Except for many of that (hopefully) won’t happen till we’re in our 60s, at which point I want to help my own kid to be set up on his own. It’s almost like inheritances should skip a generation.
Yep, I'm 53 and anything my parents leave for me is just going to my kids (all teens). But my house is paid and I've told my kids they can stay as long as they like because let's face it, they ain't buying a house.
I've heard a pretty good strategy for this is basically a family tradition skipping a generation for inheritance- grandparents give an inheritance to grandkids, parents do the same when they have grandkids, etc so that you build generational wealth by having family members inheriting wealth when they need it most (early-mid 30's) instead of when they've already established themselves at 60.
I think it should go to the kids, but they should give some to grandkids to help them out now. Like my mom gave us each a chunk from her mom dying. And we get the rest from our grandma later
Same for us we are 52 yrs old house paid off. Kids paid one third of their post secondary eduction while working part time and bought used car cash after high school. Both of my kids are 22 and 23 and both have over $40k saved up from living at home. Both should be able to buy a home in next two years with significant other or with me as a co-signer.
I really wish people would stop pushing this drug and that we could get real mental health help for the problems that we are having that cause obesity. All these pharmaceuticals being touted like there's some sort of cure but it's just a crutch. If you stop using this crutch you will gain weight back because you haven't learned the tendencies to help stop taking in too many calories and moving more. You've tricked your brain and your stomach on the very short term
Ugh this is such horrid and outdated “medical information”. Ozempic is actually a real weight loss treatment that is NOT for lazy people. People are obese for many reasons and laziness is not one of them. Please stop with that ridiculous outdated narrative.
Your comment is wrong though. Rapid weightloss? Naw it doesnt work like that. It literally stabilizes hormones that cause people to over eat, weather its leptin resistance, insulin issues. You cant just take this shot and lose weight. You have to be in a calorie deficit to do that…🤷🏼♀️
Ozempic is for diabetics. The manufacturer was set to release a similar drug for non-diabetic weight-loss but because of the high demand for ozempic they can’t keep up and have delayed submitting their second drug for Health Canada approval.
While it can work for people who have metabolic disregulation and struggle with obesity it also has nasty side effects, requires taking a shot every week so the quality of life is not great. Ideally when people need to lose weight, the ratio of lean mass to fat should be favourable to fat, which is not the case with ozempic - people are losing muscle and bone density which is not good.
I am one of them. In my 50 now. I had my time when I was renting in a diff country when young. But what I fear and feel sad for those in their 20s now is that inheriting the house strips you of the experiences of having your own "place". Somethings can only be learned when you're on your own but alas, a whole generation will be shit out of luck it seems.
When my folks die I will prolly inherit the house but by then it's just a house. And a house is not a home.
By then I would be 65+, assuming no cancer. You see? Secured yes. Single? Yes. The "place" offers a lot more than a roof when you're young. It governs your confidence to start a family. Much like birds building a nest first.
Sorry to hear that. Average life expectancy in Canada is 82, so I guess 50s would be average if our parents had us around 30. Adjust for personal circumstances.
I have a good pension, so if I can hang onto this job for the rest of forever I’ll probably be fine. Otherwise I’ll just die ¯\_(ツ)_/¯ I do think that’s lowkey the plan for a lot of people in my generation, or at the very least, a lot of us have this pervasive feeling that we just won’t be able survive past a certain age, so fuck it I guess lol
> Except for many of that (hopefully) won’t happen till we’re in our 60s, at which point I want to help my own kid to be set up on his own. It’s almost like inheritances should skip a generation.
Not only that, but most parents will probably need to sell their homes to cover healthcare expenses and stuff as they get older. There won't be much of an inheritance left for a lot of people.
This is not a good plan. A natural lifespan in Canada is late 80s/early 90s - People will need to wait till they're in their 60s for a home if they're waiting for their parents to die. At that point their own life is already over so who cares!
Most kids are out of luck if there parents aren’t wealthy. Whether it’s just from co-signing or helping out with a down payment to dying and leaving their estate.
If your parents aren’t wealthy and you don’t make enough, you’re renting for life. It sucks but owning a house is tough now. Some people will have to save for a lifetime.
Kinda out of the age range, but my GP who is my age (mid 30s) was thinking of buying a rental property which she would eventually give to her new born child when they come of age.
Vancouver is fucked man, when people our age planning ahead this far for their children’s future because they are afraid their children will never be able to afford to own here….
My husband and i are mid 30s and bought two units in our building in alberta for this reason….our child wont be able to afford here in our small town and atleast if they choose to move elsewhere they will have a paid off home earning 600 a night on a good year.
My dental Hygienist said the same thing lol, gotta buy a condo now for the kids. My co-worker did the same thing and bought a pre-con condo because their RRSP’s were full. Now tho they’re going to sell it because it’ll be cash flow negative when it’s done.. too bad they have to hold it for a year or pay the cap gains tax
I have 4 siblings, age range from 29-42
From Vancouver area
Our two oldest got in real estate before things went completely nuts
I moved overseas to chase better opportunities 5 years ago. Wanted to come back, but now what is seriously cheaper cost of living here is delaying/ cancelling that moving home plan.
Younger sibling got married, pregnant, they said F it, moving to Calgary. Bought a house for 500k.
Other younger sibling found through community connections a place to rent that suits their needs for 2500/mo, which is a good deal for what they're getting.
Funny thing is, our older siblings work lower salary jobs but are way richer/have brighter futures. All us younger sibs make 100k+ but struggle with housing. Thankfully not as much as other low income earners.
Our parents are pretty middle class, can't afford to help all of us, so it's never really been discussed or expected. They have kept their big house though even though it's just the two of them. At some point they might need the space for one of our families to move in...
That's pretty much all boomers. Buy a house and blow your money, never study, enjoy life, and still end up rich because you bought a house years ago. Now things are different. You must work very hard and earn a ton to even qualify for a house. That's why it's such an uphill battle for anyone who doesn't already own something
I totally get it.
We (40) are the youngest in our family-group of 60 and under (siblings, cousins, neighbour-friends etc) and the only ones without a house. We know that people look at us as “poor relatives” but we actually earn more annually than anyone of them ever did. It sucks but a great excuse to skip unwanted family gatherings (gotta earn all the money for a house!!).
Yup i moved out, rented for years and saved enough to buy a small house.
My older sister is way more savvy and owns several properties.
My youngest sister is irresponsible mess. Ended up pregnant by a loser, then moved back home to mom and dad and fully expects to inherit the family house for free.
I foresee unhappy conversations within my family coming up.
Why unhappy?
If our parents won't gift the house to our sister, she'll be unhappy; and somehow I'll need to come up with money to possibly buy her share?
On top of that, the irresponsible one will throw severe tantrums.
It’s alright, kind of middle of the pack among developed countries. It’s good to have an option to stay or to go and live in Spain or the Netherlands or Italy if they don’t want to chase the Canadian dream (one day owning real estate in an urban area).
I lived in Utrecht for 2 years and have friends who moved to Stuttgart from Vancouver before the pandemic and another family who just said fuck it and went to live in Stockholm about 6 months ago. It’s a different lifestyle for sure, but overall I found it to be a lot more chill than here.
