Four out of 10 parents of young Ontario homeowners provided financial support
Focusing on those who helped their children, 44% said they used their own ordinary money to support their child’s ambition, while 15% used their own retirement savings or investments . Lenders lent an average of $40,878, while lenders lent an average of $73,605.
In addition, 91% of parents of young adults who do not own property believe it is important for their children to buy a home in the future. These parents agree that it is more difficult to buy a home now, citing higher housing prices (88%) and the difficulty of saving for a down payment (49%) as major contributing reasons. Was in his twenties.
They also identified a less secure job market, higher school prices, and fewer homes being built as contributing factors.
OREA CEO Tim Hudak said, “Parents are increasingly concerned that their children are not going to be able to achieve their dream of home ownership, so they pull all stops to help them get their footing in the market. Ontario parents have seen firsthand the benefits of homeownership on the neighborhood: it fosters vibrant and stable communities, improves quality of life, and has been a stronghold of Canada’s middle class for generations , so it is not surprising that they wish the same for themselves. Children.”
This sentiment pervaded the entire province. Regardless of age, 92% of Ontarians believe that every effort should be made to ensure that future generations have the same opportunities to buy a home as previous generations. If Ontario gets it wrong, the stakes are high, with 80% of Ontario residents saying rising housing costs are making the province a less attractive place to live and work.
