Breaking Barriers to Homeownership: How Kindred Is Supporting First-Time Buyers

A year ago, we introduced the HomeShare Mortgage, an innovative way for members to buy a home with family, friends, or other trusted partners. As we mark its one-year anniversary, new research shows that despite rising housing costs, young Canadians remain determined to achieve homeownership—and they’re finding creative ways to make it happen.

Young Canadians Are Prioritizing Homeownership

A recent MarketSmarts report from the Canadian Credit Union Association (CCUA) highlights the ongoing affordability challenges in Canada’s housing market. While house prices have moderated slightly, they remain significantly higher than pre-pandemic levels. Even so, 84% of Canadians aged 18 to 38 still view homeownership as a top financial goal. Many are making sacrifices such as delaying major purchases, postponing travel, and even living with parents longer, to save for a down payment.

At the same time, financial help from family is playing a bigger role than ever:

• Nearly one-third of first-time homebuyers received down-payment gifts in 2024, with the average amount exceeding $115,000;
• More parents are co-signing mortgages or contributing to monthly mortgage payments; and
• Co-ownership with parents or friends is becoming more common, especially in high-cost markets like Ontario and British Columbia.

More Buyers Can Qualify with High-Ratio Mortgages

Recognizing the financial hurdles many buyers face, recent changes to insured mortgage rules have expanded eligibility. The maximum price for insured mortgages has increased from $1 million to $1.5 million, allowing more buyers to qualify with a smaller down payment.

At Kindred, we’re here to help you explore your options:

• If you have a down payment of less than 20%, a High-Ratio Mortgage allows you to qualify for homeownership with mortgage insurance, making it a viable option for many first-time buyers;
• Our HomeShare Mortgage is designed for co-ownership, whether you’re buying with family, friends, or other trusted partners; and
• If you're just starting your journey, our First-Time Home Buyer’s Guide provides helpful insights and steps to navigate the home-buying process with confidence.

No matter your situation, our team is ready to provide expert, community-focused advice to help you make informed decisions about your home purchase.

If you’re a first-time homebuyer, or supporting a loved one on their journey, we are ready to help. Book a meeting with a Mortgage Expert today!