Parents of some privilege help their kids buy houses. Many immigrants from east Asia are of privilege. Just saying, non-Asian kids get a leg up too, maybe they are more discreet about it.
most of the time it is centered around main in vancouver and parts of the fraser valley as well, not too many real Canadians that do it though
"Not too many real Canadians"??? Source please. I am unaware of any statistics regarding the number of First Nations buyers who get help from the Bank of Mom and Dad.
FWIW, the North Shore Credit Union reports an increase in parental help by baby boomers who bough their homes in the 70s or 80s.
Chris Catliff, CEO of BlueShore Financial in North Vancouver, said his credit union has seen an increase in the number of parents who want to use the equity in their homes to help their children buy into a detached-home neighbourhood.
According to Catliff, the trend is linked to an increase in wealthy immigrant buyers who are buying homes as an investment, which has helped push prices up. Meanwhile, homeowners over the age of 55 who purchased homes in the 1970s or ’80s have seen a steep rise in their home equity.
They are now increasingly using that equity to help their children buy a house, Catliff said.
“The desire of parents is often to get their children and grandchildren into [detached-home] neighbourhoods, with great schools, and near them,” he said.
Paul Eviston, a realtor who specializes in East Vancouver, said he has seen more parents helping children buy real estate over the past two years. Houses on the city’s traditionally lower-priced east side are now regularly listed at over $1 million.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.