41% Young homeowners took help from Parents

According to a Data poll by commissioned by the Ontario real estate Association, almost 41% of young home owners had to ask for help from their parents in order to purchase a house in Ontario.

According to a Data poll by commissioned by the Ontario real estate Association, almost 41% of young home owners had to ask for help from their parents in order to purchase a house in Ontario.

On an average, parents have been gifting almost $70,000 as a support to their children.

OREA CEO, Tum Hudak said in a press conference, “Parents are becoming increasingly worried that their children may not be able to achieve the dream of home ownership, so they are pulling out all the stops to help them get their foot in the market.”

The survey further says that 72% of the parents have helped their children in paying the down payments with an average gifting amount to be around $73,605.

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He further added, “We are in a housing affordability crisis being driven by severe lack of supply, and increased demand, especially around ‘missing middle’ type properties. Without meaningful action at all levels of government, Ontario’s millennials and young families will be forced to look outside the province for their first home, leading to brain drain and negatively impacting our economic competitiveness.”

The real estate board of the Toronto region has said that it is expecting the prices to keep rising in 2022 with higher interest rates.

 

Published by 
Prabhnoor Kaur

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