The “Bank of Mom and Dad”

It’s the question we all silently ask when a young family builds a massive new home: “Where did they get the money?” The Canadian Housing Statistics program, formed by Statistics Canada to gain insights into urban home buying, found that nearly 40 per cent of detached house sales in Metro Vancouver in 2018 were non-market (for instance, between related parties, or internal corporate transactions). Another eyebrow-raising tidbit: in 2018, 300,000 B.C. homeowners owned more than one property and 62,000 homeowners owned more than three.