Some of you may not want to let your kids read this:
A recent poll showed that Canadian parents are willing to gift children (or other family members) an average of $60,513 to help them buy their first home.
Nice!
The reality check (or reality cheque) here is that may be what it will take to help young people enter the real estate market. Not that this is new, but with the cost of housing for first-time buyers — especially in cities — it’s probably becoming more necessary than ever: 58 per cent of poll respondents said otherwise it was almost impossible.
Being a first-time buyer, however, is not just about the down payment. it also means making sure once you get past the down payment it’s important to know that you can financially handle the payments, taxes and maintenance. It means understanding mortgages and the pre-approval process, and deciding the things about a new home that you absolutely must have.
And you need to know how to rank available properties and whether it’s a good time to buy — but that’s why you have Jennifer and Dale as your guides.
One thing is fairly certain: the Bank of Mom and Dad thinks it’s a good idea…in the poll, 81 per cent of them think that home ownership is “a good investment.”