Last Updated on October 24, 2023 by Ephraim Vecina
While a stronger national economy continues to bring greater purchasing power, Canadians continue to worry about housing and its associated costs, according to a poll commissioned for CBC News.
The survey found that during the second quarter of the year, fears about housing and living costs abound, with 32% of young Canadians admitting these as their major sources of concern.
These far overshadowed other important topics, including climate change (19%), health of self/family members (10%), and immigration (8%).
Such anxieties have defined many youngsters’ mental landscapes and fiscal plans to the point to seeking help: A Leger poll commissioned by FP Canada found that the “Bank of Mom and Dad” is helping not just with home purchases, but also with rental bills.
The analysis found that 24% of Canadians with adult children financially assisted their children in becoming first-time home buyers. Nearly half (48%) indicated that they plan on helping with home purchases once their underage children grow up.
Meanwhile, as much as 35% of Canadians helped pay for their adult offspring’s rent costs. More than one-third (36%) also stated that they are planning to help their children pay the rent once they decide to become tenants.
CIBC World Markets Inc. deputy chief economist Benjamin Tal said that these numbers are not surprising, amid the long-running affordability saga.
“Rent is extremely expensive, and we see parents helping,” he told Global News. “The first way was parents helping with kids buying a house. We see a record high number of young people relying on their parents for a down payment.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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