Boomers, you can dial down the urgency on the ‘get my kids a home’ project
The Canadian housing market is currently experiencing a downturn, with prices down over 20% from their peak in early 2022. This has led to a shift in perspective among parents, particularly baby boomers, regarding the urgency of helping their adult children purchase homes. As market conditions stabilize, parents can take a more measured approach to financial assistance for home buying.
- ▪The average national housing prices in Canada have decreased by more than 20% since early 2022.
- ▪Boomer parents have been heavily investing in helping their children buy homes, but the urgency has lessened due to current market conditions.
- ▪Real estate is no longer seen as a guaranteed path to wealth, with many investors facing financial burdens from declining property values.
Opening excerpt (first ~120 words) tap to expand
Open this photo in gallery:Home ownership can sometimes be more of a financial burden than a get-rich-quick scheme, writes Rob Carrick.Nithirut14/iStockPhoto / Getty ImagesShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountIn an alternate, non-Trumpian world, Canada’s housing market would be in pretty good shape.The hard-hit Ontario and B.C. markets would have firmed up, and more affordable cities would be enjoying even better gains than they’re seeing right now. Supporting these trends would be rising consumer confidence, pent-up demand and cheaper mortgage rates.The April numbers for housing suggested we may have seen the worst, but conditions are still a downer if you believe real estate is the magical financial asset that never fails.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
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