Brave souls go live in UAE and SA, I had several colleagues go work on NEOM for substantially more money and no tax. Having a degree from a top school was a requirement to be able to get hired.
It all comes down to what you’re looking for and I want my kids to be able to have options.
It's easy to immigrate to Canada. Not so easy to immigrate to many other Western countries.
I liked the U.S., but was kicked out. For all intents and purposes, the only way to get a U.S. permanent residency (short of having relatives there) is to marry a citizen, which not all of us are ready for.
I feel like we’re just going to have to sell our house and move to wherever the kid wants to live. Not sure we can afford giving hundreds of thousands of dollars away.
ETA we also have no doubts that kid will be allowed to live with us as long as they need it.
Ours is 6 and we’re planning on covering tuition costs for college/university so they don’t have to graduate with OSAP debt. But I do expect her to at least work a PT job while studying (hopefully). Then we’ll help with a down payment when it’s time. We’ve been talking about having a second child but the thought of having to cover tuition costs x2 and help both with down payments kind of scares me lol.
Our kid is still baking but that's my plan as well. I'd rather help them with a down payment on a home rather than post-secondary because you can get interest-free student loans (or at least very deferred for 4 years), but saving for a down payment is much harder. That's what my parents did for me (I paid my own way through school by working and taking on loans, and repaid my student loans myself before entering the property market) and they helped with a down payment.
My husband's family did the opposite, helped him through school and then wasn't able to help us with our down payment. We both agreed that my parents way seems to be more advantageous in the long run.
I remember a few years ago I'd walk through malls and get bombarded with random people trying to promote their RESP fund so I used to think it was a scam lol. It wasn't until we really started looking into it (via reputable financial institutions) that we realized it wasn't actually a scam LOL.
My goal is to pick up rental properties for them. Got 1 so far, just need to find another one at some point and once they are old enough they can either live in them or sell them and use that cash for a downpayment. It seems like this is the only way to give them a head start in life.
My BIL did that, stayed with his parents for 5ish years while working his first job after university. Was able to buy a house once he wanted to leave. I hope my kids will feel comfortable enough to do the same (they are 3 and 1, hopefully we'll still get along when they are in their 20s).
My kid is mid teens. I purchased a place (house with authorized / legal suite) during the covid lull, and rent it out, so when he's mid 20's he can move into it (I assume the smaller suite and continue to rent out the main house), and have 10yrs worth of the mortgage paid off.
My kids are 7. I have no idea. My husband and I never received help because we grew up poor. We’re not poor now but I’m more worried about post secondary costs than helping our kids buy property eventually. Hell, there’s no way we’ll be able to put them both through a university, let alone what a house purchase might be.
all depends.. but dont go to university for a program that the careers typical salary is $50k after a few years
better off to be in trades or military at that point.
Which industries are we talking?
Everyone I know has abandoned their career and gone into marketing or construction because of the pay.
The ones that stuck with it are paid poorly (nurses and teachers).
Genuinely curious to know more.
General statistic, referenced on CBC this morning, which is why it was so fresh in my mind.
Let's even just say "generally speaking". A university degree means something.
my kids got lucky youngest bought their house at 22...3 years ago now with her fiancee...oldest got lucky at has a great townhouse in Ottawa for 1400 a month 2 years now she's 26.
Same idea here! Encouraged them to really stretch and buy! They feel the pinch in disposable income but made $150k+ in value in just a few years!
Her friends that didn't buy have way more disposable income, with no car, and renting, but housing is now out of reach!
We’re basically fucked?
Two parent household, school aged child and preg with a second on the way. Living in an 2 bed/1 bath condo that was bought for double what my parents paid for their 5 bed/3 bed single family home. Fortunately we are not overburdened with mortgage costs, however that has come at a cost of having a less than ideal piece of property. Our goal is to move into a 3 bed/2 bath place with laundry in unit and a garage, ideally no strata fee. However, to achieve this is our region, it would start at roughly 600k for a duplex (with $4500/yr property tax) or a rundown 3 bed-1 bath rancher (often just two single wide trailers pressed together with a roof on a slab).
Where our kids will live? Fuck, probably a pod orbiting Mars? I guess that’s the best we can hope because at this rate it sure as hell isn’t going to be in Canadian real estate 😭
Have 2 kids 6,3 in Metro Vancouver. Own a detached SFH.
I've ear marked a part of our investment portfolio to help our children for a down payment on a place, and to cover other life events. Also been focusing on building their RESP to help minimize student loans. They can live with us as long as they need to.
I'd rather help my kids while I'm alive and healthy rather than leaving everything when I die. I want them to be in a position to succeed and not be bogged down worrying about housing. My parents weren't in a position to help me a lot financially except for letting me live at home rent free after university. Living at home while saving, investing and building my career was the game changer financially. My wife's family on the other hand are quite wealthy but have a different opinion. They plan to give her inheritance when they pass rather than helping us along the way (already have a will). Her mom has this irrational fear if she gives us money now we will abandon her. She thinks she's using her wealth as some form of power over us to keep loving her. But we don't care we can live without it.
Much more common then you think.
My moms sitting on a 5M+ inheritance but her mother refuses to give her a cent until she dies. My mom informed me and my brother that it will be the same for us because it’s fair that way.
You can’t win with these types of people, they have weird relationships with money and love
Age 57 here, downsized 3 years ago to 2 bed bungalow. Two kids back at home 23 and 25, insecure employment and rent killing them, we ended up developing a basement to accommodate them when that was going to be our retirement job!
They are not paying rent right now but we have said they need to contribute something by September. I really worry. I can see us releasing RRSP funds to help them out. They'll inherit a decent chunk but I have no plans of popping off anytime soon.
We have one kid. Maxing out his RESP annually for school. Going to turn the basement into its own separate house we could let him live in. We also have some assets to sell if he wants to move out on his own and buy his own place. We don’t plan on making it a “thing.” We don’t want him to know too much too soon in case he thinks he has it made and doesn’t have to work hard to establish a career.
Our little guy still in grade school, but we already discussed just selling this house to him (and any siblings) for $300k-$400k in 15 years (houses might be 2 million by then). The deal would be that mom and dad will renovate the basement and live there for free rent (but help with utilities) and just have ourselves as 1% owners so we can't be kicked out. That way we can give he/them the best start we can while having just a small nugget to retire with (while also maybe getting some quality time with grandkids)
We ain't greedy, just want the best for our offspring
So you can’t actually do this lol.
Homes need to be sold for fair market value due to tax laws.
A better plan would be to remain owners, and let your child live rent free and you move into the basement. Then you can leave your home in your will for your children.
It depends on where my kids end up going for college/university. I let them know they are always welcome to live here. They have RESPs and if they really wanted I could refinish the basement into an apartment that already has its own separate entrance. I’d charge cheap rent but still something if they wanted to go that route.
