One-third of Canadian baby-boomers – and more in Metro Vancouver – plan to give ‘living inheritances’ to their adult children specifically to help them buy real estate, a new survey has found.
Sotheby’s International Realty Canada’s latest Generational Trends Report analyzes a Mustel Group survey of more than 2,000 Canadians aged 52 to 71 carried out in October 2017, and says that this group – which makes up more than 30 per cent of the population – is highly influential on the real estate market.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
Brad Henderson, president and CEO of Sotheby’s International Realty Canada, said, “Baby boomers affect the Canadian real estate market on multiple levels: as direct consumers who drive housing demand and product mix, as arbiters of market confidence, and as indirect influencers through their financial support of next generation home buyers. Anecdotally, we have known that funds from the ‘Bank of Mom and Dad’ have been flowing into the market – this new report sheds light onto some of the critical details.”