Quote:
Originally Posted by blankall
In Vancouver, thus far, many people approximately 35 years old get lots of help from parents. They would have parents in the 60-75 range who all brought properties for fractions of what they are worth now. Thus creating large amounts of equity in the existing property. Most get the assistance before the parents pass, often via HELOCs on existing properties.
Once again, if things heat up in Calgary, I see that trend moving there too.
Edit: to add to this, look at how this trend has spread across the USA.
In 2015, it was noteworthy that the share of millenials getting help had increased from 13 to 17%:
https://www.prnewswire.com/news-rele...300054767.html
By 2019, that number had increased to 43%:
https://www.cnbc.com/2019/03/11/how-...r-parents.html |
I don't even consider letting my kids start from scratch to be an option as real estate is just too expensive relative to starting wages. They're in their early teens and I'm already planning how I'll help them with a down payment. Hoping right now they'll live together in a house I put the down payment on while they're in university. I'd like them to fill the extra rooms with roommates so other people can chip away at the mortgage for 4-7 years before we sell the house and they split the equity to move forward. A lot can happen between now and then, but that's my perfect-world plan.