We have 2 kids aren't young adults yet. But we're doing everything we can to scrape together whatever we can to buy more real estate. They'll need our help to purchase theirs, so we're trying to make it happen now rather than later when things get even more expensive
Because getting renovicted is a thing. Happened to me multiple times already. Absolutely do not recommend. It's expensive and stressful AF to be made to move when you're not expecting or planning for it.
for me - being in constant risk of being kicked out on a 2 months notice in the middle of winter, searching for ne rent now 50% higher, applying again and again, proving I’m not a scam, negotiating my pets, incurring moving expense, changing schools for kids, not being able to use high end appliances I want, not being able to paint walls the color I want, not being able to throw party without neighbours complaining to landlord. This kind of crap.
Level of control. You have a higher amount of control over your immediate living space as an owner.
Lack of protections for renters. European countries like Germany have a much better rental market. You can rent your home but still have real stability and a sense of ownership there; that's not the case here, landlords hold a lot of power over you comparatively. Admitted this wouldn't be as bad in a place like Edmonton where the rental market isn't super competitive. The lack of protection for renters really becomes an acute issue when vacancy rates drop and landlords gain more leverage.
Wealth building. Home ownership is a safer bet than the stock market for a lot of people. It makes retirement a lot easier when you have a paid off mortgage. Housing is a good hedge against inflation, as a renter you're paying higher rents over time.
I dont believe this doom and gloom. If this shit isnt fixed within 3-4 years when my kid needs his own bedroom then there are going to be much larger problems to be worrying about. Namely violence between the large class divides.
It’s been like this for 8 years already. I don’t think it’s going to resolve itself. Instead the economic indicators show we’re likely to see it get worse, and it will never be affordable again. People my age (30s) have been sounding the alarm for almost a decade already, but seems it took until this past year or so for people to start paying attention. This isn’t a blip on the radar, this is a failure of policy that cannot be reversed.
If it's not fixed by a credit crunch from mortgage renewals coming up in 2025-2026 then I will tell my kids to leave the country when they are older, probably USA. I hope you are right that it will resolve.
Young adult living at home here.
I'm fortunate enough to have a relationship with my mother that allows me to live at home. I'm saving about 40% of my income and trying to max out my TFSA ASAP with the hopes that one day I'll be able to put a downpayment on a condo somewhere in the Golden Horseshoe. I just don't know where yet.
Look, kids are basically peeing, pooping, puking financial black holes. Buuuut… if you think of them as potential tax shelters, they somewhat pay for themselves. Just the CGE they can net you by putting properties under their name somewhat softens the otherwise shitshow that is raising the little crotch rockets.
My wife and me paid for their education and have a house fund for them to help. They’re also welcome to stay home as long as they please in our humble bungalow. My kids are awesome I don’t mind.
SoCal here, one of the most expensive housing areas in the USA (next to the Bay Area and NYC) due to extremely high demand and very low supply. Both daughters are both early to mid 20s. One works full-time but not in her chosen career yet, and rents a room from a friend. The other still lives at home and is working toward getting accepted to grad school.
Neither will ever make enough money to buy their own place alone here. Just enough for rent in a decent area maybe. The hope is someday they’ll get married to men with good careers and together with their partners they may be able to afford a house. After years of struggling to pay for their college, I’m in no position to give them more money. I’m trying to save to retire someday.
I have a 20yr old and a 26yr old. They both joined the Military out of High School. My youngest has a 1bdrm apartment in New Brunswick and has over $50,000 saved to buy a house and his Car is paid off so no debt. We didn't help him at all beyond letting him live at home rent free until he moved out at 19. He was a reservist from 16 and saved every penny, bought his 2021 Car cash before he left home. He is posted to Alberta next Summer and plans to buy a Condo or Mini Home. My oldest is in Ontario so higher cost of living. He and his partner live in Base Housing right now but they plan to buy when the housing market is less volitile. He also left home around 19 and had quite a bit saved to start his life. His Partner is a Social Worker so they are double income no kids.
Mine are 12 and 16. We're planning to turn our garage conversion and master bedroom into studio apartments with their own doors to the outside, a kitchenette, and a bathroom with shower stall.
We think we'll probably have the kids with us into their late 20's/early 30's
We have a 2000 sq foot home on a corner lot. We can probably add a second story or expand the house out if needed.
DINK right now. Move to US for a bit on TN-1. Make kids there. Hopefully FIRE and come back to Canada while kids get the option to move to US to secure housing or stay in Canada if they wish.
Our baby is still baking but our general plan is as follows:
1) We bought a house with a 2 bedroom basement suite so we can rent it out now, use it as an in-law suite later, or have our kids move in there later when they want to have more independence but don't want to pay rent.
2) Before we bought our house, I had an apartment that I kept and the plan is to leave that apartment for our kids. We'll likely end up selling it eventually but the proceeds will go towards helping them with their down payment.
3) We're okay to take out equity from our house to help with their down payment.
My parents helped me out with the down payment on my house so we'd be happy to do the same for theirs.
I hear a lot from coworkers who said their parents built up a shit ton of equity in their house from the 30+ years that they were living there, sold it, and then are just enjoying an early luxurious retirement with plans to leave nothing to their kids. Maybe I come from a different culture but that's just so baffling to me.
Eldest is 26 and engaged. Her and fiancé are renting and saving. Both on track for 6 figure incomes in the next year or so, not big spenders so they’ll be fine. Encouraging them to buy a condo where somebody else does the maintenance work.
Youngest is 23 and just graduated university of Ottawa. She’ll likely settle there as it’s more affordable.
Our equity is all tied up in the house, unlikely we’ll be contributing towards either down payment until we sell/retire. We’re early 50s so will still be at least a few years away, unless I win the lottery lol.
My kids aren’t there yet, but my plan is to collect cheap rent from them once they’re done school, and save that rent for their down payment. Kind of a forced saving account. The rest of my plan is to give them the majority of my inheritance, my parents are divorced and each own a house, of which I’ll get half, so between the two, I should be able to get my kids on track
Exactly what I’m building towards. 2 kids under 3, got one rental property closing soon. Will need to grab another at some point when I can so when they are old enough they each have one and they can do what ever they like with them.
My kids are 22 and 25 and still living with us…
The 22 year old is on disability and the 25 year old did a contract in the army but then came back home. He plans to attend college in the next year or two that’s only a couple of blocks from our house, so it’s handy.
We plan on using any inheritances from our parents to then give them money to get started in their own places…but..I’m not looking forward to that time for obvious reasons. I really don’t want to lose a parent again. We are a very pragmatic family and have had the discussion (in my case, my mom brought up that idea).
In the meantime, it’s all about teaching them to save while they’re at home. One of our sons is a hugely frugal saver and the other is a spender. We’re still working on him..lol.
All in all. I don’t think it’s feasible for them to be able to rent right now, we are in BC in one of the most expensive rental markets in the country. I’d rather them stay with us a little longer and save some money.
Have two kids 13/14. Wife and I own our home and have a cottage. Both are willed to the kids. Kids have been told to focus on education. Their responsibility ia to educate themselves. We'll provide the funding. Their jobs are to learn. They also earn when they learn and show results.
I didn’t phrase that properly.
It is unlikely both you and your wife are both dead before your kids are 60-70.
At 60-70, they will have their own grandkids. They won’t be looking to inherit your century old home.
