You may have seen this new billboard if you were cruising around Spadina Ave and Queen St W after May 17th. As sarcastic as it is, having your parents help you with entering the real estate market is the new norm, particularly here in Toronto. Wealth is beginning to shift generationally as parents help their children with down payments and, in some cases, even paying the mortgage.
Home buyers in Toronto better be prepared as prices continue to surge. The Toronto Real Estate Board expects home prices to rise by 10% this year, leading to the average home price to surpass $1 million by the end of 2021. As with a higher price, the down payment required to purchase a home will climb even higher, leaving many unable to enter the market. Affordability issues aren't anything new to Toronto but it’s important to look at the gravity of the situation.
