source of funds from the “Bank of Mom and Dad” has become an important driver of home-buying.

“The suggestion is that, in a more expensive housing market, parents are increasingly helping their children with down payments, via gifts and loans: the children need larger down payments; because the value of the parental home has increased rapidly during the past decade and a half, the parents are in a better position to assist the children,” he noted. “The data indicates that there is truth to the suggestion that parents are providing more help, but it also shows that this help is less significant than may be imagined (in terms of driving house sales).”

Additional Tidbits

Some other key findings from the census included:

  • From 2001 to 2016, when the share of young adults living at home increased, the share of young adults living with their own family decreased from 49.1% to 41.9%.
  • The proportion of young adults with other living arrangements (without their parents or their own family) also rose, from 20.3% in 2001 to 23.4% in 2016. These arrangements include living alone, with other relatives or with roommates.
  • More men than women aged 20 to 34 lived with their parents: five men for every four women, even though the proportion of young women living with their parents rose twice as quickly as that of men over the preceding 15 years.
  • How Canada compares to other countries in the proportion of young adults living at home:
    • United States (ages 18 to 34): 34.1% in 2016
    • Australia (ages 18 to 34): 30% in 2011
    • European Union (ages 18 to 29): 48% in 2012

 

This article was written by Steve Huebl and was originally published on Canadian Mortgage Trends on Aug 9, 2017 under the title Sky-high House Prices? Parents to the Rescue!

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Let’s Talk About Getting Top Dollar for Your Property

By Marci Deane • July 8, 2026
When it comes to selling your home, most people think the first call should be to a real estate agent. But the smartest first step often isn’t with your agent—it’s with an independent mortgage professional. Why? Because your mortgage plays a bigger role in your bottom line than most people realize. Planning to Buy After You Sell If selling means you’ll also be purchasing another property, you’ll want to know exactly where you stand financially before listing. Mortgage rules change regularly, and qualifying once doesn’t guarantee you’ll qualify again. Getting a pre-approval in place ensures you know what you can afford and eliminates surprises later. On top of that, reviewing the terms of your existing mortgage could uncover options you may not have considered. For example, porting your mortgage instead of arranging a brand-new one could save you thousands. Selling Without Buying Even if you aren’t planning to buy right away, there’s still an important step: understanding the cost of breaking your mortgage. Unless your mortgage is open, penalties apply—and they can be significant. By reviewing the numbers with a mortgage professional, you might find that simply adjusting your timeline could reduce or even avoid costly fees. Navigating Life Changes In situations like a marital breakdown, it can feel like selling the family home is the only path forward. But that’s not always the case. With the right guidance and a legal separation agreement, one spouse may be able to buy out the other, keeping the home and providing stability for everyone involved. The Bottom Line Selling your property is more than just putting a sign on the lawn—it’s about creating a financial plan that protects your equity and positions you for the best possible outcome. Before you take the leap, let’s sit down and review your options. 📞 If you’re ready to talk strategy and make sure you get top dollar for your property, I’d be happy to connect anytime.

Don’t Let Collections Derail Your Mortgage Application

By Marci Deane • July 1, 2026
Can You Get a Mortgage If You Have Collections on Your Credit Report? Short answer? Not easily. Long answer? It depends—and it’s more common (and fixable) than you might think. When it comes to applying for a mortgage, your credit report tells lenders a story. Collections—debts that have been passed to a collection agency because they weren’t paid on time—are big red flags in that story. Regardless of how or why they got there, open collections are going to hurt your chances of getting approved. Let’s break this down. What Exactly Is a Collection? A collection appears on your credit report when a bill goes unpaid for long enough that the lender decides to stop chasing you—and hires a collection agency to do it instead. It doesn’t matter whether it was an unpaid phone bill, a forgotten credit card, or a disputed fine: to a lender, it signals risk. And lenders don’t like risk. Why It Matters to Mortgage Lenders? Lenders use your credit report to gauge how trustworthy you are with borrowed money. If they see you haven’t paid a past debt, especially recently, it suggests you might do the same with a new mortgage—and that’s enough to get your application denied. Even small collections can cause problems. A $32 unpaid utility bill might seem insignificant to you, but to a lender, it’s a red flag waving loudly. But What If I Didn’t Know About the Collection? It happens all the time. You move provinces and miss a final utility charge. Your cell provider sends a bill to an old address. Or maybe the collection is showing in error—credit reports aren’t perfect, and mistakes do happen. Regardless of the reason, the responsibility to resolve it still falls on you. Even if it’s an honest oversight or an error, lenders will expect you to clear it up or prove it’s been paid. And What If I Chose Not to Pay It? Some people intentionally leave certain collections unpaid—maybe they disagree with a charge, or feel a fine is unfair. Here are a few common “moral stand” collections: Disputed phone bills COVID-related fines Traffic tickets Unpaid spousal or child support While you might feel justified, lenders don’t take sides. They’re not interested in why a collection exists—only that it hasn’t been dealt with. And if it’s still active, that could be enough to derail your mortgage application. How Can You Find Out What’s On Your Report? Easy. You can check it yourself through services like Equifax or TransUnion, or you can work with a mortgage advisor to go through a full pre-approval. A pre-approval will quickly uncover any credit issues, including collections—giving you a chance to fix them before you apply for a mortgage. What To Do If You Have Collections Verify: Make sure the collection is accurate. Pay or Dispute: Settle the debt or begin a dispute process if it’s an error. Get Proof: Even if your credit report hasn’t updated yet, documentation showing the debt is paid can be enough for some lenders. Work With a Pro: A mortgage advisor can help you build a strategy and connect you with lenders who offer flexible solutions. Collections are common, but they can absolutely block your path to mortgage financing. Whether you knew about them or not, the best approach is to take action early. If you’d like to find out where you stand—or need help navigating your credit report—I’d be happy to help. Let’s make sure your next mortgage application has the best possible chance of approval.

