Aging baby boomers are passing down a record amount of money to their children
https://www.cbc.ca/news/canada/saska...lion-1.7462837
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The Chartered Professional Accountants of Canada said in 2023 that $1 trillion of wealth was expected to move between Canadian baby boomers and their millennial and Generation X children from 2023 to 2026.
According to CIBC, 31 per cent of first-time homebuyers in Canada in 2024 received financial help from family members to buy a home.
These transfers are expanding wealth divides that go back decades.
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