It’s hard to buy your first place.
Thats why more and more parents are chipping in to help junior get their feet in the real estate market.
“The (housing) market would have been much weaker if we didn’t have this phenomenon. There’s no question about that,” says Tal, deputy chief economist of CIBC World Markets.
“I’d say this generation is getting more help than any other generation did, but I’d say they need this help more than any generation, too.”
Interest rates may be keeping monthly payments relatively affordable, but the big issue for young first-time buyers has been coming up with sizable downpayments when the average price of a home in the GTA is now more than $534,000 — more than $850,000 for a detached in the City of Toronto — almost double the $293,000 they averaged just a decade ago.
Saving can be especially tough when many first-time buyers are still paying off student loans and dealing with rents that can run from $1,100 to more than $2,000 a month.
Read the full article in the The Star.