{"id":6137,"date":"2025-07-18T18:41:08","date_gmt":"2025-07-18T18:41:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/6137\/"},"modified":"2025-07-18T18:41:08","modified_gmt":"2025-07-18T18:41:08","slug":"canadians-are-turning-to-family-and-credit-to-stay-afloat","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/6137\/","title":{"rendered":"Canadians are turning to family\u2014and credit\u2014to stay afloat"},"content":{"rendered":"<p>A report from Mortgage Professionals Canada (MPC) found that 70% of recent home buyers say they couldn\u2019t have purchased their property without financial help. A separate survey by Harris &amp; Partners, a licensed insolvency trustee firm, shows that many Canadians are struggling to afford routine expenses: nearly 60% of respondents said their income isn\u2019t sufficient to cover essentials like rent, groceries, and utilities.<\/p>\n<p>The new reality of home ownership: financial help and rising payments<\/p>\n<p>MPC\u2019s <a href=\"https:\/\/mortgageproscan.ca\/news-publications\/publications\/semi-annual-state-of-the-housing-market\" target=\"_blank\" rel=\"noopener nofollow\">State of the Housing Market survey<\/a> found that seven in 10 Canadians who purchased a home in the last two years say they couldn\u2019t have done so without help with a down payment. Across all home buyers, that figure stands at 58%.<\/p>\n<p>In most cases, the \u201chelp\u201d comes from family. A 2024 report from CIBC shows that intergenerational wealth transfers are becoming the norm, with 31% of first-time buyers receiving a financial gift from their parents. The average amount gifted has increased sharply to over $100,000\u2014up from less than $60,000 in 2015.<\/p>\n<p>Those with impending <a href=\"https:\/\/www.moneysense.ca\/spend\/real-estate\/mortgages\/mortgage-renewal-calculator\/\" target=\"_blank\" rel=\"noopener nofollow\">mortgage renewals<\/a> are also feeling the heat. While the number has come down slightly since last year, the MPC survey notes that over 21% of Canadians say they have \u201chigh anxiety\u201d about renewing their mortgage at higher rates.<\/p>\n<p>A report from Royal LePage released earlier this year says that of the 1.2 million mortgages up for renewal this year, 57% of home owners expect their monthly payments to increase. Of that group, 81% say that the increase will put financial strain on their household, resulting in cutbacks to discretionary spending, like restaurants and entertainment.<\/p>\n<p>                                            You\u2019re 2 minutes away from getting the best mortgage rates. <\/p>\n<p>Answer a few quick questions to get a personalized quote, whether you\u2019re buying, renewing or refinancing.<\/p>\n<p>Canadians are turning to credit to get by<\/p>\n<p>The pressure of rising housing costs is just one part of a broader affordability crisis, where even everyday essentials are becoming harder to manage.<\/p>\n<p>Harris &amp; Partners surveyed more than 1,700 Canadians, and over 57% of respondents said their income is no longer enough to cover day-to-day expenses like food and household bills.<\/p>\n<p>For better or worse, credit cards are bridging the gap. The 2024 Canadian Consumer Credit Card Report found that 69% of Canadian adults use credit cards to cover essential purchases\u2014and among those credit card users, a third said they don\u2019t pay off the full balance each month.<\/p>\n","protected":false},"excerpt":{"rendered":"A report from Mortgage Professionals Canada (MPC) found that 70% of recent home buyers say they couldn\u2019t have&hellip;\n","protected":false},"author":2,"featured_media":6138,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,6896,6897,5427,6898,133,44,131,132],"class_list":["post-6137","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-credit","tag-credit-cards","tag-debt","tag-down-payment","tag-finance","tag-news","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/6137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=6137"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/6137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/6138"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=6137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=6137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=6137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}