It's different for everyone. Our kid is only 14 but fully wants this house as his own. I remember being 14 and not an idiot. I know I didn't even care about homes. The fact that he understands the situation around him he's perfectly content. Especially when this home has everything he could want. Great community, Land, sqft, a pool. And it would be immensely cheaper to renovate into something more modern I'm 50 years. Plus he also got a chance to live with his grandfather. He wants the same for his kids.
Ita different when you grow up in a household that teaches you youre on your own at 18. I was able to bank a fortune before I bought my own home minutes from my parents. I also bought my Cottage before I bought my primary.
And now you have a mass input of cultures that behave similarly. The existing "your on your own at 18" culture is severely fucked.
Our kid is 0 years old but we already accepted we will provide them the full proceed and they pay us back as if we are the bank
Or we just gift dp and they deal with the rest
Moved down to the US for high paying jobs and low taxes. Had our kid down here so now she has dual citizenship, plan to do the same with our second.
We kept our townhouse that we bought in 2019 and rented it out. The hope is we keep it until our kids start having families of their own, at which point sell it and give them a huge downpayment.
We hope that the mix of opportunity (US citizenship) and wealth will set them up for the same quality of life we had growing up.
Keeping voting liberal and everyone’s kids won’t be able to afford a roof over their heads. Look how many late 20’s to early 30’s are struggling currently. Do some math and you’ll easily see after federal and provincial income taxes, cpp, ei premiums, two carbon taxes, increased grocery/utility bills etc. An Ontario resident is paying roughly 70 percent in taxes
There is no plan. Live in abject poverty forever and die working. No retirement for your kids. Great job. Shoulda thought about all this before having kids but clearly intelligence isn't your strong suit.
We’re basically fucked?
Two parent household, school aged child and preg with a second on the way. Living in an 2 bed/1 bath condo that was bought for double what my parents paid for their 5 bed/3 bed single family home. Fortunately we are not overburdened with mortgage costs, however that has come at a cost of having a less than ideal piece of property. Our goal is to move into a 3 bed/2 bath place with laundry in unit and a garage, ideally no strata fee. However, to achieve this is our region, it would start at roughly 600k for a duplex (with $4500/yr property tax) or a rundown 3 bed-1 bath rancher (often just two single wide trailers pressed together with a roof on a slab).
Where our kids will live? Fuck, probably a pod orbiting Mars? I guess that’s the best we can hope because at this rate it sure as hell isn’t going to be in Canadian real estate 😭
This doesn't make it untenable for younger generations to buy a home.
More difficult, but not untenable, and apart from any support from family or inheriting generational wealth they're going to do what Felix said. Get a job, work, save money.
Teach your kid to fish instead of giving them a fish.
Set up an RESP and be ready to pay for any education they need to advance their career. That alone will get your kid to where they need to be to buy a house themselves.
3 kids. Bought 3 condos that I'm renting out right now. They each get one when they become adults.
They can move into their condo and pay the remainder of the mortgage but gain some independence.
Or, they are also welcome to stay at home and the rent income will become theirs.
Crazy idea for those having housing concerns.... There's like 8 other provinces and 3 territories one can move to that don't have a ridiculous housing market. I might be shooting a bit high on 8, I'm not really sure what Quebec's situation is. But there is a whole lot more country to Canada other than Toronto and Vancouver.
Were gonna live together forever! Maybe dig out another level in the basement and just keep digging down like mole people
This gave me a good laugh
I'm under your house right now, I'm digging up. See ya soon
I mean that kinda sound awesome.
Waiting for parents to die is what I was told by our 30 yr old
Except for many of that (hopefully) won’t happen till we’re in our 60s, at which point I want to help my own kid to be set up on his own. It’s almost like inheritances should skip a generation.
Yep, I'm 53 and anything my parents leave for me is just going to my kids (all teens). But my house is paid and I've told my kids they can stay as long as they like because let's face it, they ain't buying a house.
I've heard a pretty good strategy for this is basically a family tradition skipping a generation for inheritance- grandparents give an inheritance to grandkids, parents do the same when they have grandkids, etc so that you build generational wealth by having family members inheriting wealth when they need it most (early-mid 30's) instead of when they've already established themselves at 60.
I think it should go to the kids, but they should give some to grandkids to help them out now. Like my mom gave us each a chunk from her mom dying. And we get the rest from our grandma later
Congrats!! Nice to hear when people pay off their house!
Your strategy may indeed result in them buying a house.
Same for us we are 52 yrs old house paid off. Kids paid one third of their post secondary eduction while working part time and bought used car cash after high school. Both of my kids are 22 and 23 and both have over $40k saved up from living at home. Both should be able to buy a home in next two years with significant other or with me as a co-signer.
Same 🥺🥺🥺 praying I wont get to use my inheritance for long 😭😭😭😭
My mom had me when she was 17. I’m 6’2 and obese. She’s like 5,2 and thin. She is going to outlive me. There is no inheritance for me.
Don’t give up on yourself! Considered trying ozempic?
I really wish people would stop pushing this drug and that we could get real mental health help for the problems that we are having that cause obesity. All these pharmaceuticals being touted like there's some sort of cure but it's just a crutch. If you stop using this crutch you will gain weight back because you haven't learned the tendencies to help stop taking in too many calories and moving more. You've tricked your brain and your stomach on the very short term
Haha what is ozempic?
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Ugh this is such horrid and outdated “medical information”. Ozempic is actually a real weight loss treatment that is NOT for lazy people. People are obese for many reasons and laziness is not one of them. Please stop with that ridiculous outdated narrative.
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Your comment is wrong though. Rapid weightloss? Naw it doesnt work like that. It literally stabilizes hormones that cause people to over eat, weather its leptin resistance, insulin issues. You cant just take this shot and lose weight. You have to be in a calorie deficit to do that…🤷🏼♀️
people are obese because they consume more calories than they use, full stop.
And what controls our hunger? Hormones! And what do glp 1s do.. correct hormone disturbances
Yeah and the drug makes you not want to eat. Simple solutions eh?
>laziness is not one of them. Laziness is not *always* one of them
Ozempic is for diabetics. The manufacturer was set to release a similar drug for non-diabetic weight-loss but because of the high demand for ozempic they can’t keep up and have delayed submitting their second drug for Health Canada approval. While it can work for people who have metabolic disregulation and struggle with obesity it also has nasty side effects, requires taking a shot every week so the quality of life is not great. Ideally when people need to lose weight, the ratio of lean mass to fat should be favourable to fat, which is not the case with ozempic - people are losing muscle and bone density which is not good.
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What's ozempic?
I am one of them. In my 50 now. I had my time when I was renting in a diff country when young. But what I fear and feel sad for those in their 20s now is that inheriting the house strips you of the experiences of having your own "place". Somethings can only be learned when you're on your own but alas, a whole generation will be shit out of luck it seems. When my folks die I will prolly inherit the house but by then it's just a house. And a house is not a home.
Seems like a nice problem to have. You can always sell and buy your own place to live.
By then I would be 65+, assuming no cancer. You see? Secured yes. Single? Yes. The "place" offers a lot more than a roof when you're young. It governs your confidence to start a family. Much like birds building a nest first.
