{"id":13741,"date":"2021-06-08T09:00:00","date_gmt":"2021-06-08T16:00:00","guid":{"rendered":"https:\/\/www.roomvu.com\/academy\/?p=13741"},"modified":"2021-06-08T03:27:45","modified_gmt":"2021-06-08T10:27:45","slug":"wealth-shifts-to-next-generation-as-parents-help-kids-with-down-payments","status":"publish","type":"post","link":"https:\/\/www.roomvu.com\/academy\/wealth-shifts-to-next-generation-as-parents-help-kids-with-down-payments\/","title":{"rendered":"Wealth Shifts to Next Generation as Parents Help Kids with Down Payments"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.roomvu.com\" target=\"_blank\" rel=\"roomvu.com noopener\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1024x178.jpg\" alt=\"\" class=\"wp-image-12734\" width=\"834\" height=\"145\" srcset=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1024x178.jpg 1024w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-300x52.jpg 300w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-768x133.jpg 768w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1536x266.jpg 1536w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-scaled.jpg 2048w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1250x217.jpg 1250w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-400x69.jpg 400w\" sizes=\"(max-width: 834px) 100vw, 834px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-video\"><video controls src=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/06\/111123.mp4\"><\/video><\/figure>\n\n\n\n<p><strong>Canadian Parents<\/strong> are seeing their <strong>children priced out<\/strong> of the real estate market and<strong> anxious to help<\/strong>. The amount of money given to children is <strong>rising sharply<\/strong>, speeding the <strong>transfer of wealth<\/strong> from one generation to the next and contributing to <strong>soaring home prices<\/strong>. <\/p>\n\n\n\n<p><strong>~70%<\/strong> of Canadian homeowners <strong>over the age of 65<\/strong> are <strong>mortgage-free<\/strong> and hold <strong>$1.2T<\/strong> in equity in their homes, from <strong>$850B<\/strong> in 2016. (CREA and Rennie Group).<\/p>\n\n\n\n<p>With the typical home price in Canada <strong>> $700K<\/strong>, it is difficult to <strong>save enough<\/strong> for a <strong>down payment<\/strong>.<\/p>\n\n\n\n<p>In the Toronto region <strong>prices <\/strong>increased to<strong> $1M<\/strong> while <strong>Chilliwack<\/strong> and <strong>Victoria <\/strong>in BC, as well as <strong>Guelph<\/strong>, <strong>Kitchener-Waterloo<\/strong>, and <strong>Hamilton <\/strong>in Ontario are approaching $1M. <\/p>\n\n\n\n<p>As of the end of March, it took <strong>63-mo<\/strong> to save for the <strong>minimum down payment<\/strong> in Canada, compared with <strong>55-mo<\/strong> in Q1 2020. <\/p>\n\n\n\n<p>in the Toronto region, it takes <strong>277-mo<\/strong> to save for a <strong>down payment<\/strong>, while the same in Hamilton is <strong>63<\/strong>; Vancouver is <strong>317<\/strong>; Montreal <strong>37<\/strong> and Ottawa <strong>39<\/strong>. <\/p>\n\n\n\n<p><strong>Parents <\/strong>taking out <strong>reverse mortgages<\/strong> for <strong>down-payment<\/strong> <strong>gifts <\/strong>occurred mostly in pricey Vancouver, but now it is <strong>common across the country<\/strong>. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.roomvu.com\" target=\"_blank\" rel=\"roomvu.com noopener\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1024x178.jpg\" alt=\"\" class=\"wp-image-12734\" width=\"834\" height=\"145\" srcset=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1024x178.jpg 1024w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-300x52.jpg 300w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-768x133.jpg 768w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1536x266.jpg 1536w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-scaled.jpg 2048w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1250x217.jpg 1250w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-400x69.jpg 400w\" sizes=\"(max-width: 834px) 100vw, 834px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Canadian Parents are seeing their children priced out of the real estate market and anxious to help. The amount of money given to children is rising sharply, speeding the transfer of wealth from one generation to the next and contributing to soaring home prices. ~70% of Canadian homeowners over the age of 65 are mortgage-free &hellip;<\/p>\n","protected":false},"author":1,"featured_media":13750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[917],"tags":[],"class_list":["post-13741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wealth Shifts to Next Generation as Parents Help Kids with Down Payments - roomvu Academy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roomvu.com\/academy\/wealth-shifts-to-next-generation-as-parents-help-kids-with-down-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wealth Shifts to Next Generation as Parents Help Kids with Down Payments\" \/>\n<meta property=\"og:description\" content=\"Canadian Parents are seeing their children priced out of the real estate market and anxious to help. 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The amount of money given to children is rising sharply, speeding the transfer of wealth from one generation to the next and contributing to soaring home prices. ~70% of Canadian homeowners over the age of 65 are mortgage-free &hellip;","og_url":"https:\/\/www.roomvu.com\/academy\/wealth-shifts-to-next-generation-as-parents-help-kids-with-down-payments\/","og_site_name":"roomvu Academy","article_publisher":"https:\/\/www.facebook.com\/roomvu\/","article_published_time":"2021-06-08T16:00:00+00:00","og_image":[{"width":1200,"height":723,"url":"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/06\/Wealth-Shifts-to-Next-Generation-as-Parents-Help-Kids-with-Down-Payments.jpg","type":"image\/jpeg"}],"author":"Academy Content Team","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Academy Content Team","Est. reading time":"2 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