How many times are we going to read in the news that the market is overheated in Vancouver and Toronto before prices finally turn the other way.
It was just released by BMO that 42% of their first time home buyers were expecting help from their parents. It didn’t confirm how many actually get the help but it’s certainly an upward trend.
That’s a problem. It means these ridiculous prices are in large part being perpetuated by the bank of mom and dad. There will only be a finite number of parents who can manage to help their kids out; perhaps there will be a rate hike at some point; home price increases are still wayyyyyyy outpacing wage increases…just fucking blow up already. Or soft land. Something.
Why can’t parents be saying to their kids “wait for the correction.”