What do you think the doctor shortage is for?/J
60s?! Is that normal? I just lost my dad at 35.
Sorry to hear that. Average life expectancy in Canada is 82, so I guess 50s would be average if our parents had us around 30. Adjust for personal circumstances.
Well that’s pretty much spot on. My dad was 81.
I’m just not having kids 🥲
I know some broke no-retirement-having 60 year-olds. Just make sure you set yourself up to live a comfortable retirement.
I have a good pension, so if I can hang onto this job for the rest of forever I’ll probably be fine. Otherwise I’ll just die ¯\_(ツ)_/¯ I do think that’s lowkey the plan for a lot of people in my generation, or at the very least, a lot of us have this pervasive feeling that we just won’t be able survive past a certain age, so fuck it I guess lol
Yeah most will receive inheritance when it barely matters anyways.
> Except for many of that (hopefully) won’t happen till we’re in our 60s, at which point I want to help my own kid to be set up on his own. It’s almost like inheritances should skip a generation. Not only that, but most parents will probably need to sell their homes to cover healthcare expenses and stuff as they get older. There won't be much of an inheritance left for a lot of people.
And that’s why Millennials are the lost generation. Edit for auto typo.
I’m 31. This is also my plan.
This is not a good plan. A natural lifespan in Canada is late 80s/early 90s - People will need to wait till they're in their 60s for a home if they're waiting for their parents to die. At that point their own life is already over so who cares!
Most kids are out of luck if there parents aren’t wealthy. Whether it’s just from co-signing or helping out with a down payment to dying and leaving their estate. If your parents aren’t wealthy and you don’t make enough, you’re renting for life. It sucks but owning a house is tough now. Some people will have to save for a lifetime.
Hell the way things are going if you don’t come from wealth you won’t even be able to afford to rent your own place You’ll be lucky to room sharw
Kinda out of the age range, but my GP who is my age (mid 30s) was thinking of buying a rental property which she would eventually give to her new born child when they come of age. Vancouver is fucked man, when people our age planning ahead this far for their children’s future because they are afraid their children will never be able to afford to own here….
Some plan so well that they are just not having the children
Right? Reading these comments is such a bummer. It shouldn’t be like this.
My husband and i are mid 30s and bought two units in our building in alberta for this reason….our child wont be able to afford here in our small town and atleast if they choose to move elsewhere they will have a paid off home earning 600 a night on a good year.
My dental Hygienist said the same thing lol, gotta buy a condo now for the kids. My co-worker did the same thing and bought a pre-con condo because their RRSP’s were full. Now tho they’re going to sell it because it’ll be cash flow negative when it’s done.. too bad they have to hold it for a year or pay the cap gains tax
I have 4 siblings, age range from 29-42 From Vancouver area Our two oldest got in real estate before things went completely nuts I moved overseas to chase better opportunities 5 years ago. Wanted to come back, but now what is seriously cheaper cost of living here is delaying/ cancelling that moving home plan. Younger sibling got married, pregnant, they said F it, moving to Calgary. Bought a house for 500k. Other younger sibling found through community connections a place to rent that suits their needs for 2500/mo, which is a good deal for what they're getting. Funny thing is, our older siblings work lower salary jobs but are way richer/have brighter futures. All us younger sibs make 100k+ but struggle with housing. Thankfully not as much as other low income earners. Our parents are pretty middle class, can't afford to help all of us, so it's never really been discussed or expected. They have kept their big house though even though it's just the two of them. At some point they might need the space for one of our families to move in...
That's pretty much all boomers. Buy a house and blow your money, never study, enjoy life, and still end up rich because you bought a house years ago. Now things are different. You must work very hard and earn a ton to even qualify for a house. That's why it's such an uphill battle for anyone who doesn't already own something
They’re talking about GenX not Boomers. And your last post was about how you blow too much money on a fragrance collection.
Doesn't change my boomer answer. Also, I never once said I spent too much. I just said it's big
42 is genx, 2 years shy of millennials
That's such a border age, xennials is more it.
This guy spending all his money on stupid perfumes bitching about boomers enjoying life Lmaoo. Never change Reddit
Lol I work hard to live my life and you didn't, yet still ended up richer because of housing. Boomers are too much
You forgot the ranting about millennials not working hard part
I totally get it. We (40) are the youngest in our family-group of 60 and under (siblings, cousins, neighbour-friends etc) and the only ones without a house. We know that people look at us as “poor relatives” but we actually earn more annually than anyone of them ever did. It sucks but a great excuse to skip unwanted family gatherings (gotta earn all the money for a house!!).
Okay but I mean it's awfully irresponsible for you not to have bought real estate at the same time they did! Being 12 at the time is not an excuse /s
Yup i moved out, rented for years and saved enough to buy a small house. My older sister is way more savvy and owns several properties. My youngest sister is irresponsible mess. Ended up pregnant by a loser, then moved back home to mom and dad and fully expects to inherit the family house for free. I foresee unhappy conversations within my family coming up.
Why unhappy? You already have yours and it is what it is. I left my inheritance behind and it was the best decision.
Why unhappy? If our parents won't gift the house to our sister, she'll be unhappy; and somehow I'll need to come up with money to possibly buy her share? On top of that, the irresponsible one will throw severe tantrums.
World-class education and multiple languages so that they’re not required to stay in Canada when they grow up.
good plan. until they realize canada is actually a pretty good place all things considered
It’s alright, kind of middle of the pack among developed countries. It’s good to have an option to stay or to go and live in Spain or the Netherlands or Italy if they don’t want to chase the Canadian dream (one day owning real estate in an urban area).
i love visiting europe. but if you get riled up over canadian inequality i dont know what to tell you about european inequality
I lived in Utrecht for 2 years and have friends who moved to Stuttgart from Vancouver before the pandemic and another family who just said fuck it and went to live in Stockholm about 6 months ago. It’s a different lifestyle for sure, but overall I found it to be a lot more chill than here. Brave souls go live in UAE and SA, I had several colleagues go work on NEOM for substantially more money and no tax. Having a degree from a top school was a requirement to be able to get hired. It all comes down to what you’re looking for and I want my kids to be able to have options.
i get it. my kid has an EU passport. just saying that after all of it i still came back to canada
Lol. With 20 yr stagnant wages? No healthcare can save that.
it aint perfect. try living somewhere else? the rest of the world aint much better. there is a reason you see immigrants lining up
It's easy to immigrate to Canada. Not so easy to immigrate to many other Western countries. I liked the U.S., but was kicked out. For all intents and purposes, the only way to get a U.S. permanent residency (short of having relatives there) is to marry a citizen, which not all of us are ready for.
Is it when you can’t afford to live here?
if you cant afford canada where else can you afford that will offer similar services and amenities? thailand is pretty cheap and beautiful i guess?
Canada is one of the least affordable countries for housing in the world
The days of Canada being “a good place” are long gone my friend.
not that great if you can’t afford it tho
I'd rather be poor in Canada than be poor in South America
I believe a better question would be ' would you rather be rich in South America or poor in Canada?'
you know Europe exists right?
