.jpg)
5 hours ago
1
Article content
TORONTO — A new survey says financial help with a down payment is now essential for many homebuyers.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Seven in 10 recent homebuyers say they could not have purchased their home without relying on family gifts, loans and other outside help, a Mortgage Professionals Canada survey published Thursday, found.
Article content
Article content
“Down payment assistance is no longer a backup plan — it’s a requirement for many Canadians hoping to buy,” said Lauren van den Berg, president and CEO of Mortgage Professionals Canada, in a statement.
Article content
Article content
The survey comes as many Canadians find themselves priced out of the housing market despite a decline in home prices and a string of Bank of Canada interest rate cuts over the past year.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The report, which surveyed 2,000 Canadians, also found one in five homeowners who have an upcoming mortgage renewal feel anxious about what their new payments could look like.
Article content
A Royal LePage report published in February estimated 1.2 million mortgages are up for renewal this year. Around 85 per cent of those were secured when the Bank of Canada’s key policy rate sunk to historically low levels — at or below one per cent — during the COVID-19 pandemic.
Article content
The Mortgage Professionals Canada survey found 68 per cent of borrowers said they prefer having a fixed-rate mortgage over a variable rate.
Article content
Meanwhile, the report shows variable-rate holders were nearly twice as likely as fixed-rate borrowers to make extra payments.
Article content
More than 70 per cent of homeowners also said they’ve either recently renovated or plan to renovate their homes, while a growing number say they would need to rely on rental income to help cover housing costs, the survey found.
Article content
It also added 34 per cent of Canadians were highly concerned about rising mortgage fraud, up from 29 per cent from a year ago.
Article content
Mortgage fraud “artificially inflates home prices, and makes it more difficult for honest, hardworking Canadians who rely on legitimate income and savings to compete and enter the housing market,” said van den Berg.
Article content
She said the agency has urged the government to enable income verification that’s safe, fast, and fair.
Article content
This report by The Canadian Press was first published July 17, 2025.
Article content
English (US)