{"id":2332,"date":"2016-06-15T11:11:51","date_gmt":"2016-06-15T18:11:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2332"},"modified":"2016-06-15T09:09:34","modified_gmt":"2016-06-15T16:09:34","slug":"500000-reasons-to-teach-your-kids-about-real-estate","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/500000-reasons-to-teach-your-kids-about-real-estate\/","title":{"rendered":"500,000 Reasons to Teach Your Kids About Real Estate"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s June and school will soon be out for the summer. What better time to teach your kids about real estate?<\/p>\n<p style=\"text-align: justify;\">Why? There\u2019s actually more than 500,000 reasons to do so. The number is actually 508,097 \u2013 as in dollars, the average price of a home in Canada as of April 2016, according to the Canadian Real Estate Association (CREA). This represents a 13.1% year-over-year price gain.<\/p>\n<p style=\"text-align: justify;\">Need another reason? How about 45 \u2013 as in the percentage of millennials, in a survey conducted by YPNextHome, who don\u2019t believe they will be able to buy a home in Canada within the next five years.<\/p>\n<p style=\"text-align: justify;\">Just 25% believe they will be able to buy a home in the next five years, while 25% say \u201cwith a lot of help, maybe.\u201d<\/p>\n<p style=\"text-align: justify;\">Not exactly the most encouraging stats.<\/p>\n<p style=\"text-align: justify;\">Need more, still? A new poll by CIBC reveals 63% of millennial respondents plan to buy a home in the next five years \u2013 but almost half of them have not even begun to save.<\/p>\n<p style=\"text-align: justify;\">Faced with a myriad of financial challenges, 54% of future millennial buyers say coming up with the required down payment is the biggest obstacle to homeownership, the CIBC poll says. About half are concerned that job security (53%) and rising real estate prices (46%) will impact their ability to buy.<\/p>\n<p style=\"text-align: justify;\">Given such realities, teaching young Canadians financial literacy at an earlier age is increasingly important.<\/p>\n<p style=\"text-align: justify;\">Sound familiar? It might, if you\u2019ve ever read The Wealthy Barber, David Chilton\u2019s 1989 best seller in which readers were implored to \u201cpay yourself first\u201d and max out your RRSP. The book also lamented that personal finance wasn\u2019t a key part of the curriculum in our education system.<\/p>\n<p style=\"text-align: justify;\">More than 25 years later, given the price of real estate in Canada these days and the now-documented challenges facing our millennials, you could make a case for teaching real property courses in our schools.<\/p>\n<p style=\"text-align: justify;\">Some organizations, such as the Financial Consumer Agency of Canada, major Canadian banks and even investor groups, are taking such matters into their own hands, with programs for financial literacy for youth.<\/p>\n<p style=\"text-align: justify;\">The CIBC poll underlines how strong the need is.<\/p>\n<p style=\"text-align: justify;\">\u201cMillennials want to own, and many plan to do so in the next few years, but they\u2019re facing many obstacles and competing financial priorities,\u201d says Barry Gollom, vice-president, mortgages and lending, CIBC. \u201cIt\u2019s important that they sit down with an advisor and map out a realistic time frame for making their dreams of homeownership a reality \u2013 it\u2019s not easy, but it\u2019s attainable.\u201d<\/p>\n<p style=\"text-align: justify;\">Another CIBC poll finds Canadians are sympathetic to millennials\u2019 struggles for homebuying. The majority (56%) say something should be done to help the younger generation enter the housing market. Three-quarters (77%) believe buying a home is more difficult for young Canadians today than it was for previous generations.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s not just young Canadians that feel that buying and maintaining a home is a challenge for their generation,\u201d adds Gollom. \u201cCanadians across the board regardless of age agree and a majority are calling out that something should be done to help.\u201d<\/p>\n<p style=\"text-align: justify;\">Because \u2026 those five years that millennials believe they need to save up for a down payment? If things continue as they are, prices could be further out of reach. In 2012, the average Canadian price was $363,606 \u2013 representing 39.7% gain to the current $508,0907. At that rate, in five years, the average would be about $709,811.<\/p>\n<p style=\"text-align: justify;\">Mind you, the national average price is skewed by activity in Toronto and Vancouver. Take these two markets out of the equation, the average is a more modest $369,222 and year-over-year price growth 8.7%, CREA says. There are markets in Canada that are more friendly to millennials.<\/p>\n<p style=\"text-align: justify;\">Need another reason to teach your kids about real estate sooner than later? Here\u2019s 150,000 \u2013 the Canadian average price back in 1992.<\/p>\n<p><a href=\"http:\/\/nexthome.yp.ca\/news\/advice\/\" target=\"_blank\">500,000 Reasons to Teach Your Kids About Real Estate<\/a> by Wayne Karl | YP NextHome<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s June and school will soon be out for the summer. What better time to teach your kids about real estate? Why? There\u2019s actually more than 500,000 reasons to do &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/500000-reasons-to-teach-your-kids-about-real-estate\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2332","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>500,000 Reasons to Teach Your Kids About Real Estate &#8226; Rory C Real Estate | Oakwyn Realty<\/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.roryc.ca\/blog\/2016\/06\/500000-reasons-to-teach-your-kids-about-real-estate\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"500,000 Reasons to Teach Your Kids About Real Estate &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It\u2019s June and school will soon be out for the summer. 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