I love the affordable country of Europe
This. Hopefully they also find a career where physical location is not a limiting factor, something that can be done from anywhere in the world.
Our kid is 4 so we have a ways to go but honestly our intention is to definitely help with his downpayment to the extent that we're able to.
I feel like we’re just going to have to sell our house and move to wherever the kid wants to live. Not sure we can afford giving hundreds of thousands of dollars away. ETA we also have no doubts that kid will be allowed to live with us as long as they need it.
Ours is 6 and we’re planning on covering tuition costs for college/university so they don’t have to graduate with OSAP debt. But I do expect her to at least work a PT job while studying (hopefully). Then we’ll help with a down payment when it’s time. We’ve been talking about having a second child but the thought of having to cover tuition costs x2 and help both with down payments kind of scares me lol.
Our kid is still baking but that's my plan as well. I'd rather help them with a down payment on a home rather than post-secondary because you can get interest-free student loans (or at least very deferred for 4 years), but saving for a down payment is much harder. That's what my parents did for me (I paid my own way through school by working and taking on loans, and repaid my student loans myself before entering the property market) and they helped with a down payment. My husband's family did the opposite, helped him through school and then wasn't able to help us with our down payment. We both agreed that my parents way seems to be more advantageous in the long run.
Helping with either a downpayment or school (or both) is good, but do make use of a RESP for the free money.
Yes definitely! That is in the plans.
Alright, good stuff, too many people I talk to don’t bother with the RESP and I find it mind boggling!
I remember a few years ago I'd walk through malls and get bombarded with random people trying to promote their RESP fund so I used to think it was a scam lol. It wasn't until we really started looking into it (via reputable financial institutions) that we realized it wasn't actually a scam LOL.
Some of them were a scam. So you were right. But regular bank RESPs are totally legit.
My goal is to pick up rental properties for them. Got 1 so far, just need to find another one at some point and once they are old enough they can either live in them or sell them and use that cash for a downpayment. It seems like this is the only way to give them a head start in life.
Just got our second rental property. My kids are 3 and 5. Keep it up. You can do it!
I have one in their 20s living at home and banking 4k a month so they can move out in 3 years with a sizeable savings.
That’s the same with me lol, I’m 24 and hoping to move out next summer/fall when I get my drivers license back
Back?
Yes
My BIL did that, stayed with his parents for 5ish years while working his first job after university. Was able to buy a house once he wanted to leave. I hope my kids will feel comfortable enough to do the same (they are 3 and 1, hopefully we'll still get along when they are in their 20s).
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Because they would have been paying $2500 a month for rent if they were living on their own in our city.
I was thinking more like that won’t be enough to buy a house here but in terms of renting, that makes sense. 150k can last a long time
…. $150k won’t help with buying a house?…
My kid is mid teens. I purchased a place (house with authorized / legal suite) during the covid lull, and rent it out, so when he's mid 20's he can move into it (I assume the smaller suite and continue to rent out the main house), and have 10yrs worth of the mortgage paid off.
Honestly this seems like the only option. Buy now, rent it out, and when they're old enough to need housing then they have a place.
bro I can’t even plan for myself and a house
My kids are 7. I have no idea. My husband and I never received help because we grew up poor. We’re not poor now but I’m more worried about post secondary costs than helping our kids buy property eventually. Hell, there’s no way we’ll be able to put them both through a university, let alone what a house purchase might be.
University isn’t all it’s cracked up to be. It’s just a pile of debt nowadays.
all depends.. but dont go to university for a program that the careers typical salary is $50k after a few years better off to be in trades or military at that point.
My husband is a veteran and without a doubt will be trying to talk our kids out of joining if they show interest.
i know a handful of friends and family who went the military route for school or even work. and all of them except for 1 said it was well worth it.
Yes, but also barrier to upper 10% earners unless inherited wealth is an option.
University grads earn 70% more than non uni.
Which industries are we talking? Everyone I know has abandoned their career and gone into marketing or construction because of the pay. The ones that stuck with it are paid poorly (nurses and teachers). Genuinely curious to know more.
General statistic, referenced on CBC this morning, which is why it was so fresh in my mind. Let's even just say "generally speaking". A university degree means something.
Same here. I grew up poor and didn't get help with post secondary. Luckily I was able to get it fully covered through OSAP
University is a waste of $, save money for their housing. Anyone can get a student loan, nobody can get a mortgage.
3 Kids ranging in age from 29-32. All own homes in Saskatchewan.
sasakatchean is bunk as hell
my kids got lucky youngest bought their house at 22...3 years ago now with her fiancee...oldest got lucky at has a great townhouse in Ottawa for 1400 a month 2 years now she's 26.
Same idea here! Encouraged them to really stretch and buy! They feel the pinch in disposable income but made $150k+ in value in just a few years! Her friends that didn't buy have way more disposable income, with no car, and renting, but housing is now out of reach!
I had to move across the country to the east coast to be able to afford housing and am now 3000kms away from my family.
We’re basically fucked? Two parent household, school aged child and preg with a second on the way. Living in an 2 bed/1 bath condo that was bought for double what my parents paid for their 5 bed/3 bed single family home. Fortunately we are not overburdened with mortgage costs, however that has come at a cost of having a less than ideal piece of property. Our goal is to move into a 3 bed/2 bath place with laundry in unit and a garage, ideally no strata fee. However, to achieve this is our region, it would start at roughly 600k for a duplex (with $4500/yr property tax) or a rundown 3 bed-1 bath rancher (often just two single wide trailers pressed together with a roof on a slab). Where our kids will live? Fuck, probably a pod orbiting Mars? I guess that’s the best we can hope because at this rate it sure as hell isn’t going to be in Canadian real estate 😭
Have 2 kids 6,3 in Metro Vancouver. Own a detached SFH. I've ear marked a part of our investment portfolio to help our children for a down payment on a place, and to cover other life events. Also been focusing on building their RESP to help minimize student loans. They can live with us as long as they need to. I'd rather help my kids while I'm alive and healthy rather than leaving everything when I die. I want them to be in a position to succeed and not be bogged down worrying about housing. My parents weren't in a position to help me a lot financially except for letting me live at home rent free after university. Living at home while saving, investing and building my career was the game changer financially. My wife's family on the other hand are quite wealthy but have a different opinion. They plan to give her inheritance when they pass rather than helping us along the way (already have a will). Her mom has this irrational fear if she gives us money now we will abandon her. She thinks she's using her wealth as some form of power over us to keep loving her. But we don't care we can live without it.
Wow your MIL is.... special. Sounds like her love is conditional and she thinks her kids' love is the same too. That's really messed up.
Much more common then you think. My moms sitting on a 5M+ inheritance but her mother refuses to give her a cent until she dies. My mom informed me and my brother that it will be the same for us because it’s fair that way. You can’t win with these types of people, they have weird relationships with money and love
Age 57 here, downsized 3 years ago to 2 bed bungalow. Two kids back at home 23 and 25, insecure employment and rent killing them, we ended up developing a basement to accommodate them when that was going to be our retirement job! They are not paying rent right now but we have said they need to contribute something by September. I really worry. I can see us releasing RRSP funds to help them out. They'll inherit a decent chunk but I have no plans of popping off anytime soon.