Best Mortgage Options for Canadian Homebuyers

By Marci Deane • June 24, 2026
Thinking of Calling Your Bank for a Mortgage? Read This First. If you're buying a home or renewing your mortgage, your first instinct might be to call your bank. It's familiar. It's easy. But it might also cost you more than you realize—in money, flexibility, and long-term satisfaction. Before you sign anything, here are four things your bank won’t tell you—and four reasons why working with an independent mortgage professional is the smarter move. 1. Your Bank Offers Limited Mortgage Options Banks can only offer what they sell. So if your financial situation doesn’t fit neatly into their guidelines—or if you’re looking for competitive terms—you might be out of luck. Working with a mortgage broker? You get access to mortgage products from hundreds of lenders : major banks, credit unions, monoline lenders, alternative lenders, B lenders, and even private funds. That means more options, more flexibility, and a much better chance of finding a mortgage that fits you. 2. Bank Reps Are Salespeople—Not Mortgage Strategists Let’s be honest: most bank mortgage reps are trained to sell their employer’s products—not to analyze your financial goals or tailor a long-term mortgage plan. Their job is to generate revenue for the bank. Independent mortgage professionals are different. We’re not tied to one lender—we’re tied to you. Our job is to shop around, negotiate on your behalf, and recommend the mortgage that offers the best balance of rate, terms, and flexibility. And yes, we get paid by the lender—but only after we find you a mortgage that works for your situation. That creates a win-win-win: you get the best deal, we earn our fee, and the lender earns your business. 3. Banks Don’t Lead with Their Best Rate It’s true. Banks often reserve their best rates for those who ask for them—or threaten to walk. And guess what? Most people don’t. Over 50% of Canadians accept the first renewal offer they get by mail. No questions asked. That’s exactly what the banks count on. Mortgage professionals don’t play that game. We start by finding lenders offering competitive rates upfront, and we handle the negotiations for you. There’s no guesswork, no pressure, and no settling for less than you deserve. 4. Bank Mortgages Are Often More Restrictive Than You Think Not all mortgages are created equal. Some come with hidden traps—especially around penalties. Ever heard of a sky-high prepayment charge when someone breaks their mortgage early? That’s often due to something called an Interest Rate Differential (IRD) —and big banks are notorious for using the harshest IRD calculations. When we help you choose a mortgage, we don’t just focus on the interest rate. We look at the whole picture, including: Prepayment privileges Penalty calculations Portability Future flexibility That way, if your life changes, your mortgage won’t become a financial anchor. A Quick Recap What your bank typically offers: Only their own limited mortgage products Sales-focused representatives, not mortgage strategists Default rates that aren’t usually their best Restrictive contracts with high penalties What an independent mortgage professional delivers: Access to over 200 lenders and customized mortgage solutions Personalized advice and long-term financial strategy Competitive rates and terms upfront Transparent, flexible mortgage options designed around your needs Let’s Talk Before You Sign Your mortgage is likely the biggest financial commitment you’ll ever make. So why settle for a one-size-fits-all solution? If you're buying, refinancing, or renewing, I’d love to help you explore your options, explain the fine print, and find a mortgage that truly works for you. Let’s start with a conversation—no pressure, just good advice.