Roughly a third of Canadian first-time homebuyers have needed help from a family member to finance their entry into the housing market, new polling suggests.
I want to believe that this unsustainable behaviour will have to end, so house prices can fall, but that has been my hope for years.
I agree, this has been a long time coming, it would be great if we could see a 50 year trend on this.
In the 90s, GenX in Canada felt that ‘ the bank of mummy and daddy’ was the only way most people could afford home ownership. Intergenerational inequality was a hot topic.
The booming market and low minimum down payments in the 2000s seemed to turn it around, but it wasn’t sustainable.
I definitely get a kick out of young families who gloat about their custom built homes on social media after their disgustingly wealthy parents financed them. Meanwhile most families still have a long (and often impossible) road ahead of them before they can claw their way out of rentals and into something they can proudly call their own.
My wife has an unhealthy exposure to an old acquaintance of hers who lives that Instagram aesthetic lifestyle. Doesn’t work, owns a lavish million dollar home that she #livelaughloves, color coordinates all of her poor children’s clothes and possessions to be compliant with her beige aesthetic. She’s certain #blessed.
This article is useless without historical trends. Based on my personal experience, people have gotten help buying their first house since my parents(and in-laws) did it 40 years ago. Now how much help, and at what age seem to have changed but just the idea that people get help with their first home doesn’t seem like a new concept.
Agreed. I think the interesting bit is the help with monthly payments.
Ya, that’s a fair point. Maybe this is just a return to the norm?