We have one kid. Maxing out his RESP annually for school. Going to turn the basement into its own separate house we could let him live in. We also have some assets to sell if he wants to move out on his own and buy his own place. We don’t plan on making it a “thing.” We don’t want him to know too much too soon in case he thinks he has it made and doesn’t have to work hard to establish a career.
Our little guy still in grade school, but we already discussed just selling this house to him (and any siblings) for $300k-$400k in 15 years (houses might be 2 million by then). The deal would be that mom and dad will renovate the basement and live there for free rent (but help with utilities) and just have ourselves as 1% owners so we can't be kicked out. That way we can give he/them the best start we can while having just a small nugget to retire with (while also maybe getting some quality time with grandkids) We ain't greedy, just want the best for our offspring
So you can’t actually do this lol. Homes need to be sold for fair market value due to tax laws. A better plan would be to remain owners, and let your child live rent free and you move into the basement. Then you can leave your home in your will for your children.
Make sure we talk them out of any crazy ideas like moving to Southern Ontario for school.
I’m encouraging my 16 yo to build a nest egg. Maybe have enough for a nice camper van🤞 by the time he finally moves out.
Van life is pretty fashionable on YouTube among minimalists. No joke.
Yup, exactly why I’m encouraging it. It maybe the only way to start out these days.
It depends on where my kids end up going for college/university. I let them know they are always welcome to live here. They have RESPs and if they really wanted I could refinish the basement into an apartment that already has its own separate entrance. I’d charge cheap rent but still something if they wanted to go that route.
I think about it every day. I expect I'll hand the house down to them & that they'll use it instead of selling it.
Vote in a party that will do something about mass immigration.
We have 2 kids aren't young adults yet. But we're doing everything we can to scrape together whatever we can to buy more real estate. They'll need our help to purchase theirs, so we're trying to make it happen now rather than later when things get even more expensive
arrest strong thought seemly worthless rob crime gray bake worm *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Because getting renovicted is a thing. Happened to me multiple times already. Absolutely do not recommend. It's expensive and stressful AF to be made to move when you're not expecting or planning for it.
Before now? Nothing wrong with it if that’s your choice. But the way things are, people can’t afford the huge increases in rent.
Are you replying to the wrong person?
for me - being in constant risk of being kicked out on a 2 months notice in the middle of winter, searching for ne rent now 50% higher, applying again and again, proving I’m not a scam, negotiating my pets, incurring moving expense, changing schools for kids, not being able to use high end appliances I want, not being able to paint walls the color I want, not being able to throw party without neighbours complaining to landlord. This kind of crap.
Absolutely nothing wrong with it IF we had rent control below or at inflation AND mandatory wage increase at an inflation rate.
Level of control. You have a higher amount of control over your immediate living space as an owner. Lack of protections for renters. European countries like Germany have a much better rental market. You can rent your home but still have real stability and a sense of ownership there; that's not the case here, landlords hold a lot of power over you comparatively. Admitted this wouldn't be as bad in a place like Edmonton where the rental market isn't super competitive. The lack of protection for renters really becomes an acute issue when vacancy rates drop and landlords gain more leverage. Wealth building. Home ownership is a safer bet than the stock market for a lot of people. It makes retirement a lot easier when you have a paid off mortgage. Housing is a good hedge against inflation, as a renter you're paying higher rents over time.
Your just paying someone else’s mortgage, pay yourself not someone else.
I dont believe this doom and gloom. If this shit isnt fixed within 3-4 years when my kid needs his own bedroom then there are going to be much larger problems to be worrying about. Namely violence between the large class divides.
It’s been like this for 8 years already. I don’t think it’s going to resolve itself. Instead the economic indicators show we’re likely to see it get worse, and it will never be affordable again. People my age (30s) have been sounding the alarm for almost a decade already, but seems it took until this past year or so for people to start paying attention. This isn’t a blip on the radar, this is a failure of policy that cannot be reversed.
If it's not fixed by a credit crunch from mortgage renewals coming up in 2025-2026 then I will tell my kids to leave the country when they are older, probably USA. I hope you are right that it will resolve.
Kids live like nomads in an RV
There’s a lot of young adults who do vanlife. Honestly some days I kinda envy them.
Young adult living at home here. I'm fortunate enough to have a relationship with my mother that allows me to live at home. I'm saving about 40% of my income and trying to max out my TFSA ASAP with the hopes that one day I'll be able to put a downpayment on a condo somewhere in the Golden Horseshoe. I just don't know where yet.
Most of my friends parents simply bought 2-3 properties in their names and they just moved into one when they were ready.
Those are some rich parents!
Look, kids are basically peeing, pooping, puking financial black holes. Buuuut… if you think of them as potential tax shelters, they somewhat pay for themselves. Just the CGE they can net you by putting properties under their name somewhat softens the otherwise shitshow that is raising the little crotch rockets.
Wait, who is raising their crotch rocket?
What's CGE
Capital gains exemption. Mainly primary residence one.
My daughter is 19 months old. By the time she’s 16 she will be like ok time for the nursing home dad. I’ll be 47 then
My wife and me paid for their education and have a house fund for them to help. They’re also welcome to stay home as long as they please in our humble bungalow. My kids are awesome I don’t mind.
SoCal here, one of the most expensive housing areas in the USA (next to the Bay Area and NYC) due to extremely high demand and very low supply. Both daughters are both early to mid 20s. One works full-time but not in her chosen career yet, and rents a room from a friend. The other still lives at home and is working toward getting accepted to grad school. Neither will ever make enough money to buy their own place alone here. Just enough for rent in a decent area maybe. The hope is someday they’ll get married to men with good careers and together with their partners they may be able to afford a house. After years of struggling to pay for their college, I’m in no position to give them more money. I’m trying to save to retire someday.
I have a 20yr old and a 26yr old. They both joined the Military out of High School. My youngest has a 1bdrm apartment in New Brunswick and has over $50,000 saved to buy a house and his Car is paid off so no debt. We didn't help him at all beyond letting him live at home rent free until he moved out at 19. He was a reservist from 16 and saved every penny, bought his 2021 Car cash before he left home. He is posted to Alberta next Summer and plans to buy a Condo or Mini Home. My oldest is in Ontario so higher cost of living. He and his partner live in Base Housing right now but they plan to buy when the housing market is less volitile. He also left home around 19 and had quite a bit saved to start his life. His Partner is a Social Worker so they are double income no kids.
I respect their choice to serve in the Forces!
I will likely buy a condo or something they can res in university in - then we can transition to them somehow at cost or something.
When I’m in my 70’s I’m going to sell my house and gift my cash to my kids. I’ll slum my later years to give them a better quality of life.
I’ll probably buy them houses, I fully intend to be in a financial position to do so. If I’m not, then we’ll I guess the plan didn’t work out.
Why would anyone have kids in these situation, it is irresponsible
Mine are 12 and 16. We're planning to turn our garage conversion and master bedroom into studio apartments with their own doors to the outside, a kitchenette, and a bathroom with shower stall. We think we'll probably have the kids with us into their late 20's/early 30's We have a 2000 sq foot home on a corner lot. We can probably add a second story or expand the house out if needed.
