Canada Mortgage and Housing Corporation’s 2025 Mortgage Consumer Survey is out. The wide-ranging report suggests first-time buyers are getting into homes more quickly, while many are still using family financial help to do it.
The survey shows 16% of Canadians took out a mortgage in the past 18 months. That is the same as the 2024 survey but there are more people in the country now so the actual number is bigger. Of that group, 12% were first-time buyers.
In the 2025 survey, those buyers report being able to get into the market faster, taking an average of 3.4 years to save for a down payment, down from 4.2 years of saving reported in last year’s survey. While rule changes, falling interest rates and lower prices all helped, financial gifts and inheritance remained a big factor.
Forty-one percent of first-time buyers used a financial “gift” to help with their down payment. The average value of the gift was just under $75,000. At the same time, more than half (54%) of first-timers shared the purchase of their home with someone other than their spouse or partner – usually parents.
Looking at all home buyers, 35% used a financial gift to help with their purchase. However, 78% also said they could have made a home purchase without the gift, but with some concessions.
The uncertain state of the economy has made debt management a growing concern. The survey indicates 51% of consumers had problems, up from 42% in 2024, with 14% missing a mortgage payment. However, the survey also shows 47% are paying off their mortgages faster through larger payments and lump sum payments.