{"id":7667,"date":"2017-12-15T11:11:41","date_gmt":"2017-12-15T19:11:41","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7667"},"modified":"2017-12-06T12:26:24","modified_gmt":"2017-12-06T20:26:24","slug":"inter-generational-wealth-transfer-fuelling-more-investment","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/12\/inter-generational-wealth-transfer-fuelling-more-investment\/","title":{"rendered":"Inter-Generational Wealth Transfer Fuelling More Investment"},"content":{"rendered":"<p style=\"text-align: justify;\">Baby boomers are among the most savvy real estate investors in the country, and an intergenerational wealth transfer to their offspring will ensure investment in the Canadian market remains strong for time to come.<\/p>\n<p style=\"text-align: justify;\">A joint report by Sotheby\u2019s International Realty Canada and the Mustel Group, entitled Canada\u2019s Intergenerational Wealth Transfer &amp; Next Generation Home Buyers, found that of baby boomers surveyed in Toronto, Vancouver, Calgary and Montreal, a third plan to give\u2014or have already given\u2014their children a living inheritance so that they can buy real estate.<\/p>\n<p style=\"text-align: justify;\">Given the exorbitant price of real estate in Canada\u2019s major cities, as well as the ROIs they yield, it isn\u2019t surprising that boomers are so bullish, says Sotheby\u2019s President and CEO Brad Henderson.<\/p>\n<p style=\"text-align: justify;\">\u201cFor the most part in the last few years, real estate has outperformed their other assets, particularly some of their financial investments, so it\u2019s not surprising they\u2019re inclined to recommend to their kids to invest in real estate, especially for a home,\u201d he said. \u201cKnowing that affordability is continuing to challenge many Canadians, but particularly first-time homebuyers, what we found is 33% of people surveyed either have given their kids a living inheritance or plan to.\u201d<\/p>\n<p style=\"text-align: justify;\">Henderson added that we\u2019re witnessing a major intergenerational wealth transfer, and that the timing probably couldn\u2019t be better.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s coming at a time when many people would tell you that it\u2019s very, very needed (because of affordability).\u201d<\/p>\n<p style=\"text-align: justify;\">Typically, housing affordability is supposed to be a multiple of three to four times someone\u2019s salary, however, in Toronto it\u2019s closer to eight or nine times, says Henderson.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Vancouver, it\u2019s 12 times,\u201d he continued. \u201cWith that kind of disparity between the value of the average home and the value of the average income, it\u2019s harder for first-time homebuyers to raise the money for a down payment, let alone be able to carry and\/or qualify from a bank for the monthly payment that would be involved. This is going to be particularly acute in the New Year when OSFI\u2019s new rules come in.\u201d<\/p>\n<p style=\"text-align: justify;\">Sunny Sharma, President and Co-owner of Century 21 Leading Edge VIP Realty Inc. Brokerage, says that as much as 80% of his clientele are boomers, and that about 50% of them invest in real estate on behalf of their children.<\/p>\n<p style=\"text-align: justify;\">Sharma echoed Henderson when he said boomers have yielded better returns from their real estate investments than anything else, and that with skyrocketing housing prices they\u2019re worried about their children\u2019s futures.<\/p>\n<p style=\"text-align: justify;\">\u201cThey\u2019ve grown up with banks telling them to put money in GICs, or stocks, or bonds, or mutual funds, so these guys are seasoned investors,\u201d he said. \u201cBeing diversified in nature, they figured out real estate is one of the most rewarding products, hence their advice to their children. They can create this opportunity for their children by borrowing against their own properties.<\/p>\n<p style=\"text-align: justify;\">\u201cThey\u2019re worried about their offspring and where they\u2019re going to live when they\u2019re gone. Why sit with dead equity in their homes when they can put it to work?\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/intergenerational-wealth-transfer-fuelling-more-investment-235011.aspx\" target=\"_blank\" rel=\"noopener\">Intergenerational Wealth Transfer Fuelling More Investment<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Baby boomers are among the most savvy real estate investors in the country, and an intergenerational wealth transfer to their offspring will ensure investment in the Canadian market remains strong &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/inter-generational-wealth-transfer-fuelling-more-investment\/\">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-7667","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inter-Generational Wealth Transfer Fuelling More Investment &#8226; 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