So i actually think that if the parental pension budget are sound, they may if they want help the kids scrape up a straight down payment for a first home. We all understand house prices in vancouver and toronto are sky high.
Those who espouse tough love may prefer to discover the young kids hiring, in wish of a major correction in prices. If the young kids have friends whose parents think along the lines of this column, here’s a suggestion: why can’t three millennial friends who understand and trust each other not pool their tfsas to get a down payment on a three-bedroom condo? They each get their own bed rooms and will also appreciate the public shared areas like living space and kitchen, and maybe even pools, gyms and party rooms. Instead of individually throwing apart money on rent and being subject to annual rent hikes from their landlords, they’ll end up being building up collateral that can eventually become utilized to purchase their own homes, perhaps with lifestyle partners they’ve not really yet met.