If you’re thinking about helping your child purchase their first home, you’re not alone. More and more families are stepping in to support—especially here in BC, where affordability continues to be a challenge.

Today, the average first-time home buyer in Canada is in their mid-30s—a noticeable shift from past generations who were often able to enter the market much earlier. Many are balancing careers, young families, and sometimes student debt, self-employment, or life changes like divorce. According to Canada Mortgage and Housing Corporation and major lenders like Royal Bank of Canada and Bank of Montreal, roughly 30–50% of first-time buyers now receive financial support from family—most commonly toward the down payment.

For many, that support is what makes homeownership possible.

So, what’s the best way to help?

There are a few options, and the right approach depends on your comfort level and overall financial picture.

A gifted down payment is the most common and straightforward. It helps your child qualify more easily, reduces mortgage insurance costs, and keeps things simple from a lender perspective.

Some parents choose to co-sign, which can help if income is tight. Others explore joint ownership in higher price points—though this should always be structured with legal advice.

In certain situations, families may also look at accessing equity from their own home, including options like a reverse mortgage. This can work well for homeowners who want to help without impacting monthly cash flow, but it’s important to review the long-term implications carefully to ensure it aligns with your goals.

Why helping sooner matters

Timing can make a meaningful difference.

Helping your child get into the market sooner allows them to start building equity earlier, potentially benefit from appreciation, and avoid rising rental costs. Waiting to help later is still generous—but it often doesn’t have the same impact if home values continue to increase.

The bottom line

For most families, a gifted down payment—combined with your child qualifying as independently as possible—is the simplest and lowest-risk approach.

That said, there are several ways to structure support, and the right plan should balance opportunity with long-term comfort for everyone involved.

If you’re considering helping, I’m happy to walk through your options and build a strategy that fits your family.