When mommy and daddy help you buy.

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.

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tedeastside
Member
tedeastside

the only time Vancouver was ever mentioned on American TV …was Leno said this city ranked the worlds most unfriendly

ILoveCharts
Guest
ILoveCharts
Just settling into my new rental apartment. It’s a great place to live. If I bought I’d pay interest, taxes, strata fees and maintenance. My penalty for renting instead of buying is very small. Depending on how much of a downpayment would be made, I could actually be saving money by renting instead of buying. (And I’m not talking about total cashflow, I’m talking about wasted money – interest/tax/fees vs rent.) What do I get in return? – No downside risk. I can place my investment money in assets that are literally guaranteed or I can diversify. – Mobility to take on new career opportunities. – Liquidity. – No stress about a strata that might change the bylaws and screw me over. – No stress about special assessments, etc. AND… I didn’t need to beg, borrow or steal from my… Read more »
Hibernating Renter
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Hibernating Renter

#16: How many people buy RIM with 75% leverage?

Son of Ponzi
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Son of Ponzi

# 22
realty check.
Tedeastside, can’t compete against a loser like him.
So, I withdraw.

Son of Ponzi
Guest
Son of Ponzi

“#21.
why would we down vote you for telling as it is.

RFM
Guest
RFM

The VANCOUVER REALTOR HUNGER INDEX for October 2013 was 60%.

Details and comparison data for 16 years at: http://vancouverpeak.com/Thread-Vancouver-Realtor-Hunger-Index

RealityCheck
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RealityCheck

Something new here. “The Debate Battles”…who would you have represent the bear side if you had to choose between the 2 people below? More battles will follow with new participants.

Vote up for TedEastSide

Vote down to cheer for Son of Ponzi

RealityCheck
Guest
RealityCheck

db,

I know. I’m seeing sold signs everywhere here in Surrey. I’m perplexed by some views on this blog that say we’re in the middle of a crash.!?

Regarding the story above, I know the new trend in South Asian families is when the kids get married, the groom gets $200,000 from his parents and the bride gets $200,000 from hers. $400,000 (give or take) for a downpayment to start a new life.

This is a recent trend. Before, the bride was expected to live at the groom’s house with his parents. Guess times are changing. However, the parents will do everything in their power to make sure their married kids don’t rent. Doing so lowers the family status.

Downvote all you want..

Son of Ponzi
Guest
Son of Ponzi

# 18,
sorry wanted to say, please provide MLS listing #

Son of Ponzi
Guest
Son of Ponzi

#18.
please provide address, so we can verity.

db
Guest
db

418 East 30th Ave. Listed $749,000 (assessed 820,000) Sold for $911,000 with 23 offers!!! There are a lot of people out there looking to buy a single family home on the East side…just saying.

My Van
Guest
My Van

#14
don’t you think that perception of safety has an influence on foreigners buying the RE? not the sharpest knife in the drawer.

My Van
Guest
My Van

#15
so you say RE goes to zero, like BBRY at the moment?

jesse
Member

” investments evaporates”

But real estate is different. Buy low sell high, the four most elusive words in the history of mankind.

renters rule
Guest
renters rule

@#12

troll idiot.

shoo fly.

Son of Ponzi
Guest
Son of Ponzi

Price reductions are still running very high.
Sellers are discounting, afraid of the Spring market meltdown.

Nigga
Guest
Nigga

another mass shooting in States tonite.
does bears still want to move there because of price -rent ratio?

minotaur3
Member

HVM, you’re just a troll but I’m still going to point out Mondays are always busy because of 2 days worth of sales being finalized…

HVM
Guest
HVM

‘154″

oh boy! still blaming rates holdouts?

paulb
Member

New Listings 205
Price Changes 117
Sold Listings 154
TI:15761

http://www.paulboenisch.com

logic
Guest
logic

van – disingenuous exaggeration.

My Van
Guest
My Van

#6
Yes of course. we are all millionaires around here because of stock market.

neverywhere
Guest
neverywhere

@4: He said ‘diversified, tax efficient investments’ not speculative stock gambling. For those with a steady plan 2008 was a bit of a blessing, or rather the years since then have been.

I was about half in the market when it tanked, but buying in low after made me way further ahead than any ground temporarily lost.

The worst thing you could do was to have been all in the hot market segments and then sold AFTER they tanked.

..Kind of like I suspect a lot of people in the local real estate market will end up doing, it’s just seems to be an unfortunate part of human nature.

Son of Ponzi
Guest
Son of Ponzi

Jesse,
No self-respecting parent would have their kids paying someone else’s mortgage.

My Van
Guest
My Van

“I suppose parents could invest their capital in some sort of diversified, and, for many, tax-efficient, investments ”

Then 2008 comes and all your investments evaporates and then what do you do?