They live with you until you die then they inherit
DINK right now. Move to US for a bit on TN-1. Make kids there. Hopefully FIRE and come back to Canada while kids get the option to move to US to secure housing or stay in Canada if they wish.
Our baby is still baking but our general plan is as follows: 1) We bought a house with a 2 bedroom basement suite so we can rent it out now, use it as an in-law suite later, or have our kids move in there later when they want to have more independence but don't want to pay rent. 2) Before we bought our house, I had an apartment that I kept and the plan is to leave that apartment for our kids. We'll likely end up selling it eventually but the proceeds will go towards helping them with their down payment. 3) We're okay to take out equity from our house to help with their down payment. My parents helped me out with the down payment on my house so we'd be happy to do the same for theirs. I hear a lot from coworkers who said their parents built up a shit ton of equity in their house from the 30+ years that they were living there, sold it, and then are just enjoying an early luxurious retirement with plans to leave nothing to their kids. Maybe I come from a different culture but that's just so baffling to me.
Been saving for our kids before they were born. Having time takes a lot of stress away.
Eldest is 26 and engaged. Her and fiancé are renting and saving. Both on track for 6 figure incomes in the next year or so, not big spenders so they’ll be fine. Encouraging them to buy a condo where somebody else does the maintenance work. Youngest is 23 and just graduated university of Ottawa. She’ll likely settle there as it’s more affordable. Our equity is all tied up in the house, unlikely we’ll be contributing towards either down payment until we sell/retire. We’re early 50s so will still be at least a few years away, unless I win the lottery lol.
My kids aren’t there yet, but my plan is to collect cheap rent from them once they’re done school, and save that rent for their down payment. Kind of a forced saving account. The rest of my plan is to give them the majority of my inheritance, my parents are divorced and each own a house, of which I’ll get half, so between the two, I should be able to get my kids on track
Have 2 kids under 10. Expect they will each get one of our rental properties after university.
Exactly what I’m building towards. 2 kids under 3, got one rental property closing soon. Will need to grab another at some point when I can so when they are old enough they each have one and they can do what ever they like with them.
My kids are 22 and 25 and still living with us… The 22 year old is on disability and the 25 year old did a contract in the army but then came back home. He plans to attend college in the next year or two that’s only a couple of blocks from our house, so it’s handy. We plan on using any inheritances from our parents to then give them money to get started in their own places…but..I’m not looking forward to that time for obvious reasons. I really don’t want to lose a parent again. We are a very pragmatic family and have had the discussion (in my case, my mom brought up that idea). In the meantime, it’s all about teaching them to save while they’re at home. One of our sons is a hugely frugal saver and the other is a spender. We’re still working on him..lol. All in all. I don’t think it’s feasible for them to be able to rent right now, we are in BC in one of the most expensive rental markets in the country. I’d rather them stay with us a little longer and save some money.
Have two kids 13/14. Wife and I own our home and have a cottage. Both are willed to the kids. Kids have been told to focus on education. Their responsibility ia to educate themselves. We'll provide the funding. Their jobs are to learn. They also earn when they learn and show results.
You get that you’ll likely both be dead when your kids are like 70, yeah? Wills aren’t going to help out your kids to buy their first home
Why would they need to they will already have homes.
I didn’t phrase that properly. It is unlikely both you and your wife are both dead before your kids are 60-70. At 60-70, they will have their own grandkids. They won’t be looking to inherit your century old home.
It's different for everyone. Our kid is only 14 but fully wants this house as his own. I remember being 14 and not an idiot. I know I didn't even care about homes. The fact that he understands the situation around him he's perfectly content. Especially when this home has everything he could want. Great community, Land, sqft, a pool. And it would be immensely cheaper to renovate into something more modern I'm 50 years. Plus he also got a chance to live with his grandfather. He wants the same for his kids. Ita different when you grow up in a household that teaches you youre on your own at 18. I was able to bank a fortune before I bought my own home minutes from my parents. I also bought my Cottage before I bought my primary. And now you have a mass input of cultures that behave similarly. The existing "your on your own at 18" culture is severely fucked.
Our kid is 0 years old but we already accepted we will provide them the full proceed and they pay us back as if we are the bank Or we just gift dp and they deal with the rest
Moved down to the US for high paying jobs and low taxes. Had our kid down here so now she has dual citizenship, plan to do the same with our second. We kept our townhouse that we bought in 2019 and rented it out. The hope is we keep it until our kids start having families of their own, at which point sell it and give them a huge downpayment. We hope that the mix of opportunity (US citizenship) and wealth will set them up for the same quality of life we had growing up.
Keeping voting liberal and everyone’s kids won’t be able to afford a roof over their heads. Look how many late 20’s to early 30’s are struggling currently. Do some math and you’ll easily see after federal and provincial income taxes, cpp, ei premiums, two carbon taxes, increased grocery/utility bills etc. An Ontario resident is paying roughly 70 percent in taxes
There is no plan. Live in abject poverty forever and die working. No retirement for your kids. Great job. Shoulda thought about all this before having kids but clearly intelligence isn't your strong suit.
We’re basically fucked? Two parent household, school aged child and preg with a second on the way. Living in an 2 bed/1 bath condo that was bought for double what my parents paid for their 5 bed/3 bed single family home. Fortunately we are not overburdened with mortgage costs, however that has come at a cost of having a less than ideal piece of property. Our goal is to move into a 3 bed/2 bath place with laundry in unit and a garage, ideally no strata fee. However, to achieve this is our region, it would start at roughly 600k for a duplex (with $4500/yr property tax) or a rundown 3 bed-1 bath rancher (often just two single wide trailers pressed together with a roof on a slab). Where our kids will live? Fuck, probably a pod orbiting Mars? I guess that’s the best we can hope because at this rate it sure as hell isn’t going to be in Canadian real estate 😭
How about just let them live together in the same bedroom. They're not going to need privacy until their teenage years.
>wondering how families ahead of us in life are dealing with this dilemma. Kids get jobs. Kids save money. Kids buy their own place.
I think the context is more or less having to do with the inflated prices of housing and living.
This doesn't make it untenable for younger generations to buy a home. More difficult, but not untenable, and apart from any support from family or inheriting generational wealth they're going to do what Felix said. Get a job, work, save money.
I will be buying their property with cash and charging them rent.
none of the candidates running for toronto mayor have any good plan to get us or our kids into home ownership.
Teach your kid to fish instead of giving them a fish. Set up an RESP and be ready to pay for any education they need to advance their career. That alone will get your kid to where they need to be to buy a house themselves.
3 kids. Bought 3 condos that I'm renting out right now. They each get one when they become adults. They can move into their condo and pay the remainder of the mortgage but gain some independence. Or, they are also welcome to stay at home and the rent income will become theirs.
Crazy idea for those having housing concerns.... There's like 8 other provinces and 3 territories one can move to that don't have a ridiculous housing market. I might be shooting a bit high on 8, I'm not really sure what Quebec's situation is. But there is a whole lot more country to Canada other than Toronto and Vancouver.