{"id":7677,"date":"2017-12-20T10:10:21","date_gmt":"2017-12-20T18:10:21","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7677"},"modified":"2017-12-12T14:01:22","modified_gmt":"2017-12-12T22:01:22","slug":"canadian-parents-are-driving-up-demand-prices-in-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/12\/canadian-parents-are-driving-up-demand-prices-in-housing-market\/","title":{"rendered":"Canadian Parents Are Driving Up Demand &#038; Prices in Housing Market?"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian parents are helping their children buy their first home, but this support is increasing demand and sending prices soaring.<\/p>\n<p style=\"text-align: justify;\">One-third of Canadian Baby Boomers plan to or have already given family members a living inheritance with the specific goal of helping them to buy a home, according to a survey conducted by Sotheby\u2019s International Realty Canada and Mustel Group.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s no question that this is opening up more demand for real estate, more buyers able to buy real estate by virtue of the fact that they\u2019re being supported by their parents,\u201d Brad Henderson, CEO and President of Sotheby\u2019s tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">In the 2017 Generational Trends report, published on Tuesday, Canadian Baby Boomers (people 52 to 71 years in age) from Toronto, Vancouver, Calgary and Montreal were surveyed about their current real estate market confidence and if they\u2019re gifting a living inheritance for the purpose of helping a relative to buy a home.<\/p>\n<p style=\"text-align: justify;\">In line with what\u2019s commonly observed anecdotally, 87% of Baby Boomers who have or plan to gift their living inheritances for a real estate purchase will do so to their adult children.<\/p>\n<p style=\"text-align: justify;\">Parents have been helping their children financially for a long time, says Henderson. But with Baby Boomers accounting for roughly 30% of the country\u2019s population, he adds that this particular wealth transfer now is much more significant.<\/p>\n<p style=\"text-align: justify;\">Out of the four Canadian metropolitan areas surveyed, Baby Boomers in Calgary are the most likely to have given or plan to give a living inheritance for the purpose of buying a home, with 41% indicating this in the survey. In Vancouver, 36% of Boomers said they would gift money for the purpose of real estate, followed by 35% in Toronto and 27% in Montreal.<\/p>\n<p style=\"text-align: justify;\">According to the survey, the estimated median amount of a living inheritance transfer for property purchases is under $50,000.<\/p>\n<p style=\"text-align: justify;\">With this additional wealth being gifted to the next generation, Henderson says its opening doors to homes and borrowing options that would otherwise not be available.<\/p>\n<p style=\"text-align: justify;\">44% of Baby Boomers who have or intend to give a living inheritance believe their relatives would not be able to purchase a home without their gift. In addition, one-third of givers said that without their gift, their beneficiaries would not be able to secure a conventional mortgage.<\/p>\n<p style=\"text-align: justify;\">Although this intergenerational wealth transfer is providing opportunities, Henderson says it will add to demand in some markets that are already some of the nation\u2019s hottest.<\/p>\n<p style=\"text-align: justify;\">\u201cThe demand that we\u2019re seeing from the next generation of real estate purchasers is putting additional pressure on price,\u201d says Henderson.<\/p>\n<p style=\"text-align: justify;\">\u201cAnd the real challenge, particularly in markets like Toronto and Vancouver, is that there is an imbalance between supply and demand, and unless there\u2019s more supply we\u2019re going to see continued price increases in both of those markets,\u201d he adds.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/12\/bank-mom-dad-demand-prices-canadas-market.html\" target=\"_blank\" rel=\"noopener\">Is the Bank of Mom &amp; Dad Driving Up Demand &amp; Prices in Canada\u2019s Housing Market?<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian parents are helping their children buy their first home, but this support is increasing demand and sending prices soaring. One-third of Canadian Baby Boomers plan to or have already &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/canadian-parents-are-driving-up-demand-prices-in-housing-market\/\">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":[8],"tags":[],"class_list":["post-7677","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Parents Are Driving Up Demand &amp; Prices in Housing Market? &#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\/2017\/12\/canadian-parents-are-driving-up-demand-prices-in-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Parents Are Driving Up Demand &amp; Prices in Housing Market? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian parents are helping their children buy their first home, but this support is increasing demand and sending prices soaring. 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