Buying a First Home is Becoming a Family Affair
It’s time to thank Mom and Dad! An article published by the Financial Post states that more parents are picking up the tab for their children’s starter homes. This is definitely a blessing for some, as the cost of condos and homes have increased substantially over the last few years which make it difficult for adult children to provide the minimum down payment and other costs that go along with buying a home.
Studies suggest the Boomers are going to inherit billions of dollars from parents in the coming years, and a new survey shows that 10% of Canadians are considering buying a condo for their adult children. This is a significant increase from a year ago when only 5% of parents were considering buying their kids a condo.
For first time buyers facing higher rates and increased prices, the helping hand couldn’t come at a better time – especially with the tighter new mortgage financing rules! Now aren’t you glad you spent all that money on Mother and Father’s Day gifts?
Are you looking to buy or sell a home? A professionally trained REALTOR® at CENTURY 21 Conexus Realty Ltd. can answer any questions you may have about the market in your particular area.
To view the entire Financial Post article visit: http://www.vancouversun.com/story_print.html?id=3002281&sponsor=