28 February 2019

Although 88% are glad to help, in Lowes’ opinion, it will definitely affect their own financial lives.

A third of parents said helping their adult kids postpones their retirement plans, and the number goes up to 43% in British Columbians. Meanwhile, it’s 21% in Quebec.

“It will be easier for some people and harder for others”, – he noted.

The deal is that parental financial support doesn’t end in post-secondary years, as 48% still help their kids who are 30-35 years old. The average helping sum is $3,729 nationally, although in certain cities it’s higher.

The highest numbers are in Canada’s two most expensive real estate markets of British Columbia and Ontario.

“It’s safe to say that sharp home prices increase puts additional pressure on today’s kids”, – Lowes added.

In our practice, the most common way of financial support to kids is a gifted down payment. Beside standard gift from own resources we have a new way accessing funds for down payment for parents. This innovative product will allow parents to get money to help children without damaging retirement savings or increasing your monthly payments on mortgages or lines of credit.